Chinese biopharmaceutical firm Pyrotech Therapeutics has secured 700 million yuan ($97.2 million) in a Series A financing round co-led by state-owned investment firms SDIC Venture Capital and China Venture Capital, according to a company release on Monday.
China Taiping Medical and Health Equity Investment Fund, an equity investment fund under China Taiping Insurance Holdings, the longest-running insurance brand in the country; China Life Asset Management Company, a firm set up by Chinese financial insurance firm China Life (Group) and China Life insurance Company; as well as Lotus Lake Capital are among the participating investors of the deal.
Previous backers, including MSA Capital, Lilly Asia Ventures, FreesFund, LSV Capital, and BioTrack Capital, have re-upped in the round, which aims to accelerate the pre-clinical researches of Pyrotech’s drug candidates, per the release.
Founded in early 2021 by Professor Feng Shao of the National Institute of Biological Sciences, Beijing, and Dr TJ Deng, who formerly served as the CEO of drug development and manufacturing outsourcing firm BioDuro China, several of the firm’s small molecule and biologic immune modulators have advanced to clinical stage, according to information available on the firm’s official LinkedIn page.
With research centres across Beijing, Shanghai, and the US, the firm has so far raised a total of 1 billion yuan ($138.9 million) since inception.
Chinese pharmaceutical and biotech firms sealed a total of 25 deals worth $503.4 million in June 2023, according to DealStreetAsia’s proprietary data. The deal count marked a slight drop from the month before when 27 deals worth $500.6 million were completed.