Virogin Biotech Announces Completion of $62 Million in Series C Financing
Vancouver, Canada – Virogin Biotech is pleased to announce the completion of its Series C round of financing for a total of $62 million USD on September 20, 2020.
Virogin Biotech is an oncolytic virus company developing next-generation oncolytic virotherapies to enhance the systemic antitumor immunity in patients. The financing round was co-led by CMG-SDIC Capital and CDH Investments, with participation from Lingdao Capital, Panlin Capital, Korea Investment Partners, Guanghua Alumni Capital of Canada and Stream Holdings. The endorsement of new investors reflects continued and growing confidence in Virogins’ ongoing clinical development as well as discovery projects.
The proceeds from this round of financing will be used to continue the clinical development of Virogins’ lead asset – VG161 through to Phase II studies; completion of pre-clinical research and IND-enabling studies for Virogins’ next-generation oHSVs; continued expansion and optimization of research and further development and expansion of the company product pipeline.
“Despite all the challenges in 2020, we are extremely grateful for the strong level of support and dedication from our investors”, said Mr. Chris Huang, CEO and co-founder of Virogin. “With these funds, Virogin will continue to be a leader in the oncolytic virotherapy field, while continuing to expand and develop effective drugs for patients. The continued support and belief from our investors allows us to carry forward our lead asset through to Phase II studies, and continue the research work required to take our next-generation virotherapies to the clinic, one step closer to helping cancer patients.”
“Oncolytic virotherapy is a valuable investment opportunity in the emerging biotech space”, said Hua Yi, Executive Director of CMG-SDIC Capital. “We are confident on its demand in immunotherapy, and, through the continued support of current and future investors, aim to grow the company into a world leader in oncolytic virotherapy.”
Dan Liu, the Healthcare Executive Director at CDH Investments Venture and Growth Capital, added: “We have been following immuno-oncology therapeutics, especially innovative approaches that change the tumor microenvironment. Believing in the potential and the importance of oncolytic virotherapy in treating cold tumors, we conducted a global search for OV companies and have identified Virogin as the frontrunner for the competitiveness of its proprietary TTDR viral backbone and Synerlytic™ platform. We are very excited to work with existing shareholders to help Virogin become a global leader in the field of oncolytic virotherapy.”
About Virogin Biotech
Virogin Biotech is a clinical stage oncolytic virus company that is developing next-generation oncolytic virotherapies 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 oncolytic virus company that creates impactful therapies for patients of the highest medical need.
About CMG-SDIC Capital
CMG-SDIC Capital Co. Ltd. is an independent private equity fund manager established in August 2009. It currently advises and manages over USD 14.4 billion of capital from a wide range of institutional investors including China Social Security Fund, ICBC, and other state-owned and private capital and financial institutions. CMG-SDIC Capital focuses on investing in intelligent manufacturing, new energy & intelligent automobile, life sciences and healthcare, and promoting the eco-friendly, intelligent and service-oriented development of traditional manufacturing.
About CDH Investments
Established in 2002, CDH Investments is one of the leading alternative investment fund managers focused on China today with over USD 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 our decisions.