Chinese biopharmaceutical startup Sinovent has raised 1 billion yuan ($145 million) in a Series C round of financing co-led by Loyal Valley Innovation Capital.
Sinovent, which has built affiliates in Australia and the United States, roped in new investors including Hong Kong-based investment manager Oceanpine Capital and China’s Jiuyo Capital, which primarily invests in advanced technologies and healthcare firms.
CICC Qide Innovation Biopharmaceutical Equity Investment Fund, a biomedicine fund with over 1.6 billion yuan ($229 million) under management, and other investors also participated in the deal.
Founded in 2016 and based in eastern China’s Suzhou city, Sinovent is engaged in the technical development, consulting and services of biological medicines covering therapeutic areas like oncology, autoimmunity, infectious diseases and others. It has a presence in Suzhou, Beijing, Shanghai, Boston and Sydney.
The startup developed a pipeline of biological medicines, including four products at the clinical stage in China and internationally. It also has four candidates under IND studies that are performed to secure approval to conduct the first-in-human clinical trials with a new drug, according to the statement.
Sinovent will use the new proceeds to promote the ongoing clinical trials of its new products at home and abroad, the pre-clinical studies of earlier-stage products and the construction of a new production base.