Hua Medicine Ltd., a Shanghai, China-based clinical-stage biotechnology company, closed a $25m Series B financing.
The round was led by Ally Bridge Group, with participation from new investors Frontline BioVentures, and TF Capital as well as existing Series A investors ARCH, Venrock, Fidelity, WuXi Ventures, and SAIL.
Led by Dr. Li Chen, President and CEO, Hua Medicine is a drug development company focused on novel therapies for the treatment of diabetes and CNS disorders. The most advanced program is an oral drug for the treatment of Type 2 Diabetes that will shortly initiate Phase 2 trials in China. The company has also internally developed earlier-stage compounds focused on a highly validated CNS target for multiple indications including Parkinson’s Disease associated dyskinesia and Depressive Disorder.
Hua intends to use the funds to catalyze the Phase 2 clinical development of its most advanced asset HMS5552 (Sinogliatin), a novel 4th-generation glucokinase activator (GKA) for Type 2 diabetes, and to move forward therapies with GKA in the US, develop an IND candidate for a novel CNS asset, as well as sponsoring several long-term pre-clinical studies to prepare for future Phase 3 trials.