Virogin Biotech Announces Closing of $127 Million in Series D2 Financing
VANCOUVER, BC & SHANGHAI- Virogin Biotech is pleased to announce the closing of its Series D2 round of financing, raising $127 million USD. The financing round was led by China Life Healthcare, with participation from Shenzhen Capital Group, CMB International Capital, China Capital Management, GF Qianhe, and existing investors CDH Investments, Panlin Capital, and Linden Asset Group.
The proceeds from this round of financing will be used to continue the clinical development of Virogins’ lead asset VG161; completion of pre-clinical research and IND-enabling studies for Virogins’ next generation Transcription and Translation Dual Regulation (TTDR) oHSVs, including the initiation of clinical development of VG201; continued expansion and optimization of research and development including mRNA tumor vaccine discovery work to expand the company product pipeline; and exploration of potential collaboration opportunities.
“Virogin has completed three rounds of financing over the past 15 months, raising over $270 million USD in capital. This is an unprecedented achievement, reflecting the continued trust and support our investors have placed in us, and further established the company’s leading position in the industry,” said Mr. Chris Huang, Virogin’s CEO and co-founder. “In 2021, Virogin has undergone significant improvements – we’ve further optimized our global organizational structure and initiated digital transformation through the implementation of SAP; the R&D and Manufacturing Center in Shanghai, China has broken ground and is expected to be fully functional by the end of 2022. Venturing into mRNA technology is another significant decision we have undertaken that will ensure the company’s long-term competitiveness. With the strong capital position, and the addition of mRNA technology, we are confident to bring innovative and efficacious cancer therapeutics to patients in need, sooner and better.”
“Virogin has made significant progress in all aspects of the company’s development over the past year,” added Dr. William Jia, Virogin’s CSO and co-founder. “The clinical development team under the leadership of CMO Dr. Ronghua Zhao is gradually growing and the phase I clinical trial of VG161, the company’s first clinical OV asset, is progressing well, demonstrating both strong safety profile and good clinical efficacy. On the research and discovery front, in addition to the streamlined development of the OV pipeline, the company has ventured into mRNA technology, considering its potential synergy with OV in immuno-oncology applications. Now, with both OV and mRNA platforms in its toolbox, Virogin will be able to develop synergistic cancer treatments in more dynamic and innovative ways.”
“With the continuous advancement of drug development, technologies with better tumor targeting, stronger direct killing, and activation of antitumor immunity become an important future direction,” said Ms. Leidi Zhang, General Manager of China Life Private Equity Investment. “Virogin, as a global innovator, possesses excellent R&D capabilities, rich pipeline of novel oncolytic viruses, and newfound inspiration in mRNA technology, making it a strong candidate to be the global leader in gene therapy research and development. Through investment, China Life PE would like to help Virogin further its innovation in the OV and mRNA fields, and accelerate the commercialization of its novel drugs, ultimately providing patients around the world with safer and more efficacious treatment options.”
About Virogin Biotech
Virogin Biotech is a clinical stage biotech company developing next-generation immuno-oncolytic therapeutics to enhance the systemic antitumor immunity. Led by a team with over 25 years of experience in fundamental research, translational and clinical development of immunotherapy & oncolytic virotherapy, Virogin is determined to be a global, best-in-class immuno-oncology company that creates impactful therapeutics for patients of the highest medical need.
About China Life Healthcare Fund
Established in June 2016 and registered in Shanghai Free Trade Zone, China Life Private Equity Investment Co., Ltd. is a leading professional investment platform as a subsidiary of China Life. In November 2016, the China Life Healthcare Fund was launched as a leading flagship PE fund in China’s healthcare industry. It was also among the first PE funds sponsored by insurance capital upon approval by CIRC.
About Shenzhen Capital Group
Shenzhen Capital Group Co., Ltd. (“SCGC”) was established by the Shenzhen Municipal People’s Government and commercial shareholders in the year 1999. With the mission of discovering and making great companies and as the discoverer and cultivator of the innovational value-added company, SCGC has become a comprehensive investment conglomerate major in VC/PE. By July 31, 2021, SCGC has invested 1309 projects with a total investment amount of RMB 71.4 billion, of which 364 have exited and 193 have been listed in 16 global capital markets. Both numbers are No. 1 in China’s VC/PE industry. SCGC mainly invests the long-term capital in small and medium-sized enterprises (“SMEs”), especially self-innovative high-tech emerging market SMEs, in the sectors of Information Technology, Internet/New Media/Cultural Creativity, Biotech/Healthcare, New Energy/Clean Technology, New Materials/Chemistry, Advanced Manufacture, Consumer Goods/Modern Services, etc., in all of their development phases.
About CMB International Capital
Incorporated in Hong Kong, CMB International Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank (“CMB”), by leveraging on CMB’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Equity and Structured Finance, etc.
About China Capital Management
Wholly-Owned by China Securities Co., Ltd., China Capital Management Co., Ltd. was established on July 31, 2009 with a registered capital of RMB 1.65 billion. It specializes in private equity investment and fund management businesses. Leveraging the strong investment banking and integrated business platforms of China Securities, China Capital Management brings synergies in industrial research, project screening, public listing and offering, mergers and acquisitions, to effectively help invested companies achieve significant growth and development, while generating excellent return for investors.
About GF Qianhe
GF Qianhe Investment Co. Ltd is the fully owned subsidiary of GF Securities Co. Ltd., one of the top and oldest integrated securities companies in China. GF Qianhe specializes in venture investment in the biomedical industry and its current investment portfolio includes: Pharmaron Beijing Co., Ltd., Brightgene Bio-medical Technology Co., Ltd., Shaghai Medicilon Inc., Beijing Sun-novo Pharmaceutical Research Co., Ltd., Sinopep Allsino Bio Pharmaceutical Co., Ltd., Qingdao Baheal Medical INC., etc.
About CDH Investments
Established in 2002, CDH Investments is one of the leading alternative investment fund managers focused on China today with over US$21 billion of assets under management. CDH has invested in more than 200 companies and has helped more than 70 companies successfully list on international and China’s domestic stock exchanges. Many of them are sector leaders, and collectively, they play an important role in China’s economy. CDH’s core principle is to create value for all of our partners, including investors and portfolio companies. We continually strive to embody this principle and make it the basis for all of our decisions.
About Panlin Capital
Panlin Capital is a private equity company that invests in growing stage and innovate companies in health care, environment protection, new consumption patterns, and other emerging industries. Panlin Capital adheres to the concept of “professionalism creates value”. Supported by its investment management team with highly complementary expertise and industrial resources, and well-known for its multiple successful exit cases, the company ranks the forefront of RMB PE fund market.
About Linden Asset Group
Linden Asset Group (“LAG”) invests in revolutionary technologies, principally focusing on biotech and intel-tech. LAG aims to discover pioneers in the forefront of science from a long-term perspective, whose innovations would help ensure humanity lives in a healthier and happier way. With over 2 billion RMB in asset under management, LAG’s presence includes offices in China and Singapore.
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