China Renaissance Healthcare & Life Sciences Weekly Report Vol.326 Highlights Innovative Financing and Technology Advancements in the Sector

Jul 02, 2024 09:30 CST Updated 09:30

Phrontline Biopharma

Antibody-Drug Conjugate (ADC) Developer

BioMap

Developer of Innovative Drug R&D Platform

"China Renaissance Healthcare and Life Sciences Weekly Report" is regularly released, focusing on interpreting the week's data from a capital perspective and providing the latest industry insights.

Healthcare and life sciences are sectors that Huaxing Capital has been focusing on and deeply cultivating for many years. It has currently served as a financial advisor for nearly 200 financing and M&A projects.

Innovation in the medical and life sciences industry continues to emerge, making it one of the most active sectors. Huaxing Capital consistently supports and accompanies the growth of startups in this field, aiming to bring a rational and professional voice to the industry.

Author | Huaxing Capital Healthcare and Life Sciences Team

Follow the WeChat Official Account of China Renaissance (ID: iChinaRenaissance), click "Insights" - "Industry Observations" - "Life Science & Technology" in the backend to obtain more information related to the healthcare and life science & technology industries.

Hangzhou Weiyuan Biotechnology Co., Ltd. Completes Angel Round Financing Worth Tens of Millions of Yuan

Recently, Hangzhou Weiyuan Biotechnology Co., Ltd. completed an angel round of financing worth tens of millions of yuan. This round of financing received strong support from multiple industrial funds. The funds raised will mainly be used to accelerate the transformation and upgrading of the company’s pilot platform for chiral compounds and efficacy evaluation system for natural products, as well as to advance the commercialization process of key projects. This will help further optimize the company’s technical system and engineering transformation, injecting strong momentum into the company’s sustainable development in the future.

Industry Perspective:

Hangzhou Weiyuan Biotechnology Co., Ltd. has achieved a full-chain layout from basic scientific research to technological innovation, and then to industrial application, focusing on solving key scientific and technological challenges in the production of chiral chemicals. The company uses intelligent enzyme evolution and high-throughput strain screening as its technological engines, and employs precise analysis and intelligent prediction akin to the "Compendium of Materia Medica" as technical methods. Through the scientific planning, simulation calculations, and rational design of hundreds of millions of natural and artificial enzyme components, it has built a leading enzyme library design and construction platform in China, as well as a cell factory modification platform. With a dual-driven approach involving chiral compounds and functional raw material development, the company provides raw materials and technological solutions for enterprises in pharmaceuticals, cosmetics, food, and other fields.

Phrontline Biopharma Completes Over 100 Million Yuan Pre-A Round Financing

Recently, Phrontline Biopharma, a Chinese bispecific antibody-drug conjugate (ADC) company, announced the completion of a Pre-A round of financing exceeding 100 million yuan, exclusively invested by Decheng Capital. Following this round of financing, Phrontline Biopharma will increase its R&D investment, accelerate the advancement of multiple preclinical pipelines, upgrade its proprietary technology platform, and move closer to its vision of "becoming a global leading pharmaceutical company."

Industry Perspective:

Phrontline Biopharma is committed to developing innovative ADC drugs from the ground up. Its proprietary technology platform covers the four core technologies of ADC drugs (payload, linker, conjugation method, and antibody), rapidly establishing advanced platforms for antibody discovery and bispecific antibody preparation, Linker-Payload design and synthesis, as well as site-specific and quantitative conjugation technology.

BioMap Secures Over $100 Million in Financing

BioMap Announces Completion of Over $100 Million Series A Financing Round Led by GGV Capital, with Participation from Baidu, Legend Capital, BlueRun Ventures, Genuine Capital, and Xianghe Capital; Company Founder Robin Li Continues to Increase Investment. BioMap States That This Round of Financing Will Be Mainly Used for Technology Research and Development and Talent Acquisition.

Industry Perspective:

BioMap mainly utilizes advanced computing and biotechnology to efficiently extract knowledge from multi-omics biological data, high-throughput validation experiments, and drug development experience. It maps out atlases related to disease targets and drug design, transforming drug discovery from "finding a needle in a haystack" to "following a map," thereby enhancing the drug R&D efficiency of itself and its partners. Ultimately, it aims to achieve the development of Global First-in-class original drugs.

Antic Biotech Announces Completion of Over 200 Million Yuan in Series A Financing

Recently, Jiaxing Antic Biotechnology Co., Ltd. officially announced the completion of an over 200 million yuan Series A round of financing, led by Simcere Pharmaceutical (02096.HK), Huajin Investment, and Huajin Avenue. Existing shareholders TC Capital and Jiaxing Xinchuang Venture Capital continued to increase their investments, while Jiarui Future Star, Jinsha River United Runpu Medical Fund, Wenzhou Investment, Songze Capital, and Shunjie Health also participated. The funds raised will be used for the preclinical and clinical development of Antic Biotech's core product pipeline, particularly to accelerate the pediatric clinical trials and commercialization progress of its self-developed Class 1 anti-influenza new drug, Mavirnoxavir (code name ADC189) tablets and granules.

Industry Perspective:

Antikang Biotech is an innovative pharmaceutical company focused on developing groundbreaking therapeutic drugs in the fields of respiratory infections and pain management. The company's scientific research team is led by several academicians and includes a group of highly skilled, academically strong, and pragmatic high-level talents. Antikang has established significant technological barriers across various stages of new drug creation, including innovative drug design and synthesis, DMPK technology research and application, and the research and development of advanced formulations for special populations. The company has developed a small-molecule innovative therapeutic drug R&D system based on metabolic differentiation. In addition to its anti-influenza new drug pipeline featuring Madefunavir, the company’s product pipeline also includes several innovative drugs targeting respiratory pathogens, such as the anti-respiratory syncytial virus (RSV) new drug ADC789 suspension, the novel anti-mycoplasma super-antibiotic ADC101 suspension, and the innovative drug ADC308 tablets for treating endometriosis and uterine fibroids, which could potentially fill a gap in China.

Phrontline Biopharma Completes $100 Million Series C Financing

On June 21, 2024, METiS Pharmaceuticals, an innovative biotechnology company focusing on "AI + drug delivery," announced the completion of its $100 million Series C financing round. This round was led by a fund under CICC Capital, with participation from Taiping Hong Kong Insurance Technology Innovation Fund under China Taiping. Including previous investments from top-tier institutions such as Sequoia China, Guoshou Equity, PICC Equity, FiveSource Capital, Frees Fund, Source Code Capital, Lightspeed Lightbank, and LSI Capital, METiS Pharmaceuticals has raised nearly $300 million in total. The proceeds from this financing round will mainly be used to further advance the development of the AI + drug delivery platform and the company’s self-developed pipeline, supporting METiS Pharmaceuticals' continuous innovation in the field of drug delivery.

Industry Perspective:

AgentAI Pharmaceuticals was co-founded by Dr. Hongmin Chen, a member of the US National Academy of Engineering, along with Dr. Caida Lai and Dr. Wenshou Wang, both top scientists from MIT. The company leverages AI-driven precision-targeted drug delivery and drug discovery, focusing on the development of innovative nanomaterials and more effective therapeutic drugs for patients. It has now become one of the world's leading drug delivery platforms.

Tupa Medical Completes $200 Million D-Round Financing

Recently, Topcon Medical, a leading enterprise in China's high-end ophthalmic medical device industry, has completed a 200 million yuan D-round financing. This round of financing was led by Matrix Partners, with participation from GTCapital and other institutions.

Industry Perspective:

The core technology of Tupai Medical originates from the transformation of scientific and technological achievements at Tsinghua University, with a core technical team composed of dozens of Tsinghua faculty, students, and alumni. Since its establishment, the company has achieved breakthroughs in several categories of high-end ophthalmic equipment through the vertical integration of clinical ophthalmology needs, innovative system functions, and high-performance upstream components.

Vibronix Completes Nearly RMB 100 Million Series A+ Financing

June 24 News: Suzhou Weibang Zhendian Optoelectronic Technology Co., Ltd. announced the completion of nearly 100 million yuan in its A+ round of financing, led by Daoyuan Capital, with existing shareholder Fengrui Capital making an oversubscribed follow-on investment, and Founder Hesheng participating in the round. The funds will be used to accelerate the commercialization and rapid scaling of Weibang Zhendian's spectral analysis products, iterative development of industrial solutions, and research on ultra-multiplex immunohistochemistry applications.

Industry Perspective：

VibraTek is a high-tech enterprise centered on molecular vibrational spectroscopy technology innovation, dedicated to creating high-end domestically produced spectral analysis and imaging products and precision medical diagnostic platforms. The company's core team has years of R&D experience in spectroscopy technology, optical imaging, and photoelectric analysis, with more than 10 self-developed core patents and 16 exclusively licensed patents from world-renowned research institutions. The company currently has over 1,000 square meters of R&D and production space, equipped with a complete design development system and quality control system, and has obtained medical device quality system certification and GMP system certification.

YouShengKang Announces Series A Financing

According to information released by Tianyancha APP on June 24, Shenzhen Youshengkang Biotechnology Co., Ltd. announced its Series A financing. The amount of financing was not disclosed, and the participating investment institutions included Wenzheng Assets.

Industry Perspective：

YouShengKang is a molecular diagnostics technology and product developer, primarily focusing on in vitro molecular diagnostics. The company integrates the research and development, production, marketing, and service of its products, establishing a complete industrial chain in the field of molecular diagnostics. YouShengKang's business spans three major areas: in vitro diagnostic reagents, medical testing analyzers, and medical testing services. Among these, the in vitro diagnostic reagent products are based on three major technological platforms—gene testing, immunoassays, and cytology—and cover fields such as early cancer screening, personalized cancer diagnosis, infectious diseases, cardiovascular and metabolic diseases.

Aidite Listed on the Shenzhen Stock Exchange

On June 26, 2024, Aidite (stock code: 301580) held its listing ceremony at the Shenzhen Stock Exchange. Aidite issued 19,029,382 shares in this public offering, including 19,029,382 newly issued shares, at an issue price of RMB 44.95 per share. The new share offering raised RMB 855 million, and the total share capital after the issuance is 76,117,527 shares.

Industry Perspective：

Aidite is a provider of dental restoration materials and digital dental equipment, dedicated to the independent research, production, and sales of internationally competitive zirconia ceramic blocks and other dental restoration materials. Relying on an in-depth understanding of the dental industry and a solid customer base, the company designs and sells digital dental equipment, transforming traditional dentistry through technological innovation and digitalization, and promoting the digital transformation and intelligent development of the dental industry. In 2023, the company achieved operating revenue of 780 million yuan and a net profit of 146.9592 million yuan. The company is located in Qinhuangdao City, Hebei Province.

Centralized Procurement of Medical Consumables Included in Medical Insurance: New Policy Implemented from June 26

Starting from June 26, 2024, according to the Notice on the Publication of the Medical Insurance Catalog for Drug-Eluting Stents, Artificial Joints, and Other Medical Consumables issued by the Tianjin Medical Insurance Bureau, all eligible medical consumables will be included in the medical insurance catalog management based on the results of the national and alliance-organized centralized bulk procurement of medical consumables in which Tianjin participates.

BioMap's Anti-PD-1 Monoclonal Antibody Approved for New Indication, First-Line Treatment for Small Cell Lung Cancer
First-in-Class COPD New Drug Approved by FDA for Market Launch, UniMed拥有中国权益
Differentiated Antibody Therapy Developer Genmab Bispecific AntibodyEPKINLY^®FDA-approved, for the treatment of relapsed or refractory follicular lymphoma
Novo Nordisk's "Semaglutide" Approved Again in China
Roche's Antibody Therapy Ocrevus Subcutaneous Injection Formulation Approved in the EU for Treating Multiple Sclerosis
Multiple Medical Device Products Approved for Marketing

BeiGene's Anti-PD-1 Monoclonal Antibody Approved for New Indication, First-Line Treatment of Small Cell Lung Cancer

On June 28, the latest announcement on the official website of China's National Medical Products Administration (NMPA) revealed that BeiGene's PD-1 inhibitor, tislelizumab, has been approved for a new indication. According to a previous press release by BeiGene, the newly approved indication is for first-line treatment of patients with extensive-stage small cell lung cancer (ES-SCLC) in combination with etoposide and platinum-based chemotherapy.

Source: PharmObserver

First-in-Class COPD New Drug Approved by FDA for Market Launch, UniMed拥有中国权益

On June 26, Verona Pharma announced that the FDA had approved the New Drug Application (NDA) for Ensifentrine (generic name, trade name: Ohtuvayre) for the maintenance treatment of chronic obstructive pulmonary disease (COPD). This drug represents a completely new mechanism approved in the COPD field in over 20 years.

Source of Information:PharmaCube

Differentiated Antibody Therapy Developer Genmab Bispecific AntibodyEPKINLY^®FDA Approval for Treatment of Relapsed or Refractory Follicular Lymphoma

Genmab A/S Announces FDA Approval of Epcoritamab (Brand Name: EPKINLY) for the Treatment of Adult Patients with Relapsed or Refractory Follicular Lymphoma (R/R FL) Who Have Received at Least Two Prior Systemic Therapies

Source of Information:Artery Network

Novo Nordisk's "Semaglutide" Approved Again in China

On June 25, Novo Nordisk announced that its once-weekly injectable semaglutide 2.4mg injection (brand name: Wegovy) has been approved in China for the indication of long-term weight management.

Source: Medicinal Observer

Roche's Antibody Therapy Ocrevus Subcutaneous Injection Formulation Approved in the EU for the Treatment of Multiple Sclerosis

Roche Holding AG (RHHBY) announced that the European Commission has approved the marketing authorization for Ocrevus subcutaneous injection for the treatment of relapsing multiple sclerosis (RMS) and primary progressive multiple sclerosis (PPMS). Ocrevus intravenous infusion has already been approved for the disease. Ocrevus subcutaneous injection is formulated with Halozyme's ENHANZE drug delivery technology and proprietary enzyme rHuPH20.

Source: Arterial Network

Multiple Medical Device Products Approved for Marketing

AliveCor Announces FDA Approval for Its First AI-Assisted Handheld Lead ECG – Kardia 12L. Kardia 12L utilizes groundbreaking patented technology and is the world's first handheld 12-lead ECG powered by artificial intelligence.（ECG) system, which features a unique single-cable design, is also the world's first artificial intelligence capable of detecting life-threatening heart conditions (including heart attacks) using a reduced set of leads.

Source: MedTF

Global Medical (NYSE:GMED), one of the top ten global orthopedic device companies, announced that its new Excelsius Flex orthopedic surgical robotic system for knee surgeries has received FDA approval. Additionally, the expanded indications for the ExcelsiusHub system have also been approved by the FDA.

Source: Medical Device Innovation Network

Boston Scientific Corporation's Vercise Neuro Navigator 5 software, which incorporates STIMVIEW XT technology, has recently received the CE mark. When used as part of the Vercise Genus Deep Brain Stimulation (DBS) system, the software provides clinicians with straightforward and actionable data to effectively program for patients with Parkinson’s disease, essential tremor, and dystonia.

Source: CCI Cardiovascular Physicians Innovation Club

Endotronix Announces FDA Approval of Cordella, Its Implantable Remote Heart Failure Monitoring Device for NYHA Class III Heart Failure Patients. Cordella is the first and only PA pressure-guided platform that provides comprehensive patient management by utilizing daily PA pressure and vital signs at home to guide treatment management and improve patient outcomes.

Source of Information:MedTF

Johnson & Johnson's $6.5 Billion Acquisition of FcRn Antibody Successfully Completes Phase III Trial for Myasthenia Gravis, Nearing Submission for Market Approval
Novo Nordisk: Ocedurenone Phase III Clinical Trial Failure, $1.3 Billion Introduced from Henry Pharmaceuticals
Moderna RSV Vaccine Efficacy Drops to 50%
Successful Repeated Dosing Completes Clinical Proof-of-Concept for In Vivo CRISPR Gene Therapy
Alnylam's Cardiac RNAi Therapy Phase 3 Study Successful
Diabetes Remission Within 90 Days, Efficacy Lasting Over 1 Year: Positive Progress in Stem Cell Therapy Announced

Johnson & Johnson's $6.5 Billion Acquisition of FcRn Antibody Successfully Completes Phase III Trial for Myasthenia Gravis, Nearing Submission for Market Approval

On June 28, Johnson & Johnson announced Nipocalimab for the treatment of generalized myasthenia gravis（The Phase III VIVACITY-MG3 study in patients with gMG has achieved positive results. The improvement in MG-ADL scores from baseline to 24 weeks in the Nipocalimab plus standard of care (SOC) group was superior to that in the placebo plus SOC group, meeting the primary endpoint. Johnson & Johnson stated that it will submit data to regulatory authorities later this year.

Source: PharmaCube

Novo Nordisk: Ocedurenone Phase III Clinical Trial Failure, $1.3 Billion Introduced from Henry Pharmaceuticals

On June 26, 2024, Novo Nordisk announced the latest Phase III clinical trial data (CLARION-CKD) for Ocedurenone in treating hypertension in patients with chronic kidney disease. The interim analysis showed that the study did not meet its primary endpoint, and an $800 million loss will be recognized in the second quarter. Novo Nordisk has decided to terminate this Phase III clinical trial.

Source: Medical Notes

Moderna RSV Vaccine Efficacy Drops to 50%

On June 26, 2024, Moderna announced the latest clinical data for its RSV mRNA vaccine mRNA-1345, which has just received FDA approval for market release. The US Centers for Disease Control and Prevention（Data released by the CDC on the same day showed that more than a year after vaccination with Moderna's RSV vaccine mRESVIA, its effectiveness against RSV-related lower respiratory tract diseases was 50%. In contrast, the effectiveness of Pfizer’s RSV vaccine Abrysvo reached 78% in the second year, and the effectiveness of GSK’s RSV vaccine Arexvy remained at 78% through the second RSV season.

Source: Medical Notes

Successful Repeated Dosing Completes Clinical Proof-of-Concept for In Vivo CRISPR Gene Therapy

Recently, Intellia Therapeutics announced the latest clinical data for its CRISPR/Cas9 gene-editing therapy, NTLA-2001. Three patients with transthyretin (ATTR) amyloidosis who had previously received the lowest dose of NTLA-2001 in a Phase 1 dose-escalation study experienced a median reduction of 90% in serum transthyretin (TTR) protein levels after receiving a subsequent 55mg dose of NTLA-2001. According to the press release, this is the first clinical evidence showing that in vivo CRISPR/Cas9 gene-editing therapy can be effectively re-administered, successfully completing the clinical proof-of-concept.

Source: WuXi AppTec

Alnylam's Cardiac RNAi Therapy Phase 3 Study Successful

On June 24, 2024, Alnylam Pharmaceuticals (NASDAQ: ALNY), a global leading RNAi therapeutics company, announced that the HELIOS-B Phase 3 study of vutrisiran met the primary endpoint and all secondary endpoints, including baseline tafamidis use, ATTR disease type, and disease severity.

Source: Frontier of Cell and Gene Therapy

Diabetes Remission Within 90 Days, Efficacy Lasting Over 1 Year: Positive Progress in Stem Cell Therapy Announced

Recently, Vertex Pharmaceuticals announced the latest data from the phase 1/2 clinical trial of its investigational cell therapy VX-880. Analysis shows that within 90 days after receiving a single full dose of VX-880 infusion, all patients with type 1 diabetes (T1D) demonstrated successful islet cell transplantation and insulin production in response to glucose. At the last follow-up, 11 out of 12 patients reduced or stopped the use of exogenous insulin. Vertex expects to increase the number of enrolled patients and advance this therapy into the pivotal trial stage. Detailed data were presented at the annual meeting of the American Diabetes Association (ADA).

Source: WuXi AppTec

Neurological Disease Therapy Developer Silo Pharma Collaborates with AmplifyBio to Advance SPC-15 for PTSD and Anxiety Disorders
Lilly Collaborates with OpenAI to Discover New Drugs for Treating Drug-Resistant Bacteria
Navamedic and Orion Corporation Sign License and Supply Agreement for Parkinson's Disease Prescription Drug Flexilev® in Europe
Chengdu USINO and Shanghai UCart Sign Strategic Cooperation Agreement

Neurological Disease Therapy Developer Silo Pharma Collaborates with AmplifyBio to Advance SPC-15 for PTSD and Anxiety Disorders

On June 26, 2024, Silo Pharma, Inc. (NASDAQ: Silo), a development-stage biopharmaceutical company focused on developing novel formulations and drug delivery systems for traditional and psychedelic therapies, announced that it has awarded a contract to its contract research organization (CRO) partner, AmplifyBio, to conduct an Investigational New Drug (IND)-enabling large animal GLP (Good Laboratory Practice) study for its lead asset, SPC-15, an intranasal prophylactic treatment for post-traumatic stress disorder (PTSD).

Source: Arterial Network

Lilly Collaborates with OpenAI to Discover New Drugs for Treating Drug-Resistant Bacteria

On June 25, 2024, Eli Lilly and Company (NYSE: LLY) announced a collaboration with OpenAI, which will allow Lilly to leverage OpenAI's generative AI to invent novel antimicrobial agents to treat drug-resistant pathogens. Antimicrobial resistance (AMR) is one of the greatest public health and development threats in the global health sector.

Source: Arterial Network

Navamedic and Orion Corporation Sign Licensing and Supply Agreement for Parkinson's Disease Prescription Drug Flexilev® in Europe

On June 24, 2024, Navamedic ASA and Orion Corporation signed Flexilev in Europe.^®(Including OraFID^®Distributor) License and Supply Agreement, excluding Sweden, Norway, Denmark, and Iceland, where Navamedic will sell the products.

Source: Arterial Network

Chengdu USino and Shanghai UCardee Sign Strategic Cooperation Agreement

Recently, Universal Allogeneic CAR-T Company Chengdu Usino Biotechnology Co., Ltd. and Autologous CAR-T Company Shanghai Ucardi Biopharmaceutical Technology Co., Ltd. signed a strategic cooperation agreement. Both parties will leverage their respective strengths to jointly promote CAR-T drug development in the fields of hematological tumors, autoimmune diseases, and solid tumors.

Source: Yima Guest

Fukang Medical IPO Terminated

On the evening of June 25, the official website of the Shanghai Stock Exchange showed that the main board IPO of Tibet Fuchang Medical Co., Ltd. has been terminated. The prospectus shows that Fuchang Medical's main business belongs to the medical service industry, providing diagnosis, treatment, and physical examination services, and selling medicines and medical devices.

Source: NetEase

Statistical Period: June 22, 2024 - June 29, 2024

*Data source: Huaxing Capital internal organization

Market Value Date: June 28, 2024

Market Value Unit: Million USD

<< Swipe left or right to view the complete table >>

Screen Shot 2020-05-05 at 2.01.21 PM.png

Screen Shot 2020-05-05 at 2.01.36 PM.png

<< Swipe left or right to view the complete table >>

*Data source: Capital IQ, prospectus, research reports, annual company reports

Disclaimer:This article is prepared by Huaxing Capital Group (together with its affiliates, collectively referred to as “Huaxing Capital”) for the recipient's reference only. It is not, nor should it be regarded as, a research report on any securities in any jurisdiction, and does not constitute an invitation or guarantee for the purchase, subscription of securities or other financial instruments and products. The listed companies mentioned in this article are for illustrative purposes only and do not represent any investment analysis or advice. The recipient should not solely rely on this article but should make investment decisions based on their own judgment and consult professional advice before taking any investment action.

The sources of the information contained in this article are considered reliable by Huaxing Capital, but Huaxing Capital does not guarantee the accuracy, completeness, or recency of the information contained herein. The opinions, analyses, forecasts, inferences, and expectations presented in this article are current as of the publication date of this article and may be subject to change without prior notice. Huaxing Capital may have or seek business relationships with the companies mentioned in this article; therefore, recipients should be aware of potential conflicts of interest that may affect the objectivity of this article. Huaxing Capital assumes no responsibility for any direct or indirect losses incurred as a result of using this article. This article is fully protected by copyright and other applicable rights.