Hua Medicine, a Shanghai, China-based clinical-stage company developing therapies, closed approx. $50m in Series C financing.
Backers include Harvest Investments (lead), Frontline BioVentures Arch, Venrock, Fidelity (now Eight Roads and F-Prime Capital), WuXi Ventures, Sail, Ally Bridge Group and TF Capital.
The company intends to use the funds complete long-term Phase 2 clinical trials this year, accelerate the Phase 3 development plans of HMS5552, a new 4th-generation glucokinase activator (GKA) for Type 2 diabetes, as well as advancing additional novel assets in its pipeline.
Led by CEO Li Chen, Hua is a clinical-stage, innovative drug development company focusing on novel therapies for the treatment of diabetes and CNS disorders. The company will finish its multicenter, 12-week Phase 2 trial of HMS5552 in diabetic patients by mid-year with topline results available by the end of 2016.