Chinese Academy of Sciences invested in a round that will be used to take Haihe's anti-tumour therapies further down the clinical path.
China-based cancer therapy developer Haihe Biopharma raised $146.6m yesterday in a funding round featuring Chinese Academy of Sciences Venture Capital Management, which invests on behalf of the eponymous institute.
Drug producers CSPC Pharmaceutical Group and Daehwa Pharmaceutical also participated in the round, as did Huagai Capital, Yingke PE, Hillhouse Capital, Atlas Capital, BioTrack Capital and Elite Capital.
Formed through the March 2018 merger of Haihe Pharmaceutical and RMX Biopharma, Haihe Biopharma is developing anti-tumour drugs and has a pipeline of 10 compounds undergoing clinical testing and a further five at the preclinical stage.
Haihe chairman Jian Ding was an academic at Chinese Academy of Sciences’ Shanghai Institute of Materia Medica, where he conducted molecular oncology research, while chief executive Ruiping Dong was formerly CEO of RMX.
The funding will support the progress of Haihe’s drug candidates, which include a breast cancer drug in phase 3 clinical…
