Pharmaceutical Company Novast Bags ￥400M in New Round of Financing

(VCBeat) Jan. 29, 2021 -- Less than one year after the previous round of financing, Nantong Lianya Pharmaceutical Co., Ltd. ("Novast") announced the completion of a new round of financing worth nearly 400 million RMB. The latest round was led by Highlight Capital, with participation from Shiyu Investment.

The funds are earmarked for optimizing the structure of shareholder and corporate governance and create favorable conditions for the company to successfully return to the A-share listing.

Founded in 2005 by Dr. Zhang Guohua in Nantong, Jiangsu Province, Novast's team members are scientists and engineers from China, the United States, Canada and India, who have rich management and technical experience in the international pharmaceutical industry.

Since its establishment, Novast has been focusing on the research and development of drug delivery systems and slow-release formulations. At present, the company has a total of 40 drugs approved by FDA, including more than 30 hormone products and 9 oral controlled and controlled-release formulations, many of which have a leading market share in the US and have applied for ANDA in China.

 In the future, Novast will become an international enterprise deeply engaged in the Chinese and American markets and meeting the market and quality standards of high-end generic drugs and hormone drugs in China and the US.

HLC is a health industry focused fund. It is dedicated to investing in leading life science enterprises that provide innovative products and services to advance diagnosis and treatment of diseases and to promote healthy living. With extensive experience, the company has established a strong presence across sub-sectors such as biotechnology (innovative therapeutics, CRO/CMO, etc.), medical technology (medical devices, IVD, etc.) and consumer health (hospital chains, personal care, etc.).

Shenzhen-based Shiyu Investment is a professional equity investment and asset management institution, focusing on equity investment in the pharmaceutical and healthcare industry, asset allocation and wealth management. Founded in September 2014, the company's total AUM is now over RMB 5 billion. The flagship fund "Danqing innovative pharma industry fund"(Danqing Fund) focuses on areas including drug, biotech, healthcare, IVD and medical services.