Magpie Pharmaceuticals Secures Nearly RMB 100 Million in Series B Financing to Accelerate Innovative Drug Development

Guangzhou Xique Pharmaceutical Co., Ltd. (hereinafter referred to as “Xique Pharmaceutical”) announced today the completion of its Series B financing, raising nearly RMB 100 million. This marks a significant new round of financing for Xique Pharmaceutical following its Series A and Series A+ rounds in 2016 and 2017, respectively. The funds will be used to accelerate the development of the company’s clinical and preclinical projects. This round was exclusively invested by Shenzhen Xiantong Capital Management Co., Ltd.

Dr. Wang Yuqiang, General Manager of Magpie Pharma, stated, “Currently, our Phase II clinical trial for the treatment of ischemic stroke is progressing smoothly, and the Phase I clinical trial for diabetic nephropathy is about to commence. From 2019 to 2020, the company will see a peak in clinical trial applications and trials for its other product candidates. Adhering to the philosophy of ‘innovation and perseverance,’ Magpie Pharma boasts a young, efficient, energetic, and resilient R&D team dedicated to innovative drug development. The participation of distinguished and professional biomedical investors such as Xiantong Capital will significantly accelerate the development of our products and provide financial assurance for their market launch.”

Mr. Liu Mulong, Managing Partner at Xiantong Capital, stated, “As an investor in this round of financing, Xiantong Capital holds Magpie Pharma’s team in high regard. Magpie Pharma has a distinctive R&D pipeline portfolio and offers unique insights into the frontier development directions of small-molecule therapeutics for cardiovascular, cerebrovascular, and mitochondrial diseases. More importantly, Magpie Pharma’s product portfolio is well-suited to the characteristics of the Chinese domestic market while also possessing international competitive potential. We are delighted to collaborate with such an enterprise and team as Magpie Pharma, which combines an international R&D background with robust local R&D capabilities and a resilient scientific spirit. Based on the characteristics of the company’s projects, we believe that the expansion potential for Magpie Pharma’s key future projects will not be limited to the domestic market; rather, significant opportunities will arise from developed markets such as Europe and the United States. We are confident that Magpie Pharma will secure an important position in the global R&D landscape for cardiovascular, cerebrovascular, and mitochondrial disease therapeutics.”

Magpie Pharma is a clinical-stage, first-in-class innovative drug research and development company dedicated to the discovery and development of novel therapeutics for cardiovascular, cerebrovascular, and mitochondrial diseases—areas with significant market potential but unmet clinical needs. Leveraging its proprietary drug discovery platform, Magpie Pharma has established a robust pipeline in stroke, diabetic nephropathy, Parkinson’s disease, dementia, glaucoma, and myocardial ischemia. Notably, its investigational therapy for acute ischemic stroke is currently undergoing Phase II clinical trials, while its candidate for diabetic nephropathy has had an Investigational New Drug (IND) application submitted. Additionally, Magpie Pharma is actively expanding its portfolio to include innovative treatments for rare diseases such as amyotrophic lateral sclerosis (ALS), pulmonary arterial hypertension (PAH), and Duchenne muscular dystrophy (DMD).

Dr. Wang Yuqiang, founder of Xique Pharmaceutical, earned his Ph.D. from the University of Texas Health Science Center at Houston and completed his postdoctoral fellowship at Yale University. He spent many years engaged in innovative drug research and development at biopharmaceutical companies in Silicon Valley, USA. Upon returning to China, he served as Dean of the School of Pharmacy and Director of the Institute of New Drugs at Jinan University.

Xiantong Capital is one of the earliest established, globally operating, specialized biomedical venture capital firms in China. Focused on the life sciences sector, it holds a leading professional advantage and possesses extensive project resources within the biomedical investment industry. Anchored in the most promising industries, Xiantong Capital identifies innovative growth-stage enterprises with significant capital value and commercial potential, cultivating a portfolio of benchmark companies across various niche sectors. With offices in Shenzhen, Beijing, Suzhou, and Chicago, Xiantong Capital has assembled an investment and advisory team comprising industry experts, scientists, and investors from the life sciences field, and manages and operates a series of RMB and USD funds.