InhalPharma Secures RMB 50 Million Series A Funding to Advance Innovative Dry Powder Inhalation Therapies

VCBeat has learned that Suzhou Inhal Pharma Co., Ltd. (hereinafter referred to as “Inhal Pharma”), a leading domestic innovator in dry powder inhalation (DPI) formulations, has successfully completed its Series A financing round, raising over RMB 50 million. Since its establishment in June 2020, Inhal Pharma has achieved significant breakthroughs in the development of DPI formulations and inhalation devices, with its valuation increasing fivefold.

This Series A financing round was led by Beijing Sun Fund, which focuses on the healthcare and medical sector, with co-investment from several other high-quality institutions. Following this investment, Inhal Pharma plans to establish a Beijing subsidiary to advance its flagship products into the clinical stage, aiming to secure a leading position in the domestic market. In addition, Inhal Pharma will accelerate the development of innovative formulations and devices through collaborations with strategic partners.

Ningbo Inhal Pharma Co., Ltd. was co-founded by Professor Jingxu Zhu, a Fellow of the Royal Society of Canada and the Canadian Academy of Engineering, and Dr. Kaiqi Shi. It is a technology-driven enterprise dedicated to the research and development of inhalation formulations, inhalation devices, and related equipment. Inhal Pharma is committed to building a professional integrated pulmonary targeted drug delivery platform that combines “drug, device, and machinery,” facilitating interconnectivity with upstream and downstream partners. The company provides one-stop solutions in the field of inhalation drug delivery for global pharmaceutical R&D enterprises, ultimately serving clinical patients.

Since 1994, Academician Zhu, the founder of the company, has led his team in conducting research on inhalation drug delivery, accumulating three decades of R&D experience in this field. The team has achieved breakthroughs in inhalation drug screening and evaluation, formulation design and optimization for powder aerosols, development of dry powder inhalers, precise quantitative filling technology and equipment for ultrafine powders, and the construction of lung-targeted drug delivery systems, laying a solid foundation for the sustainability and technological advancements of Inhal Pharma.

Inhal Pharma Office and R&D Facility

Over the past three years, Inhal Pharma has received numerous awards and honors, including accolades from international and national innovation and entrepreneurship competitions, as well as recognition for its Academician Workstation. In 2021 and 2023, it was selected for the Suzhou Industrial Park Leading Talent Project and the Gusu Innovation and Entrepreneurship Leading Talent Project, respectively.

Suzhou Industrial Park Leading Talent Program

Certificate of Suzhou Gusu Leading Talent Project

Academician Workstation

Inhal Pharma Team Possesses Three Core Technologies:Ultrafine Powder Preparation and Fluidization Technology, Ultra-Micro Powder Drug Quantification Technology, and Low-Resistance Inhalation Flow Path Design, Development, and Validation Technology, and has accumulated more than 50 Chinese and U.S. invention patents in related fields. In the field of inhalation formulation development, Inhal Pharma has established a carrier-free dry powder inhalation (DPI) formulation platform, which can be widely applied to the dry powder inhalation delivery of small molecules, peptides, and biological macromolecules. In the field of inhaler device development, Inhal Pharma possesses the capability to develop various complex and innovative inhaler products, including reservoir-type, blister-type, capsule-type, and unit-dose inhalers.

In addition to inhalation devices in the DPI field, the Inhal Pharma team has developed multiple customized medical device products and related equipment for numerous innovative pharmaceutical companies and consumer goods companies over the past three years, achieving continuous innovation. In precision filling, Inhal Pharma utilizes rotating fluidized bed technology to generate a stable gas-solid two-phase system, thereby enabling ultra-fine powder filling at the milligram and microgram levels. Inhal Pharma is one of the few companies globally capable of the coordinated development of DPI “formulation, inhalation device, and filling equipment.”

Reservoir-type inhalation device

Blister Inhaler

Filling Equipment

Single-use inhalation device

Inhal Pharma is an interdisciplinary R&D team. The team’s expertise spans pharmaceutical sciences, chemical engineering, pharmaceutical engineering, industrial design, and mechanical engineering. Over 30% of its members hold doctoral degrees, and 80% are engaged in research and development, primarily distributed across four departments: formulation development, analytical testing, inhalation device development, and mechanical equipment development.

Professor Zhu Jingxu, Chairman of Inhal PharmaFellow of the Royal Society of Canada and Fellow of the Canadian Academy of Engineering, Professor Zhu is a global expert in particle science. He was among the first cohort of graduates from Tsinghua University following the reinstatement of China’s National College Entrance Examination in 1977. After graduation, he held positions at the University of British Columbia (UBC) and Shell. Since 1982, Professor Zhu has been engaged in research on solid fluidization and particle technology, working at several internationally renowned institutions specializing in fluidization and particle science across Asia, North America, and Europe. He is a distinguished expert in fluidization and particle science both domestically and internationally. Professor Zhu’s ultrafine powder fluidization technology has been successfully applied in multiple industrial sectors. Its application and commercialization in the pharmaceutical field are exclusively carried out by Inhal Pharma, primarily focusing on the quantitative dosing and precision filling of ultrafine powders in formulations.

Dr. Shi Kaiqi, General Manager of Inhal PharmaDedicated to the development of novel pharmaceutical materials, drug particle technology, and innovative formulation technologies. Dr. Shi has led more than 10 major projects, including the National Natural Science Foundation of China Youth Program, the Royal Society International Cooperation Project, the Li Da San Innovation Project, the Ningbo-China Health Research Project, and the Municipal Science and Technology Innovation 2025 Major Project. He possesses extensive experience in the industrial translation of technologies such as immobilized materials for environmental organizations, electrostatic spray dry coating technology for ultrafine powders, and dry powder inhalation formulation technologies. Through technological innovation, supply chain integration, and capital support, he has achieved the enhancement and revolution of existing biopharmaceutical technologies. Dr. Kaiqi Shi applies his expertise in chemical engineering and biopharmaceuticals to the field of inhalation formulations, steering the company’s overall development direction and strategic planning, and leading the R&D and business teams to jointly develop multiple new and generic inhalation drugs.

Dr. Zhang, Director of Pharmaceutical Formulations at Inhal Pharma, previouslyDr. Zhang has held positions at Chia Tai Tianqing, Simcere Pharmaceutical, and Fosun Pharma, where he was responsible for multiple inhalation product development projects. During his eight-year tenure as Senior Project Supervisor at Chia Tai Tianqing Pharmaceutical Group, he oversaw the development and regulatory registration of dozens of products, including inhalation formulations, and successfully completed two EU regulatory submissions. He later served as Deputy Director of R&D at Simcere Pharmaceutical, where he established R&D management systems and quality management processes, and oversaw the construction of a GMP-compliant production facility for respiratory medicines. Subsequently, he joined the Suzhou CMC Center of Fosun Pharma, leading collaborative development with Belgian company SOFTHALE NV (Softhale) on dozens of generic and improved soft mist inhaler products. Dr. Zhang is one of the few leaders in China with extensive multi-project experience in the R&D management of inhalation formulations. As a core member of the management team, he led the R&D of multiple inhalation product projects, participated in and presided over the construction of inhalation product production workshops and equipment procurement research for several companies, and possesses rich experience in the operating principles of dry powder inhaler production equipment and product compatibility.

Dr. Dong, Head of Device Development at Inhal PharmaDr. Dong graduated with a degree in Chemical and Environmental Engineering and has focused on several key research areas. His expertise spans particle dynamics, computational fluid dynamics (CFD) and discrete element method (DEM) simulations, as well as the optimization and design of mechanical equipment. As the leader of the device development team at Inhal Pharma, Dr. Dong has successfully developed various types of dry powder inhaler (DPI) products, including reservoir-type, blister-type, capsule-type, and innovative unit-dose devices. Furthermore, he has been involved in the design and manufacture of auxiliary equipment required for device development, production, and testing. Additionally, as a principal investigator or key participant, Dr. Dong has applied for and completed numerous government-funded scientific research projects, securing total funding exceeding RMB 10 million and filing nearly 30 patent applications. Dr. Dong’s multidisciplinary expertise and experience have made him a key driver in the field of inhalation formulation technology at Inhal Pharma, contributing significantly to the company’s innovation and product development.

According to the World Health Organization’s statistical reports, respiratory diseases account for three of the top ten causes of death globally. Among urban residents, the mortality rate from respiratory diseases ranks fourth, surpassed only by malignant tumors, heart disease, and cerebrovascular disease. The recently emerged coronavirus pneumonia (COVID-19) is also among these leading causes.

Inhaled formulations are one of the primary therapeutic approaches for respiratory diseases. Compared with conventional oral formulations, inhaled drugs can directly reach the site of absorption or action, resulting in rapid onset, avoidance of hepatic first-pass metabolism, reduced dosage, and improved bioavailability. Compared with injectable formulations, they minimize mechanical injury to local tissues, mitigate or avoid certain adverse drug reactions, and enhance patient compliance. Consequently, they have attracted increasing attention from drug developers in recent years. Inhaled interferons and vaccines can be used for prophylaxis, while small-molecule and macromolecular agents can be delivered via inhalation for targeted therapy, making this approach a gold-standard treatment for pulmonary diseases such as asthma and chronic obstructive pulmonary disease (COPD). In recent years, applications have expanded to include the treatment of pulmonary infections, cystic fibrosis, and respiratory tract tumors, as well as systemic conditions such as diabetes, psychiatric disorders, and pain management, demonstrating broad clinical utility.

Inhal Pharma’s product portfolio strategy not only focuses on the treatment of respiratory diseases but also actively explores the broad application of dry powder inhaler (DPI) formulations in the management of diabetes, psychiatric disorders, and inflammatory conditions. By establishing strategic collaborations with innovative pharmaceutical companies to co-develop novel DPI products, Inhal Pharma aims to meet clinical needs across diverse therapeutic areas.

Furthermore, leveraging the advantages of its DPI products, such as high drug deposition rate, rapid onset of action, and portability, Inhal Pharma has achieved significant breakthroughs in the consumer goods sector based on DPI technology. The company plans to launch a groundbreaking innovative product in 2024 to further solidify its leadership position in the niche field of consumer medical technology.

Sun Capital was jointly established by listed pharmaceutical companies, state-owned financial platforms, and specialized pharmaceutical industrial parks, with its headquarters located in Beijing E-Town. Focusing on investments in the pharmaceutical, healthcare, and life sciences sectors, Sun Capital currently serves as the Vice Chairman unit of the Biomedical Professional Committee of the Beijing Venture Capital Alliance and manages a total fund size of several billion RMB. With profound insights into the development trends of medical technology and deep cultivation of the domestic pharmaceutical market, Sun Capital has completed dozens of investments and mergers and acquisitions in healthcare enterprises. Adhering to the philosophy of "leveraging capital to empower the development of the medical industry," it provides robust professional and resource support to enterprises and entrepreneurs. The fund management team possesses extensive background in the pharmaceutical and healthcare industries and rich venture capital experience, committed to pragmatic accumulation and innovation-driven growth to help strategic partners achieve long-term development.