Heji Pharmaceuticals Completes RMB 280 Million Series A Financing Led by Investors Including Beta Pharma, Hisun Pharmaceutical, Tigermed, and PAGrowth Investment

VCBeat (WeChat ID: vcbeat) has learned that Jiaxing Angel Pharmaceuticals Co., Ltd. (“Angel Pharmaceuticals”) announced the completion of its RMB 280 million Series A financing round, jointly invested by funds affiliated with Betta Pharmaceuticals, Hisun Pharmaceutical, and Tigermed, as well as Pusheng Investment. The company was established through a strategic partnership with U.S.-based Corvus Pharmaceuticals (Nasdaq: CRVS).

ANGEL PHARMACEUTICALS’ product portfolio will include the Greater China rights to Corvus’s three clinical-stage drug candidates—ciforadenant, CPI-006, and CPI-818—as well as global patent and commercialization rights for a preclinical third-generation BTK inhibitor. ANGEL PHARMACEUTICALS is establishing a new drug R&D platform and preparing to launch a New Drug Research Institute to accelerate its internal R&D efforts and further enrich its drug pipeline.

Headquartered in Jiaxing, China, Angel Pharmaceuticals is a newly established biopharmaceutical company dedicated to making global top-tier innovative therapies for serious conditions—including cancer, autoimmune diseases, and infectious diseases—accessible to patients in China. Corvus Pharmaceuticals (U.S.) will provide comprehensive support for Angel Pharmaceuticals’ pipeline development and clinical research.

Dr. Richard Miller, CEO of Corvus Pharmaceuticals, is a pioneer in the field of global BTK inhibitors. He is the co-founder and former Chief Executive Officer of Pharmacyclics (which was acquired by AbbVie for $21 billion in 2015), where he led the initial discovery and development of ibrutinib, the world’s first BTK inhibitor. Previously, he served as Co-Founder, Vice President, and Director of IDEC (which was acquired by Biogen for $6.8 billion in 2003), where he spearheaded lymphoma research that ultimately led to the development of rituximab. He also holds an adjunct clinical professorship in Oncology at the Stanford University Medical Center.

“The establishment and launch of ANGEL PHARMACEUTICALS, while developing our Greater China product pipeline, will lead the global development of third-generation BTK inhibitors, opening up significant new opportunities for Corvus,” said Dr. Richard Miller, President and Chief Executive Officer of Corvus. “ANGEL PHARMACEUTICALS boasts a team of highly professional investors with deep financial expertise, as well as extensive experience in regulatory affairs, drug development, and commercialization. Their investment strongly validates the importance of Corvus’s pipeline drugs in addressing unmet needs in the Chinese market. We have already begun collaborating with ANGEL PHARMACEUTICALS to prepare for clinical trials of ciforadenant, CPI-006, and CPI-818 in cancer, autoimmune diseases, and infectious diseases. We believe that ANGEL PHARMACEUTICALS’ expertise and development capabilities will accelerate and enhance the global expansion of Corvus’s pipeline.”

“Huoji draws its name from the ‘Heji Ju,’ the first state-run pharmaceutical bureau established during the Song Dynasty. Our mission is to make world-class innovative medicines accessible to patients in China. We are impressed by Corvus’s latest product pipeline and the clinical achievements they have attained to date,” said Dr. Wang Tiefei, Co-founder and Board Member of Angel Pharma and Founder of Pusheng Investment. “We believe that our partnership with Corvus will accelerate drug development and deliver these important innovative therapies quickly and efficiently to patients in China and around the globe. Meanwhile, Huoji has the potential to become a leading biopharmaceutical company in Asia. Huoji is building its own R&D team and will develop robust pipeline capabilities across clinical trials for multiple indications. We are also pleased to collaborate with the management team at Corvus, who bring extensive experience in building highly successful biopharmaceutical companies. Furthermore, we extend our sincere gratitude to the Jiaxing Municipal Government for its strong support of Angel Pharmaceuticals. Angel Pharmaceuticals will contribute to establishing Jiaxing Nanhu as a world-class landmark for the biopharmaceutical industry.”

Dr. Wang Tiefei has 24 years of global investment experience and has held several key leadership positions at Goldman Sachs, including Co-Head of U.S. Equity Trading, Co-Head of Global Equity Trading, and Member of the Firmwide Risk Committee. He is one of the most senior Chinese-American partners at Goldman Sachs.

Ciforadenant is an oral small-molecule drug. As an adenosine A2A receptor antagonist, it blocks adenosine A2A receptors on immune cells. Ciforadenant is designed to inhibit the binding of adenosine to A2A receptors in the tumor microenvironment, thereby depriving tumors of their ability to evade immune system attacks. The safety profile of Ciforadenant has been well validated in 200 treated patients, and it has demonstrated antitumor activity in the treatment of various refractory cancers.

CPI-006 is a potent humanized monoclonal antibody designed to target CD73. It enhances the activity and trafficking capacity of immune cells, thereby mitigating the immunosuppressive effects of cancer cells. CPI-006 specifically targets and inhibits the CD73 enzyme, suppressing adenosine production by tumor cells and modulating other critical immune processes.

CPI-818 is an oral small-molecule drug that selectively inhibits ITK (interleukin-2-inducible T-cell kinase). ITK is an enzyme primarily expressed in T cells and plays important roles in T-cell and natural killer (NK) cell lymphomas, leukemia, as well as normal immune function.

CPI-818 exhibits dual properties: inhibiting the growth of malignant T cells and modulating immune responses. Given its potential immunoenhancing characteristics, ITK inhibition may yield significant therapeutic benefits for patients with T-cell lymphomas, certain B-cell lymphomas, and solid tumors.

Third-Generation BTK Inhibitors: Significantly Enhanced Kinase Selectivity and Blood-Brain Barrier Penetration Compared with Existing BTK Inhibitors, Offering Therapeutic Potential for Central Nervous System Lymphoma and Other Diseases

PusSheng Investment is an international asset management firm with a Goldman Sachs heritage, founded in 2015 by Dr. Wang Tiefei, a former Goldman Sachs partner. Headquartered in New York City, the firm also maintains an office in Hangzhou. PusSheng focuses on investing in leading biopharmaceutical and broader healthcare projects that represent future productivity and boast substantial market demand and promising prospects. With a particular emphasis on major diseases such as cancer, the firm leverages its robust investment research capabilities and deep collaboration with the global biopharmaceutical industry. By integrating capital with industrial expertise, PusSheng has successfully invested in a series of biopharmaceutical ventures, supporting corporate growth and introducing world-class biopharmaceutical and healthcare projects to China.

Corvus Pharmaceuticals (Nasdaq: CRVS) is a clinical science-driven biopharmaceutical company dedicated to developing innovative drugs with precise mechanisms of action to improve the lives of patients suffering from the most difficult-to-treat cancers, including refractory renal cell carcinoma and non-small cell lung cancer. Its experienced leadership team includes inventors and scientists behind multiple blockbuster anticancer drugs. They have a long-standing track record of success in discovering, developing, and commercializing innovative therapies, including rituximab, ibrutinib, and vemurafenib.

Beta Pharma, Inc. (Stock Code: 30058.SZ), founded in 2003 and headquartered in Hangzhou, Zhejiang, is a high-tech pharmaceutical enterprise established by a team of highly skilled overseas returnees. The company focuses on the research and development of innovative drugs with independent intellectual property rights, integrating R&D, manufacturing, and marketing.

Zhejiang Hisun Pharmaceutical Co., Ltd. (Stock Code: 600267.SHA), founded in 1956, has its headquarters in Taizhou, Zhejiang. It has established integrated pharmaceutical manufacturing bases in Fuyang, Hangzhou, and Rudong, Jiangsu, while extending its R&D reach into core cities rich in knowledge, talent, and technology, such as Beijing and Shanghai. The company has formed three major business clusters—chemical pharmaceuticals, biologics, and general health products—with a marketing network covering more than 70 countries and regions worldwide. It has developed into a “pharmaceutical industry group” comprising businesses in active pharmaceutical ingredients (APIs), formulated drugs, biologics, innovative drugs, and commercial distribution.

Tigermed (Stock Codes: 300347.SZ/3347.HK), headquartered in Hangzhou, is a contract research organization (CRO) dedicated to providing comprehensive professional services for the entire clinical trial process of new drug development. It delivers integrated and comprehensive clinical research services and solutions to global pharmaceutical and medical device innovators, thereby reducing R&D risks, shortening development cycles, and cutting R&D costs. By accelerating product commercialization, Tigermed enables patients to access newer and better pharmaceutical and medical products sooner.