Mido Biotech Secures Nearly RMB 400 Million in Funding to Advance Innovative Drug Development as a Leading Nuclear Medicine CRDMO
SDIC JULI
Private Equity Fund Management Institution
On March 18, 2024, Yantai Dongcheng Pharmaceutical Group Co., Ltd. announced that it had approved a capital increase and share expansion for its subsidiary, MITRO (Yantai) Biotechnology Co., Ltd. (hereinafter referred to as “MITRO” or the “Company”). The round was led by SDIC Merchants, with follow-on investments from SDIC JULI, the Shandong Local Industry Fund, and others, raising a total of nearly RMB 400 million.
MITRO Biotech has established a presence in Yantai, Nanjing, Wuxi, Guangzhou, and other regions. Its core business is providing CRDMO services to pharmaceutical companies both domestically and internationally, leveraging nuclear medicine technologies, with the aim of becoming a global leader in outsourced R&D for nuclear medicine pharmaceuticals.
MITRO holds comprehensive qualifications and is equipped with state-of-the-art facilities. It operates an AAALAC-accredited radiological laboratory that meets both domestic and international animal welfare standards. With qualifications for handling 26 types of radionuclides, it can fulfill diverse experimental requirements. As a CRO company possessing both clinical and preclinical PET/CT systems, MITRO enables continuous dynamic and static scanning in large and small animals.MITRO has been deeply engaged in the field of nuclear medicine for many years, boasting a solid customer base, strong brand influence, and extensive project experience accumulated over the years.
In the non-radiopharmaceutical field, as a molecular imaging CRO, MITRO Biotech demonstrates exceptional preclinical molecular labeling capabilities across innovative modalities such as small molecules, peptides, antibodies, polysaccharides, and cell therapies. With robust capabilities in radiotracer production and image analysis, the company has earned high recognition and trust from globally renowned pharmaceutical enterprises.
During the preclinical stage, MITRO leverages tracer and in vivo molecular imaging technologies to provide clients with new drug R&D services, including pharmacokinetic and pharmacodynamic studies and safety evaluations. Its services cover various types of drugs, such as small molecules, peptides, antibodies, cells, polysaccharides, and nucleic acids. The business spans translational research involving nude mice, rats, and monkeys, with extensive experience in molecular labeling.
During the clinical stage, MITRO leverages tracer technology to facilitate precise patient screening and diagnosis for innovative drugs in clinical trials both domestically and internationally. Its services encompass tracer process development and manufacturing, imaging scans, and image diagnostic analysis, with the aim of becoming the leading player in China’s niche sector of clinical patient screening using molecular imaging.
In the field of radiopharmaceuticalsAs a nuclear medicine CRDMO offering one-stop services from early-stage screening compounds to market approval and registration, MITRO has currently facilitated the acquisition of clinical trial approvals for more than 20 nuclear medicine products. MITRO provides nuclear medicine clients with comprehensive one-stop CRO services covering the entire process, including pharmaceutical research, non-clinical studies, clinical trials (Phase I–IV), and regulatory submissions. Additionally, it offers CDMO services during the clinical stage, such as drug process transfer, process optimization, and production and transportation.
Dr. Gilles Tamagnan, Global CEO of MITRO Biotech, stated: MITRO is committed to becoming a global leader in nuclear medicine CRDMO services. In China, it is actively building a preclinical-to-clinical translation platform and expanding its network for companion diagnostic clinical trials. Internationally, it is establishing nuclear medicine clinical trial imaging centers to facilitate the regulatory registration and filing of innovative drugs both in China and abroad, while deeply penetrating international markets. The company is accelerating its integrated layout of nuclear medicine translational technology services, actively attracting senior technical talent from home and abroad to ensure high-quality implementation of new drug research aligned with international standards, thereby driving the development of the nuclear medicine industry.
SDIC Merchants stated: We are optimistic about the development prospects of radiopharmaceuticals and the application potential of nuclear medicine technology in broader innovative drug R&D. In recent years, radiopharmaceuticals have entered an era of active targeting through technological evolution, continuously expanding their application fields. Leading global pharmaceutical companies are actively positioning themselves in the radiopharmaceutical sector, further driving the in-depth development of radiopharmaceutical R&D, production, and application. The "Medium- and Long-Term Development Plan for Medical Isotopes (2021–2035)" released in June 2021 has established a national-level roadmap for the development of the nuclear medicine and health industry. Driven by both technological advancements and policy support, China's radiopharmaceutical industry has embarked on a path of rapid growth. Having cultivated deep expertise in the field of nuclear medicine for many years, MITRO Biotech Co., Ltd. has become a leading domestic CRDMO enterprise in nuclear medicine, widely recognized by major pharmaceutical companies both in China and abroad. We believe that MITRO’s high-standard services will accelerate the R&D process of more innovative drugs, benefiting patients worldwide.
About SDIC Investment Promotion
SDIC Merchants is a leading private equity investment management firm in China, specializing in investments in the advanced manufacturing sector. It places significant emphasis on technological innovation and the value of outstanding entrepreneurs and their teams, with a focus on intelligent manufacturing, new energy vehicles, life sciences, and information and communications technology (ICT). The firm is committed to promoting the green, digital, and service-oriented development of the manufacturing industry. The team manages cumulative assets exceeding RMB 100 billion, with investors including financial institutions, the National Social Security Fund, and both state-owned and private capital.
About SDIC JULI
SDIC JULI Investment Management CO.,LTD. was established in September 2017. It is a private equity fund management company initiated and established under the leadership of China State Development & Investment Corp. (SDIC), driving collaboration among local state-owned investment firms and social capital. Its major shareholders include SDIC, Qingdao International Trust, Shandong Luxin, Henan Investment Group, and Hunan Xiangtou. The company currently manages assets exceeding RMB 10 billion.
About Yantai Yeda Venture Capital
Yantai Yeda Venture Capital Co., Ltd. was established in April 2018 as a state-owned venture capital firm founded by the Huang-Bohai New Area to support the development of high-growth enterprises. Committed to fostering the growth of innovative industrial clusters, the company relies on full-cycle innovation investment services and operates through market-oriented, specialized, and branded approaches to build a first-class innovation investment platform. It proactively focuses on strategic emerging industries such as information technology, semiconductors, high-end manufacturing, new energy, and life sciences, providing precise “nurturing” through capital and resources to cultivate early-stage ventures and support corporate growth.
About Yantai Guofeng
Yantai Guofeng Investment Holding Group Co., Ltd. was established in February 2009 as a wholly state-owned company. In October 2017, the municipal government officially approved the restructuring of Guofeng Group into a state-owned capital investment group, to be managed as a municipal enterprise. The group has a registered capital of RMB 10,555.56 million, total assets of approximately RMB 360 billion, and net assets of approximately RMB 126.4 billion. It holds dual AAA domestic issuer credit ratings and an international issuer rating of BBB+ from Fitch Ratings, with a stable outlook.
About Chengdu Sci-Tech Innovation Investment
Chengdu Science and Technology Innovation Investment Group Co., Ltd. is a municipal-level state-owned equity investment institution established under the leadership of the Chengdu Municipal Committee of the Communist Party of China and the Chengdu Municipal People’s Government, representing Chengdu in supporting the development of hard-core technological innovation enterprises across China. As of the end of 2023, the group’s fund cluster reached a scale of RMB 125 billion, with 464 investment projects and 33 portfolio companies successfully listed. Chengdu Sci-Tech Innovation Investment concentrates resources to prioritize high-quality innovative enterprises nationwide in fields such as electronic information, military-industrial aerospace, nuclear technology applications, and biomedicine, as well as technology-driven companies in areas like new materials and artificial intelligence that serve these industries. In the nuclear technology application sector, Chengdu Sci-Tech Innovation Investment is one of the few local state-owned investment platforms in China with a full industry chain investment layout, maintaining close industrialization cooperation with leading enterprises, research institutes, and key figures in various sub-sectors. The company was ranked among the “Top 50 State-Owned Investment Institutions in China 2023” by Zero2IPO, listed in the “Top 30 Best Investment Institutions in Western China 2023” by CVSource, and awarded an AAA main body credit rating.
About Shandong Longxin
Shandong Longxin Equity Investment Management Co., Ltd. was established on January 4, 2017. It is a subsidiary of Guokong Capital, which falls under Shandong State-owned Assets Investment Holding Co., Ltd., a provincial state-owned enterprise in Shandong Province. Currently, its business covers venture capital and equity investment, with all fund management team members possessing many years of experience in equity investment. As of the end of June 2023, Guokong Capital had total assets of RMB 5.8 billion, more than 10 funds under its management, a fund management scale exceeding RMB 5 billion, and a total investment amount of RMB 3 billion.
About the Biopharmaceutical Group
Yantai Biopharmaceutical and Health Industry Development Group Co., Ltd. was established in 2021 with a registered capital of RMB 1.5 billion. As a wholly-owned subsidiary of Yantai Guofeng Investment Holding Group Co., Ltd., it serves as the “one platform” for Yantai City’s biopharmaceutical industry chain. The company is responsible for integrating citywide resources related to biopharmaceuticals, general health, and public services. It undertakes functions including industrial park development and construction, industrial planning, project attraction, operational management, and public service provision, thereby improving the industrial development service system and facilitating leapfrog upgrading of Yantai’s biopharmaceutical industry.
*Source: MITRO Biotech