Magpie Pharmaceuticals Closes ￥100M Pre-C Funding Round

According to PEdaily.cn, Guangzhou Magpie Pharmaceuticals Co., Ltd. ("Magpie Pharmaceuticals") has announced the completion of a ￥100 million Pre-C round of financing, with participation from Zhejiang Conba Pharmaceutical, BOC & UTRUST Private Equity Fund Management (BOC & UTRUST Fund), and Canton Venture Capital. Magpie Pharmaceuticals closed its Series B financing in 2019. 

Proceeds from the latest round will be used to accelerate the development of the Magpie Pharmaceuticals' pipelines in the clinical and pre-clinical stage.

Founded in 2011 in Guangzhou, Magpie Pharmaceuticals is a pharmaceutical R&D company in the clinical stage focusing on first-in-class drugs for cardiovascular, cerebrovascular and mitochondrial diseases with great market potential but whose clinical needs have not been effectively satisfied.

Relying on its innovative platform, Magpie Pharmaceuticals is engaged in drug discovery and development covering stroke, diabetes, kidney disease, Parkinson's disease, Alzheimer's disease, glaucoma, myocardial ischemia and others. The treatment of acute ischemic stroke and the treatment of diabetic nephropathy are under Phase II clinical study. Phase II clinical study of nitrazine in the treatment of amyotrophic lateral sclerosis (ALS) is about to begin. MN - 08 for the treatment of pulmonary hypertension is under Phase I clinical study.

Wang Ruwei, vice chairman of Zhejiang Conba Pharmaceutical, said, " Magpie Pharmaceuticals has a unique concept of drug design with mature drug development platform. The investment in Magpie Pharmaceuticals will be good for further cooperation with Magpie Pharmaceuticals in modern plant medicine, traditional Chinese medicine, and other businesses. "

Zhejiang Conba Pharmaceutical (founded in 1969, listed in 2004, stock code 600572) is a holding subsidiary and main member enterprise of Conba Group Co. Ltd. Zhejiang Conba Pharmaceutical is a listed pharmaceutical enterprise integrating herbs planting and pharmaceutical R&D, production and sales.

UTRUST, one of the shareholders of BOC & UTRUST Fund, is a financial holding group, with AUM of 520.5 billion yuan. Another shareholder of BOC & UTRUST, Bank of China Group Investment (BOCGI), a wholly-owned subsidiary of The Bank of China (BOC) in Hong Kong, has invested in a great number of large infrastructures and major projects, covering such sectors as real estate, industry, energy, transportation, media, hotels, and finance, etc.