China’s CCT Fund leads $80m funding in Canadian drug maker Virogin Biotech

Virogin Biotech, a Vancouver-based company that specialises in oncology drugs and treatment, has secured a corpus of $80 million in a Series D1 round of financing, according to a statement.

China Structural Reform Fund Corporation Limited (CCT Fund) — jointly launched in 2016 by 10 marquee groups including the China Merchants Group and China Chengtong Holding to bankroll state-owned enterprises — was the lead investor.

The round also saw participation from China Everbright’s Forebright Capital, state-backed GP Capital, Young Label, and Champion Ascend.

Pinlin Capital, a Shanghai-based investment firm specialising in biotechnology and data intelligence technology, re-upped in the current round. Investment bank BMD Capital facilitated the transaction.

Virogin Biotech will invest the fresh proceeds to shore up its pre-clinical and clinical projects and forge partnerships.

Co-founded by Chinese specialists Chris Huang and William Jia, Virogin Biotech is a clinical-stage company offering oncolytic virotherapies to enhance the systemic anti-tumor immunity in patients. 

In the statement, Virogin Biotech disclosed that its flagship pipeline candidate, VG161, has successfully completed a Phase I clinical trial in humans in Australia earlier in February this year, and it is under clinical trial in China. 

According to its official website, Virogin Biotech had raised approximately $94 million that helped its drug candidates enter into clinic in January 2020. Its early-stage investors also include Sangel Capital, Broad Resources Investment, CMG-SDIC Capital, and LingDao Capital. 

Previously, CCT Fund led $105 million in crossover financing in Chinese global biotherapeutics player Transcenta Holding in December 2020. Prior to that, CCT Fund had also partnered with Taking Asset Management, GL Ventures and other investors collectively infusing over 1 billion yuan ($149 million) for Chinese biotech firm Genecast Biotechnology in October last year. 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.