Citrine Medicine Co., Ltd – co-founded by Eight Roads, F-Prime Capital and Vivo Capital – on Monday announced the completion of its $80-million Series A round led by next-generation life science-focused Quan Capital, per a company statement.
The round saw the participation of new investors namely 3H Health and Lake Capital along with the three founding backers.
Citrine, set up in 2019, is a rare disease-focused pharmaceutical firm that imports associated medicines for over 20 million patients in China. The company also leverages big data to raise public awareness and offer diagnosis analysis.
“Citrine dedicates to introducing safe and accessible rare disease therapies from overseas. Our expectation is to set up an advanced database and ecosystem for Chinese patients who suffer from rare diseases. We also ramp up efforts to have the medicines approached through partnerships,” said Rui Lin, a partner at Eight Roads and the board member of Citrine, in the statement.
Citrine claims that it will step up focus on the approval of medicines, and will expedite the R&D of pharmaceutical products globally.
In the statement, it said that Chinese authorities encourage companies to import and develop solutions for rare diseases, as well as to accelerate drug applications and approvals. According to the China Rare Disease Drug Accessibility Report 2019, the government has rolled out a national action plan to improve the rare disease drug accessibility.
Aside from Citrine Medicine, other Chinese prominent rare disease-focused pharma firms include CANbridge, Sperogenix Therapeutics, Evive Biotech and Beijing Tiantan Biological Products.