FortuneRock (China) Ltd., a Beijing-based developer of gene-based recombinant protein drugs, raised $24m in funding.
Backers included Jinhua Pharmaceutical Co., a public company listed on the Shenzhen Stock Exchange, and unnamed foreign and domestic Chinese private investors.
The company intends to use the funds to set up of a new spin-off enterprise including building a new GMP manufacturing facility in Tianjin and to support development needs.
The spin-off company will focus on the continued development and commercialization of the novel protein drug “Recombinant Human Serum Albumin/Granulocyte Stimulating Factor Fusion Protein for Injection” which is in Phase II clinical trials.
Led by Prof. Zailin YU, Chairman of FortuneRock (China) Ltd., FortuneRock (China) is a biotechnology and biopharmaceutical company which, along with its 3 wholly owned subsidiaries, Tianjin SinoBiotech Ltd., SinoBiotech (Tianjin) Ltd. and Beijing Bio-Fortune Ltd., focuses on the discovery, development, and commercialization of novel, patent-protected gene-based recombinant protein drugs for the treatment of life-threatening and debilitating diseases. Currently, the company has one drug in clinical Phase I, one in clinical Phase II, another waiting for approval to enter into clinical Phase I, and several novel drugs in pre-clinical studies, all for different indications.