InnoGen Pharma Secures New Round of Funding to Lead the Diabetes Therapeutics Market and Files IPO Prospectus

VCBeat has learned that Shanghai Innogen Pharmaceutical Technology Co., Ltd. (hereinafter referred to as “Innogen”) recently completed a new round of financing, co-led by KIP Capital and CO-WIN Venture Capital, with participation from BioTrack Capital, HongTai Fund, and Lanting Investment. The proceeds from this round will be used to advance the Phase III clinical trials of suparaglutide and other pipeline products, as well as to construct GMP production lines.

Innogen, established in 2015, is a high-tech, innovation-driven international pharmaceutical company engaged in R&D and manufacturing. Innogen is dedicated to the R&D and industrialization of biologics for diabetes and metabolic diseases. It currently possesses a portfolio of innovative drug products in the fields of diabetes and metabolic disorders, all of which are independently developed and protected by global patents.

Hu Jingzhi, Partner at KIP Capital Managementstated: “There is a significant market gap in China in the fields of metabolic diseases and diabetes, with patients demonstrating strong demand for products that are both highly effective and affordable. Innogen has identified this market opportunity and, led by authoritative industry experts, is filling this domestic market void with innovative products. We are honored to have invested in Innogen and look forward to the company’s future development.”

Fu Hao, Director at KIP CapitalHe stated, “Innogen possesses extensive R&D and clinical translation experience in the field of metabolic diseases. Its flagship product, Supaglutide, has demonstrated superior efficacy among domestic peers, reflecting the team’s robust R&D capabilities. The penetration rate of long-acting human GLP-1, a new generation of diabetes medication, remains quite low in China. We hope that Supaglutide will be launched soon, enabling the vast population of diabetes patients in China to access high-quality, affordable medication at an earlier date.”

Cai Weiliang, Partner of CO-WIN Capital’s USD Fundstated: “China has the largest number of diabetes patients globally, and deep population aging is driving continuous market expansion. Compared with mature markets in developed countries, China’s market features significant structural gaps, with GLP-1 therapies still in their early stages. Innogen’s core product, supaglutide, is a novel long-acting GLP-1 drug with global patent protection. It holds a strong leading advantage in the Chinese market and has demonstrated excellent clinical progress. We are honored to have invested in Innogen and look forward to the accelerated advancement of supaglutide across multiple indications, as well as to Innogen creating greater value in the fields of diabetes and metabolic diseases.”

Data shows that Innogen boasts a core management team composed of renowned Chinese and international experts in diabetes, endocrinology, new drug development, and seasoned entrepreneurs. Leveraging the team’s extensive experience and strong collaboration, Innogen possesses exceptional capabilities in translational medicine for diabetes.

Notably, the University of Toronto and its affiliated Banting & Best Diabetes Centre are ranked as the world’s leading diabetes research institution. Professor Wang Qinghua, founder of Innogen, is a tenured professor at the University of Toronto and an executive committee member of the Banting & Best Diabetes Centre.

According to data released by the World Health Organization, there are approximately 415 million people with diabetes worldwide, while China has over 130 million patients, ranking first globally and making it the country with the highest number of diabetes cases in the world.

In recent years, the prevalence of diabetes in China has risen from an average of 0.67% to 11.6%. Due to changes in lifestyle and the accelerating aging process, the prevalence of diabetes in China is projected to remain at 11%–12% over the next decade.

Professor Wang Qinghua once stated, “Treatment regimens for diabetes include insulin injections and oral hypoglycemic agents; however, these therapies address only the symptoms rather than the root cause. In fact, the fundamental pathogenesis of diabetes lies in the insufficient insulin secretion by pancreatic beta cells, and promoting beta-cell regeneration represents a therapeutic strategy that addresses both the manifestations and the underlying cause of the disease.”

Under the leadership of Professor Wang Qinghua, Innogen has developed Suparutide Injection, an innovative long-acting biologic for diabetes. This product not only promotes insulin secretion but also has the potential to stimulate β-cell regeneration and enhance β-cell mass, offering the prospect of addressing both the symptoms and root causes of the disease.

As a hypoglycemic agent approved by China’s National Medical Products Administration (NMPA) for clinical use with a dosing frequency of once every 1–2 weeks, Suparutide Injection exhibits higher human sequence homology. Consequently, it is associated with relatively lower side effects and demonstrates superior clinical applicability. Compared with other imported products in the same class, Suparutide Injection not only delivers superior efficacy but also benefits from cost advantages derived from localized production.

Currently, Suparutide Injection has entered Phase III clinical trials. Once launched, it will become China’s first domestically produced human-derived long-acting GLP-1 drug.

It is understood that the "Guidelines for the Treatment of Type 2 Diabetes" issued by the American and European Diabetes Associations have listed GLP-1 receptor agonists as first-line injectable therapies, and the Chinese Diabetes Society has also reached an expert consensus. Innogen stated: "As the latest generation of human-derived, long-acting GLP-1 receptor agonist, Suparutide Injection will lead the diabetes drug market in the future. In addition, Suparutide Injection holds significant market potential, and the company plans to expand its sales into the global market."

Currently, Innogen has settled into the Life Bay Biopharmaceutical Specialty Industrial Park in the Lingang New Area of Shanghai since April 15, 2021. Leveraging the park’s policy, locational, and resource advantages, Innogen will further enhance its capabilities in the R&D of innovative drug formulations and clinical sample trial production, thereby further enriching the industrial ecosystem for innovative drugs.

In addition, Innogen currently has multiple innovative drugs under development, with its R&D projects repeatedly included in the National Major Special Project for "Major New Drug Creation" and key special programs at the provincial and municipal levels, gaining recognition and support from national and local government authorities.

Professor Wang Qinghua, founder of Innogen, stated: “Our first product, the innovative diabetes drug Suparaglutide, has entered Phase III clinical trials. Meanwhile, a series of innovative pipeline projects for diabetes and metabolic disorders, currently in clinical or preclinical stages, are advancing steadily. The participation of international innovation funds such as KIP Capital and CO-WIN Venture Capital in this financing round undoubtedly provides new momentum for Innogen, much like an ocean-going vessel setting sail toward new milestones and reaching the shores of the Belt and Road Initiative.”

KIP Capital (Korea Investment Partners) is a leading venture capital firm in Asia. Since its establishment in 1986, it has maintained a steady investment pace and gradually grown into a VC firm headquartered in Asia with a global investment reach. KIP focuses on the development of multiple emerging sectors, particularly biopharmaceuticals/big health, consumer goods/internet of things (IoT), and advanced technologies/AI. Its portfolio companies are distributed across Asia, Europe, and the Americas. With over 1,000 investments made, more than 300 of its portfolio companies have been listed on secondary markets in various countries and regions. The firm’s cumulative assets under management exceed USD 5 billion.

CO-WIN Capital is one of the first professional private equity investment firms in China, possessingWith over 20 years of investment management experience, managing assets exceeding RMB 20 billion, and having invested in more than 500 companies, successfully facilitating90Multiple companies under our portfolio have gone public; invested in nearly100 IPO-listed companiesNear20Home. The company consistently leverages industrial chain investment as its entry point, focusing on emerging industries while maintaining a prudent investment strategy. It deeply uncovers hidden champions, supports innovation and entrepreneurship, and is fully committed to serving the real economy. It has been consecutively recognized as one of the Top Ten Investment Institutions in fields such as advanced technology manufacturing and biomedicine. 

BioTrack Capital, established in 2017, is a professional investment firm dedicated to investing in and incubating outstanding healthcare startups in the Chinese market. We are not just investors; we are long-term partners to entrepreneurs. We provide sustained support to the most distinguished healthcare founders, fostering the next generation of leading enterprises in China’s healthcare industry.

HongTai Fund was co-founded in 2014 by renowned entrepreneur Mr. Yu Minhong and senior investment banker Mr. Sheng Xitai. Leveraging a rigorous investment research system, focused investment strategy, and an experienced investment team, HongTai Fund has achieved rapid growth and outstanding performance, earning widespread recognition from various stakeholders. To date, the fund’s assets under management total RMB 23.2 billion, with primary investments concentrated in five key sectors: information technology, advanced manufacturing, pharmaceuticals and healthcare, consumer goods and education, and new materials.

Lanting Investment, established in 2012 and headquartered in Singapore, focuses on investing in the North Asian and Southeast Asian markets. Lanting benefits from regional economic development and transformation through private equity investments. Its investment sectors include emerging technology and healthcare, with ESG considerations integrated into its investment activities.