Chinese pharmaceutical firm Zion Pharma has secured nearly $20 million in a Series A+ round of financing, while early-stage investment company Langsin Venture has closed a new RMB-denominated fund at 120 million yuan ($17 million).
Zion Pharma raises nearly $20m Series A+ round
Zion Pharma, a Chinese startup that develops small molecule anti-tumour drugs, has secured nearly $20 million in a Series A+ round of financing jointly led by Qiming Venture Partners and Beijing-based investment firm Sherpa Healthcare Partners.
Medfine Capital, a Shanghai-based fund that primarily backs companies in the life sciences and pharmaceutical fields, also participated in the Series A+ round, according to a statement on Monday.
Founded in 2018, Zion Pharma has five anti-tumour projects in the pipeline.
Proceeds of the new round will be used to invest in the Phase I clinical trials of its major drug candidates in China and the US, as well as to apply for Investigational New Drug (IND) permission to test other drug candidates in its pipeline.
Zion Pharma completed a $12-million Series A round from Qiming Venture Partners, Medfine Capital, life sciences-focused early-stage investment firm TF Capital, and Ming Bioventures in January 2019. In May 2018, the startup also raised $3 million in an angel round led by TF Capital, per the company website.
Langsin Venture closes new fund at $17m
Chinese early-stage investment firm Langsin Venture has closed a new RMB-denominated fund at 120 million yuan ($17 million), bringing the total assets managed by the company to 200 million yuan ($29 million), according to a statement.
Langsin Venture focuses on early-stage technology startups at the seed and Series A stages in the industries of AI, enterprise services, intelligent manufacturing, new materials, and education. The company has offices in Beijing, Shanghai, Guangzhou and Shenzhen.
Its funds are backed by limited partners including academic institutions, government-guided industry funds, family offices, quasi-unicorn companies and others.
The company has backed startups including autonomous driving solutions provider Qianlimu and Yelang Tech, which develops next-generation human-computer interactive technology.