Baiming Xinkang Completes Nearly RMB 400 Million Series B Financing to Advance Allergy and Autoimmune Immunotherapies

Recently, Worg, a biopharmaceutical company focused on providing breakthrough immunotherapy solutions, announced the completion of a nearly 400 million RMB Series B financing round. This round was invested by five institutions: JC Capital, Lapam Capital, Hangzhou Kaitai Capital Management Ltd., PuHua Capital, and Anji Ruixing Capital. CEC CAPITAL and CITIC Securities served as the financial advisors for Worg's Series B financing.

The funds from this round of financing will be mainly used for the clinical development of core products and team building. Meanwhile, it will also accelerate the development of other product pipelines on various platforms, providing patients with safer and more effective medicines to meet their clinical needs, and laying a phased foundation for the company to eventually grow into a respected global leading pharmaceutical company.

Worg Pharmaceuticals (Zhejiang) Co., Ltd. was founded in 2018 as a clinical-stage biopharmaceutical company focused on developing new products and therapeutic solutions for allergies and autoimmune diseases. The company is actively expanding its pipeline to address other areas of high unmet medical needs with significant commercial potential. Its management team hails from China, the United States, and Europe, bringing extensive experience in corporate management, drug development, clinical trials, regulatory affairs, and commercialization within the life sciences industry. Through flexible business models including internal R&D and external collaborations, Worg is building a robust immunotherapy pipeline targeting allergies, autoimmune diseases, and other indications.

One of the company's core pipeline combinations is allergy immunotherapy. There are 500 million patients with allergic rhinitis globally. Allergy immunotherapy has room for improvement in terms of convenience. The first-generation therapy requires 50 injections over three years or daily uninterrupted sublingual administration; second-generation allergen-like therapies require 18-36 injections over three years. Drugs developed using Worg's PCFiT™ technology platform only require seven injections over three years to complete treatment. In the company’s allergy immunotherapy pipeline, the project with the fastest R&D progress has completed Phase 2 clinical trials and is in the preparation stage for Phase 3 clinical trials.

The second core pipeline of the company is autoimmune treatment. Globally, the incidence and prevalence rates of autoimmune diseases are approximately 0.09% and 7.6-9.4%, respectively. Worg's Apitopes® is a technology platform based on antigen-specific immune tolerance therapy, which can be used to develop first-in-class new drugs for various autoimmune diseases. The soluble peptides developed by Apitopes® specifically inhibit the production of autoantibodies through the bystander suppression pathway, regulate immune balance, and target the causes of autoimmune diseases, offering the potential for novel treatments for patients. The disease areas covered by ongoing projects on this platform include rare diseases such as hemophilia with Factor VIII antibodies, multiple sclerosis (MS), Graves' disease (GD, including GD eye disease), uveitis, and more. Among them, the WP1303 product for multiple sclerosis has completed Phase I and Phase IIa clinical studies; the WP1302 product for Graves' disease has completed Phase I clinical studies and is planning an international multicenter Phase II clinical study; and the WP1301 product for hemophilia with Factor VIII antibodies recently received orphan drug designation from the European Medicines Agency (EMA).

Dr. Xu Aiwen, Chairman and CEO of the company, stated: "The global market size for allergy immunotherapy and autoimmune treatment is enormous, with many unmet clinical needs. Worg has made gratifying progress in both internal product pipeline development and external collaborations. As a young innovative pharmaceutical company, we are highly honored to receive recognition and support from well-known domestic and international investors. This round of financing will primarily be used for the continued development of two platform pipelines and further team building, which are crucial for Worg's current stage and future growth."