Deals and Financings

RuiYi, which is headquartered in San Diego and has operations in Shanghai, raised $15 million in a Series B round from existing investors (see story). The new capital will facilitate development of RuiYi's lead molecule, RYI-008, a novel anti-IL-6 monoclonal antibody (mAb) targeting inflammation and cancer, along with development of other new therapeutic mAbs targeting GPCRs, including a first-in-class mAb to cannabinoid receptor 1 (CB-1).

Golden Meditech Holdings (HK: 801; TW: 910801), a China healthcare company, raised $101 million by selling its stake in FunTalk China, a mobile phone retailer (see story). Golden Meditech owned 28% of the group that took FunTalk private in 2011. Golden Meditech said it will concentrate its future efforts on the healthcare sector in China, with an eye toward opportunities provided by China’s healthcare reform.

Mapi Pharma of Israel, a company that develops API and intermediates, filed for a $46 million IPO on NASDAQ (see story). The company has a China R&D operation in Nanjing’s NJUT Science and Technology Industrial Park, in addition to its facilities in Israel and Germany. Mapi develops complex APIs and improved delivery formulations of generic drugs. Its lead product is a once-monthly version of Copaxone, an MS treatment produced by Teva (NYSE: TEVA).

Trials and Approvals

MicroPort Medical (HK: 853), a China medical device maker headquartered in Shanghai’s Zhangjiang Hi-Tech Park, reported that its third-generation drug eluting stent was recently approved for China marketing (see story). According to MicroPort, the advanced design of the Firehawk® Rapamycin Target Eluting Coronary Stent effectively inhibits restenosis using only one-third the normal amount of rapamycin, improving its safety. The company intends to market the stent internationally and has applied for European approval.

Lee’s Pharma (HK: 0950) of Hong Kong, together with partners Transgene SA (PA: TNG) and SillaJen, plans to start a global Phase III trial of Pexa-Vec, an immunotherapy for cancer, as a first-line treatment for liver cancer during mid-2015 (see story). Because Pexa-Vec did not meet its endpoints in a recent Phase II trial, the drug’s future was in doubt. Lee’s owns China rights to Pexa-Vec. Transgene, a listed subsidiary of France’s Institute Merieux, has rights in Europe and the Middle East. SillaJen, a South Korean CRO, recently paid $150 million to acquire Jennerex, which developed Pexa-Vec.

Company News

 Jiangsu Nhwa Pharma will spend $64 million to build an API manufacturing facility in Xuzhou. The plant, which will conform to US and European standards, will make central nervous system APIs for Nhwa’s own use and for sale to other companies, including export (see story). The planned capacity of the new facility is 200 tons annually. It is expected to produce revenues of $64 million and profits of $15 million.

Jiangsu SR-BioPharma Co. has broken ground on a new facility in Taizhou’s China Medical City, where it will make its HPV vaccine (see story). The facility will cost $32 million to build and be complete in one year. Operations will begin in September 2015. SR-BioPharma expects output from the facility will total $162 million.

Disclosure: none.