Qide Pharmaceuticals Secures RMB 40 Million Series A Funding Led by Yuexi Origin, a Subsidiary of Yuexi Holdings

VCBeat (WeChat: vcbeat) reported on March 28.Qide Pharmaceutical Technology (Suzhou) recently announced the completion of its Series A financing round, amounting to RMB 40 million, with Yuanhe Origin and Taifu Capital as the investing institutions.

According to VCBeat, Qide Medicine was established in August 2013 as a biopharmaceutical development company that provides R&D services for biopharmaceutical products, biotechnology products, and scientific research reagents, as well as technical development for products in the pharmaceutical and health-related industries.

Currently, Qide Pharma has established an independently developed bioconjugate drug development platform. Its product pipeline focuses on next-generation anti-tumor antibody-drug conjugates (ADCs), with a strong emphasis on developing internationally innovative drugs with “Best-in-Class” potential.

Regarding the use of proceeds, AID Therapeutics stated that this round of financing will strongly facilitate the rapid completion of international and domestic Investigational New Drug (IND) applications for its ADC drug candidates under development, as well as further expansion of its product pipeline. This indicates that AID’s investigational new drugs have not yet entered the clinical trial stage, and VCBeat has not found relevant data for the company in the Center for Drug Evaluation of the National Medical Products Administration.

According to VCBeat, in addition to the three common treatments for cancer—surgical resection, chemotherapy, and radiotherapy—the most advanced approach currently is targeted therapy using antibody-drug conjugates (ADCs).

Yuanhe Origin, the lead investor in this round, stated: “Yuanhe Origin is dedicated to investing in early-stage pharmaceutical projects, with a particular focus on the technological innovation capabilities and potential market value of the products developed by portfolio companies. We highly recognize Qide Medicine’s innovations and accumulated expertise in ADC enzyme-catalyzed conjugation technology. We are committed to investing in this technology platform to accelerate its entry into the drug development stage, with the aim of benefiting patients as soon as possible.”

Data shows that Yuanhe Origin is a wholly-owned subsidiary of Yuanhe Holdings. With an investment style focused on early-stage ventures and a preference for technology, Yuanhe Origin enjoys a strong reputation among technology-driven early-stage startups. As of the end of 2016, Yuanhe Origin had invested in and managed more than 60 companies in the medical and health sector, including Ascentage Pharma, CStone Pharmaceuticals, and Innovent Biologics.