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Week in Review: Sino Biological Stages $772 Million IPO on ChiNext Exchange
Deals and Financings
Sino Biological (SHZ: 301047), a
Shanghai MediTrust Health Technology completed a $308 million Series C funding to support its
Beijing InnoCare (HK: 09969) in-licensed greater
Pulse Medical Imaging Technology (Shanghai) completed a Series C financing of over $100 million for its imaging-based diagnoses of coronary artery disease (see story). The company's products offer fast computation of fractional flow reserve (FFR) from multiple imaging data. Its angiography-based approach and intracoronary OCT-based approach (OFR) are precise, affordable tools for FFR in interventional cardiology. Pulse has formed a research partnership with
Scivita Medical Technology of Suzhou closed a $61 million Series B round to continue development of its endoscopy products (see story). Scivita's products include flexible and rigid endoscopy devices that feature ultra-high-definition visualization (such as 4K UHD visualization), 3D visualization , special optical imaging (such as fluorescence imaging), ultra-fine endoscopic imaging and endoscopic consumables. The funding included Hudson Bay Capital Management and Prime Capital. Scivita completed an A round of undisclosed size earlier this year.
Arthrosi Therapeutics of
Ranok Therapeutics, a Hangzhou-Boston company, closed a $40 million Series B funding to advance its innovative targeted protein degradation technology (see story). The company has developed a proprietary targeted protein degradation platform technology, CHAMP (Chaperone-mediated Protein Degradation). Chaperones are proteins that mark mis-folded proteins for degradation. The company plans to announce its lead program by the end of 2021. The B round was led by Lapam Capital and Shanghai Healthcare Capital, with Wu Capital, Zhongguancun Kaiyuan Capital also participating.
Gracell Bio (NSDQ: GRCL), a Suzhou CAR-T company, acquired rights to FutureGen's CLDN18.2 antibodies, which it will use to develop novel immune cell therapies for solid tumors (see story). CLDN18.2 is a tumor biomarker that is overexpressed in a variety of tumors, including gastric or gastroesophageal junction cancers, pancreatic cancers and esophageal cancers. Gracell is developing several technologies to improve the efficacy and lower the cost of CAR-T therapies. It will make upfront, milestone and royalty payments to
Trials and Approvals
Suzhou Innovent Bio (HK: 01801) reported that its PD-1 inhibitor met an overall survival endpoint in a Phase III trial as a first-line treatment for gastric cancer (see story). Sintilimab is marketed as Tyvyt® in
Zhaoke Ophthalmology (HK: 6622) of