China: Hua Medicine raises $50m in Series C round led by Harvest Investments

China-based pharmaceuticals company Hua Medicine has completed its $50 million Series C round of fundraising led by Chinese private equity firm Harvest Investments.

The round, which was a combined US dollar and Chinese RMB-denominated investment, also saw participation from existing investors Frontline BioVentures, ARCH, Venrock, Fidelity (now Eight Roads and F-Prime Capital), Wu Xi Ventures, SAIL, Ally Bridge Group and TF Capital, according to a press release.

The release also noted that the latest round was more than 3x oversubscribed, and will be used to accelerate the company’s plans for Phase 3 development plans of HMS5552, a new fourth generation glucokinase activator for type-2 diabetes, as well as to roll out new offerings in its pipeline.

The company had raised $25 million in its Series B round in January 2015, and has not publicly disclosed how much it secured for its Series A round.

Raymond Qiu, CEO, Harvest Investments, said in a statement that Hua Medicine is one of the most innovative companies in Asia, and that the firm has on-going studies in both Asia and the US.

“This combination of innovation, high-quality standards, and an international perspective similar to Harvest’s own philosophy is among the key reasons we were delighted to support the company,” said Qiu.

Leon Chen, managing partner at Frontline BioVentures, also gave his comments about Hua Medicine. “Having supported the company since inception, Hua Medicine has proven to be exceptionally efficient in its development, achieving clinical success within record regulatory approval times. This demonstrates the quality of the management team and its ability in execution.”

Hua Medicine intends to finish its 12-week trial of HMS5552 in diabetic patients by the middle of 2016, with topline results available by the end of the year.

“We were fortunate to attract significant investor interest during this round,” said Li Chen, CEO, Hua Medicine. “Our team is very pleased to see the market’s recognition of HMS5552’s promising clinical profile and its potential to help treat many of the 422 million diabetes patients worldwide.”

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Singapore Reporter/s

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

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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.