PrimeGenX Therapeutics Completes Over RMB 300 Million Series B Financing to Advance Phase III Trials and Commercialization of Core Pipeline

Jan 02, 2025 08:00 CST Updated 08:00

PrimeGene

Innovative Drug Developer

Beijing E-town International Investment&Development

Industrial Investment Fund Management Company

Start Point Advisors

Healthcare Financial Advisory Firm

VCBeat learned that on January 2, 2025,PrimeGene Therapeutics Co., Ltd. (hereinafter referred to as “PrimeGene,” stock code: 873969 NQ) has successfully completed its Series B financing round, raising over RMB 300 million.Investors in this round include funds under the Beijing Medical and Health Industry Investment Fund, Beijing E-town International Investment&Development, Capital Development Group, Beijing Science Park Development(Group)Co., Ltd., Zhengqi Energy Technology Group, and other institutions, as well as individual investors. Start Point Advisors served as the exclusive financial advisor for the company’s financing.

The proceeds from this round of financing will be used to fund the Phase III clinical trials and New Drug Application (NDA) submission for Pumecitinib (PG-011) gel, the company’s core product, in the treatment of mild-to-moderate Atopic Dermatitis (AD) in adults and adolescents; to expand the application of PG-011 to other indications; and to advance the clinical development of subsequent innovative pipeline candidates. In addition, the company is preparing to file for an Initial Public Offering (IPO) on the Beijing Stock Exchange, with related work proceeding in an orderly manner.

PrimeGene, established in 2016, is an innovative pharmaceutical R&D company focused on immune and inflammatory diseases, guided by unmet clinical needs, and specializing in topical medications. The founding team is led by entrepreneurs with over two decades of experience in industrial operations management and scientists with extensive tenure at multinational corporations (MNCs). The core team possesses rich experience in new drug R&D, clinical research, and product commercialization both domestically and internationally. The company is recognized as a National High-Tech Enterprise and a national-level specialized, refined, distinctive, and innovative “Little Giant” enterprise.

Leveraging its experienced R&D team, PrimeGene has established a robust innovative drug development system, with a product pipeline primarily focused on dermatology and also covering therapeutic areas such as respiratory diseases and ophthalmology.

The Phase IIb clinical study of the company’s core product, PG-011 gel, demonstrated significant efficacy and a favorable safety profile in the treatment of mild-to-moderate atopic dermatitis (AD) in adults. Concurrently, Phase III clinical trials are underway to evaluate the efficacy and safety of this product in both adult and adolescent patients with mild-to-moderate AD. Furthermore, the Phase II clinical trial of PG-011 nasal spray for the treatment of allergic rhinitis has met its predefined endpoints. This project represents the world’s first use of a JAK inhibitor nasal spray for allergic rhinitis. Following discussions with the Center for Drug Evaluation (CDE), further clinical studies will commence in the next pollen allergy season.

Currently, the Company has multiple pipeline products with global leadership potential in the standardized preclinical development stage, laying a solid and stable foundation for its sustained and healthy future growth.

Mr. Li Yuliang, Chairman of PrimeGenestated, “On behalf of the Company, I would like to extend our heartfelt gratitude to the Company’s team, all institutional investors, and Start Point Advisors. The professionalism and diligence demonstrated by all of you have injected vigorous momentum into the Company’s development. The Company will consistently adhere to its business philosophy of upholding integrity while pursuing innovation, ensuring steady growth and robust expansion. We will continue to strive forward, contributing to the prosperity of the industry and creating greater value for both existing and new shareholders.”

Mr. Fu Jia, Managing Director of Start Point Advisorsstated, “It is a great honor to once again partner with PrimeGene, building on our collaboration during the Series A+ financing round. We look forward to the company’s continued delivery of high-quality novel therapies to the market, thereby benefiting a broad patient population.”Ms. Lu Xiaodan, Vice President and Project Lead at Start Point Advisorsstated: “PrimeGene is an innovative pharmaceutical company characterized by a steady operational style and balanced capabilities. Its founding team is led by industry veterans and experienced scientists, ensuring the steady advancement of both operational management and drug R&D. The company’s pipeline balances druggability with innovation, offering significant commercial potential and certainty. We believe the company will continue to deliver pleasant surprises for investors in the future!”

About PrimeGene (Stock Code: 873969 NQ)

PrimeGene focuses on the immunology and inflammation fields, with a strategic emphasis on dermatological diseases. Guided by unmet clinical needs and distinguished by its expertise in complex topical formulations, the company is committed to becoming a leading enterprise in the research and development of innovative topical drugs through differentiated innovation. Deeply rooted in the Chinese market and oriented toward global collaboration, PrimeGene is dedicated to the R&D and manufacturing of innovative drugs with independent intellectual property rights that are safe, effective, accessible, and affordable.

About the Beijing Pharmaceutical and Health Industry Investment Fund

The Beijing Pharmaceutical and Health Industry Investment Fund is one of the largest among the eight funds approved by the Beijing Municipal Government over the past year. It focuses on key industrial sectors such as innovative drugs and innovative medical devices, as well as emerging fields like cell and gene therapy and digital healthcare, injecting new and robust momentum into Beijing’s development of new quality productive forces.

About Beijing E-town International Investment&Development

Beijing Yitang Chuangxin Venture Capital Center (Limited Partnership) is a private equity fund under Beijing E-town International Investment&Development Co., Ltd. (hereinafter referred to as “E-town Guotou”). E-town Guotou is a state-owned capital investment and operation company committed to promoting industrial development and technological innovation in Beijing, focusing on four major industries: next-generation information technology, biotechnology and general health, new energy intelligent vehicles, and robotics and intelligent manufacturing.

About Shoufa Group

Beijing Shoufa Huaxia Longying Relay Technology Investment Fund (Limited Partnership) is a private equity fund jointly established by Beijing Capital Science & Technology Development Group Investment Management Co., Ltd. and Huaxia Wealth Management Co., Ltd. Rooted in the forefront of the technology industry, it deeply integrates with Beijing’s abundant original innovation and technological resources.

About Beijing Science Park Development (Group) Co., Ltd. & Zhengqi Energy Technology Group

Beijing Beike Zhengqi Guoxin Pharmaceutical Industry Investment Fund (Limited Partnership) is a private equity fund focused on medicine and health, jointly initiated by Beijing Science Park Development (Group) Co., Ltd. and Zhengqi Energy Technology Group Co., Ltd. The fund primarily invests in the pharmaceutical and healthcare sectors, including innovative drugs, innovative medical devices, and life science tools. Leveraging Beijing Science Park Development Group’s experience and advantages in developing the Zhongguancun Science Park, as well as Zhengqi Energy Technology Group’s comprehensive financial service capabilities, the fund continuously empowers its portfolio companies.

About Start Point Advisors

Start Point Advisors is committed to building a premier next-generation investment bank for the healthcare and wellness sector in China. Established in 2020, the firm is headquartered in Beijing and Shanghai, with a team comprised of professionals from renowned industry institutions who possess extensive practical experience. Since its inception, Start Point Advisors has covered all mainstream sub-sectors and financing stages within the industry. It is also one of the few firms in the domestic market with proven transaction experience across private equity financing, mergers and acquisitions (M&A), business development (BD), and exit strategies via share conversions.