Five Chinese Biotechs — Guangsheng Pharma, Bozhi Bio, Xianbo Bio, NewRegen Medical, and Huanuotai — Each Raise Over RMB 100 Million in March 2024

　　【Pharmaceutical Network Industry DynamicsEntering 2024, although acquisitions, divestitures, and shutdowns continue to occur frequently among China's Biotech companies, a significant number of firms have secured substantial financing. According to industry statistics, in March alone, at least 13 companies in China announced progress in their financing activities. Among them, five companies raised over 100 million yuan each: Shanghai Guangsheng Pharmaceutical Co., Ltd., Proviva Therapeutics, Simnova, New Radiomedicine, and Jiangsu Walvax Biotech Company.
 

Novel Photosensitizer Developer "Shanghai Guangsheng Pharmaceutical Co., Ltd." Secures 100 Million Yuan in Series A Funding from Oriental Fortune Investment. The funds will be used to comprehensively accelerate the company’s new product development in the photodynamic therapy field and the commercialization of its lead product. The company is an innovative developer of photosensitizers and related products, committed to advancing the development of photo/sonodynamic treatment methods. It primarily focuses on the research, production, and commercialization of proprietary innovative photosensitizers and related products.
 

Proviva Therapeutics Completes $18 Million Series A Financing, with Participation from Lapam Investment, Enran Venture Capital, and Sangel Capital. The proceeds from this round will be used to advance the clinical development of its core product, PTX-912. Proviva Therapeutics is a clinical-stage biotechnology company dedicated to developing next-generation cytokine-based cancer immunotherapies. To address the traditional challenge of peripheral toxicity associated with cytokines, the company has independently developed the "Crossover" cytokine prodrug technology platform, enabling specific drug activity release within the tumor microenvironment.
 

Simnova Announces Completion of RMB 200 Million Series A+ Financing. This round of financing was led by You Mountain Capital, with participation from Oriza Ventures, Pudao Capital, and Guochuang Qinzhi. Simnova is a biotechnology company specializing in cell therapy and currently in the clinical development stage. Its lead CAR-NK pipeline, SNC103, has achieved positive results in the IIT phase and has entered Phase I clinical trials. The dual CAR-T cell therapy SNC109, developed based on another core platform featuring a dual-arm BiTE armored design, has been granted "Orphan Drug Designation" by the FDA for the treatment of malignant glioma. The product has also received clinical trial authorization from China's CDE and is about to commence Phase I clinical trials.
 

New Radiomedicine Announces Over 300 Million Yuan in Series C FinancingNew Radiomedicine has announced the completion of an over 300 million yuan Series C financing round. This round was jointly invested by Chengdu Science and Technology Investment, Chengdu Biocity Fund, Sichuan Venture Capital, and others, with continued support from existing shareholders such as Huaxing Kangping, Xinjun Capital, and Starry Capital. The proceeds from this round will be used for the research and development of urgently needed α radionuclides, innovative radiopharmaceutical R&D and clinical trials, and the construction of a 30MeV accelerator project, further establishing a global platform for the production of medical isotopes and innovative radiopharmaceuticals. It is reported that New Radiomedicine is a company engaged in the research, production, and sales of medical isotopes and radiopharmaceuticals, conducting diagnostic and therapeutic model studies for various malignant tumors, and providing nuclear medicine technical services and scientific consulting, integrating the research, innovation, and industrialization of radiopharmaceuticals.
 

In addition, Jiangsu Walvax Biotech Company, an innovative vaccine and adjuvant developer, has secured 600 million RMB in its Series B financing round. This round was jointly led by the Beijing Medical and Health Industry Investment Fund and Ming Tai Fund under Huayin Capital, with participation from investors including Shuimu Chunjing Capital, Shunxi Fund under Guoguan, Bencao Capital, and Jincheng Fund. The proceeds from this round will primarily be used to advance the clinical trials of the company's shingles vaccine and influenza vaccine pipelines, as well as for the construction of vaccine production bases and adjuvant production facilities.
 

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