MICOT Completes Over RMB 100 Million Series C Financing to Accelerate Development of Bifunctional Peptide Therapeutics and Files IPO Prospectus

At the beginning of the Year of the Rabbit, Shaanxi Micot Pharmaceutical Technology Co., Ltd. (hereinafter referred to as “Micot”) officially announced the completion of its Series C financing round, exceeding RMB 100 million.

This round of financing was led by Chang’an Huitong Private Equity Fund, the sole private equity investment management platform under Chang’an Huitong Co., Ltd., a state-owned capital operating company wholly owned by the State-owned Assets Supervision and Administration Commission of Shaanxi Province, with follow-on investments from renowned industrial and financial institutional investors.

Regarding the success of this round of financing and the company’s future development, Dr. Wang Bing, FounderMicot has always been committed to addressing unmet clinical needs. Leveraging its differentiated core technology platform for multifunctional peptides, the company designs and develops innovative drugs in multiple therapeutic areas, including cardiovascular and cerebrovascular diseases, digestive and metabolic disorders, and anti-inflammatory and analgesic treatments, with the aim of improving the quality of life for patients suffering from major chronic diseases. Several of Micot’s core products have advanced to late-stage clinical trials in both China and the United States, placing the company among the global leaders in the number of bifunctional peptide innovative drugs entering clinical development. 2022 marked a “capital winter” for innovative drug development. Despite the highly unfavorable market environment, Micot successfully completed a new round of financing, a notable achievement. We sincerely appreciate the confidence shown by new investors such as Chang’an Huitong. The proceeds from this financing round will continue to support clinical trials of Micot’s series of bifunctional peptide drugs under simultaneous regulatory submission in China and the U.S., further enriching the company’s R&D pipeline and strengthening its first-mover advantage in the field of bifunctional peptide therapeutics, ultimately benefiting patients with major chronic diseases worldwide.

Zhao Han, the relevant person in charge of Chang'an Huitong Fund, the lead investor in this roundIt stated that China’s pharmaceutical industry will usher in a historic opportunity for comprehensive innovation over the next decade. Chang’an Huitong Fund continues to focus on and invest in platforms with biological innovative technologies, as well as outstanding entrepreneurial teams capable of sustained innovation, clinical translation, and clear commercialization pathways. In the post-pandemic era characterized by a complex and volatile investment landscape, we are highly optimistic about Micot, an exceptional team that integrates comprehensive capabilities in scientific research, clinical development, and commercialization within the industry. We are also delighted to see the company continue to gain recognition from investment institutions.

Unlike small-molecule chemical drugs and large-molecule protein antibodies, the development of innovative peptide therapeutics presents significant challenges. Micot stands as one of the global leaders in the research and development of innovative peptide drugs, emphasizing product differentiation and a forward-looking approach to clinical needs. Under the leadership of Dr. Wang Bing, and through the relentless efforts of the Micot team, the company has established proprietary, industry-leading technologies and an industrialization platform for bispecific and multispecific peptide therapeutics. Furthermore, leveraging profound insights into clinical practices and disease spectra, the team has built a tiered and diverse product portfolio in the fields of cardiovascular and cerebrovascular diseases, digestive and metabolic disorders, and anti-inflammatory and analgesic therapies. The indications for these products hold substantial market and commercialization potential. Currently, multiple first-in-class new drug candidates are undergoing Phase II clinical trials in both China and the United States.

As a newly established provincial-level fund management platform in Shaanxi, Chang’an Huitong Fund is committed to deeply identifying and nurturing leading enterprises in specialized industry sectors within the province. We support Micot in further strengthening its local presence while expanding globally, driving continuous breakthroughs in its product pipeline and clinical R&D, and contributing Shaanxi’s strength to the advancement of new medical technologies. We believe this collaboration will accelerate drug commercialization, address unmet clinical needs, and benefit more patients.

Shaanxi Micot Pharmaceutical Technology Co., Ltd. (hereinafter referred to as “Micot”) was established in Xi’an in January 2007 and has since completed its strategic layout across Xi’an, Suzhou, Beijing, Shanghai, and the United States. As an innovative pharmaceutical technology enterprise focused on new drug research and development (R&D), Micot is committed to becoming a global leader in the R&D of bifunctional and multifunctional specific peptide drugs. The company focuses on developing novel therapeutics for cardiovascular and cerebrovascular diseases, metabolic disorders, and inflammation- and pain-related conditions. Dedicated to creating new medicines, saving lives, and addressing unmet clinical needs, Micot leverages technological innovation to safeguard human health.

Micot has established a bispecific polypeptide technology platform, a computer-aided polypeptide design platform, a druggability evaluation platform, and a macromolecule platform based on bifunctional peptides. Leveraging its proprietary platform technologies and profound understanding of diseases, Micot has developed more than twenty product pipelines in the fields of cardiovascular and cerebrovascular diseases, digestive and metabolic disorders, and anti-inflammatory analgesia. As the proposer, implementer, validator, and developer of the bispecific polypeptide concept, Micot stands as one of the premier platforms for polypeptide drug R&D, featuring a unique mechanism for screening multi-target polypeptide therapeutics.

Chang’an Huitong Fund was established in August 2020 as the sole private equity investment management platform under Chang’an Huitong Group (Shaanxi Province’s only state-owned capital operation company). The fund primarily integrates industrial resources across the province to support Shaanxi’s industrial development and transformation and upgrading, while also identifying high-quality projects in specialized industry segments. Its assets under management currently total RMB 13 billion. Focusing on “hard tech,” the fund targets opportunities in niche sectors such as healthcare, new materials, new energy, high-end equipment, defense manufacturing, and semiconductors. It has invested in several high-quality companies, including Pushikang Biotech, Jutai New Materials, Yulong Optoelectronics, Tianrun Technology, ESWIN Materials, and Longteng Semiconductor.