Shanghai, February 11, 2019 /PRNewswire/ -- Shanghai HaiHe Biopharma Co., Ltd. (hereinafter referred to as "HaiHe Biopharma"), which focuses on the discovery, development and commercialization of innovative drugs for cancer, announced today that it has reached $146.6 million financing agreement. This round of financing was led by Huagai Capital, and Yingke PE, CSPC, Hillhouse Capital, Chinese Academy of Sciences Venture Capital, Atlas Capital, Boyuan Capital, Elite Capital, and Daehwa Pharmaceutical participated. The funds raised will be used primarily to accelerate the R&D of the company's innovative anti-cancer drugs in clinical and preclinical stages.
Dr. Ruiping Dong, CEO of HaiHe Biopharma, commented:
“I am very grateful to have so many powerful and professional investors escorting us on the road of new drug innovation. They are top investment institutions with a keen sense of innovation and market, strong investment leaders in the pharmaceutical industry, and trusted partners with solid collaborating foundation. We believe that this round of financing will be certainly a booster to HaiHe’s momentum of innovative drug R&D. Driven by science, we will benefit cancer patients as soon as possible and create value for society.”
Zhiqiang Zeng, managing partner of Huagai Capital Medical Fund, said:
“We are much honored to work with HaiHe Biopharma. Huagai has long been concerned about HaiHe Biopharma. The founder and management team of HaiHe is a strong combination of early discovery, clinical development and commercialization of new drugs, and has solid original innovation capability. In the past year, HaiHe Biopharma has obtained more than a dozen clinical trials approvals, and has made major breakthroughs in tumor target layout and clinical project advancement. We are very optimistic about this experienced team with strong execution and great development potential. We are also grateful to other investors for joining us, and we hope that a strong and rich portfolio can work together to help the long-term development of HaiHe Biopharma.”
Mingfei Qian, Chairman of Yingke Capital, said:
“We are very happy to be involved in this round of financing for HaiHe. HaiHe has robust R&D pipelines and a first-class core team. Its oral paclitaxel, diabetic foot treatment drug, small molecule targeted drugs and chemotherapy drugs are very competitive products. With the support of domestic policies for innovative medicine industry, medical insurance coverage and expansion of the catalogue, there will be extremely impressive market space and huge growth potential for HaiHe’s products. Yingke Capital is willing to join hands with other investors, and work together with HaiHe to contribute to the development of human health.”