Clinical-stage biopharmaceutical firm Gmax Biopharm International Limited has secured $78 million in a Series C round funding led by state-backed conglomerate China Merchants Group, the investee said in a WeChat post.
The latest transaction, on March 5, attracted a slew of prominent investors including Chinese clinical contract research organisation (CRO) Tigermed, Parkland Medtech Limited, telecom operator DAWN, Brill Capital, Cowin Capital, and Ziyao Fund.
Gmax Biopharm will invest the proceeds for the clinical trials of antibody candidates within and outside China, to facilitate new drugs’ clinical trial application, as well as to achieve new drugs’ listings.
“The financing will help revamp our clinical trials and develop pipeline candidates to produce more innovative medicines for global patients,” said Gmax Biopharm’s founder, chairman, and CEO Shuqian Jing.
Wholly-owned by Hong Kong’s Jimeide Biotech, Gmax Biopharm aims at G-protein coupled receptors (GPCRs) therapeutic antibody and bi-body development that are used in traeting cardiovascular diseases, metabolic disorders, and cancers.
Gmax Biopharm has launched a robust pipeline of 20 drugs for diabetes, obesity, and other diseases.
Gmax Biopharm is based in East China’s Hangzhou, and it has set up overseas divisions across US, Europe, and Australia.
In 2017, Gmax Biopharm had closed an undisclosed Series B round from healthcare-driven investment firm YF Capital.
Earlier his month, Gensciences, another biopharma firm, raised over 800 million yuan ($124 million) from IDG Capital, New Alliance, Huaige Capital, and Haitong Capital, among others.