PharmaX Biotech Secures Nearly RMB 100 Million in Series B1 Financing Led by Cathay Capital to Advance Innovative Drug Pipeline and U.S. Clinical Commercialization

Recently, Shenzhen Pharmacin Co., Ltd. (hereinafter referred to as “Pharmacin”) completed a Series B1 financing round of nearly RMB 100 million, with exclusive investment from Kaitai Capital. The funds raised will be primarily used to support the platformization of the company’s technology, research and development of its product pipeline, and accelerating the market launch of its clinical-stage products in the United States.

Pharmacin, established in 2016, is an emerging international pharmaceutical company dedicated to the R&D and industrialization of Best-in-Class innovative drugs and advanced modified-release formulations. The company has set up a wholly-owned subsidiary in the United States, where it has built localized R&D and business development (BD) teams. It has independently developed multiple technologies, including solid dispersions, self-emulsifying systems, hot-melt extrusion, nanocrystals, and inclusion complexes, and has secured dozens of PCT patents related to its formulation platform technologies and product pipeline.Dr. Zeren Wang, co-founder of Pharmacin, holds a Ph.D. in Pharmaceutics from the University of Utah, where he studied under Professor Takeru Higuchi, a pioneer in physical pharmaceutics. He previously served as Vice President of Formulation Development at Boehringer Ingelheim, among other senior roles, leading the development and launch of several blockbuster products such as empagliflozin. Dr. Wang brings nearly 20 years of executive management experience in multinational pharmaceutical companies.The company’s Scientific Advisory Board comprises internationally renowned pharmaceutical experts, including Dr. Peter Farina (former Senior Vice President of R&D at Boehringer Ingelheim and currently an executive at the U.S. venture capital firm Canaan Partners), Dr. Giora Davidai (former executive in clinical research at Boehringer Ingelheim), and Dr. Yijun Cheng (a specialist in medical oncology and hematology in Buffalo, USA).

The company has established an R&D organizational management system that complies with Chinese and U.S. regulations, with a research pipeline covering multiple therapeutic areas including oncology, immunology, and cardiovascular and cerebrovascular diseases.Currently, two drug candidates are undergoing clinical trials in the United States, and four others are expected to file Investigational New Drug (IND) applications this year. The company’s lead product, HLK-1001 capsules, was approved by the U.S. authorities to enter clinical trials in September 2019. Its pilot study was successfully completed in 2020, meeting the predefined clinical endpoints, and the program has since advanced to late-stage clinical development, with potential for U.S. market approval in 2023. HLK-0006 tablets, co-developed with U.S.-based Insignis Therapeutics, received FDA clearance to initiate clinical trials in October 2020, and patient enrollment and dosing for Phase I have been completed. These projects hold significant potential to become blockbuster products and have attracted sustained attention from multiple industry institutions.

Dr. Zeren Wang, Co-Founder and Chief Scientific Officer

Dr. Ze Ren Wang, Co-founder and Chief Scientific OfficerIt is evident that modified new drugs harbor immense commercial opportunities, having already produced blockbuster drugs with annual sales of $1 billion or more, such as risperidone, paclitaxel, and cyclosporine A. In recent years, our core formulation technologies, represented by the development of poorly soluble drugs, have played a significant role in the development of our existing product pipeline. We have also achieved gratifying progress and recognition in international cooperation, accumulating several outstanding innovative achievements and products. Notably, we have secured authorization for formulation patents that even the originators failed to obtain approval for. In the future, we may collaborate with interested partners, including originator companies. We are grateful to Kaitai Capital for their favor and for recognizing our company’s positioning and value. This further strengthens our confidence in continuously developing our “Best-in-Class” product matrix. Pharmacin will remain steadfast in its commitment to independent research and development and innovation, platformizing our formulation technology to establish a deeper and broader proprietary technological “moat.”

Xu Jun, Co-Founder and General ManagerWe are fully aware of our cognitive boundaries and strengths, focusing on what our team does best, seeking differentiated opportunities, making prudent choices, and dedicating our full efforts to breakthroughs. We do not chase trends; we only care whether the new drugs or improved new drugs we choose possess truly differentiated clinical value. Investment involves divergent perspectives, and we fully respect each investor’s viewpoints and preferences. However, I believe that our pipeline product selection strategy, evaluation capabilities, and core formulation platform’s scalability and replicability can provide investment institutions with greater confidence and predictability. Regardless of how the external environment changes, we remain steadfast in our commitment to developing high-quality medicines that benefit the nation and its people, believing that positive rewards will naturally follow. We thank our strategic partners and investors for their continued recognition of Pharmacin Biotechnology and our team throughout this journey.

Huang Zehua, Vice President of Kaitai Capital, the investor in this roundIt is pointed out that poor drug solubility is a prevalent challenge in the development of small-molecule targeted therapies, particularly in the field of oncology.Pharmacin’s platform, represented by its poorly soluble drug formulation technology, is poised to address the clinical application limitations of both currently marketed and newly developed small-molecule drugs, thereby enhancing their efficacy, safety, patient compliance, and druggability, while offering greater controllability in the risk–benefit balance of new drug development.Pharmacin boasts an exceptional founding team with extensive experience in the development of poorly soluble drugs. We are confident that our “Best-in-Class” product portfolio, developed on our proprietary innovation platform, will soon enter the international market and establish a strong brand presence.

Pharmacin’s Series B financing round is proceeding in an orderly manner; inquiries for collaboration are welcome!

Kaitai Capital has always remained committed to addressing unmet clinical needs and strategically investing in the life sciences and broader healthcare ecosystem. To date, its investment portfolio in the life sciences and healthcare sectors spans oncology, metabolic diseases, cardiovascular diseases, anti-infectives, autoimmune disorders, neuroscience, dermatology, and respiratory diseases, with investments in over 70 companies. Kaitai Capital not only focuses on identifying enterprise value but also places significant emphasis on providing portfolio companies with sustained financial support, resource integration, talent matchmaking, post-investment management, and other value-added services. Looking ahead, Kaitai Capital will continue to stand alongside its portfolio companies, firmly supporting their value creation and contributing to the upgrading of China’s life sciences and healthcare industries.