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Kintor Pharmaceutical Limited Announces Completion of USD45 Million Financing to Push Global Clinical Development and Industrialization Of New Anticancer Drugs
Kintor Pharmaceutical Limited Announces Completion of USD45 Million Financing to Push Global Clinical Development and Industrialization Of New Anticancer Drugs
(Summary description)[Suzhou, China, October 25, 2019] Kintor Pharmaceutical Limited (the parent company of Suzhou Kintor Pharmaceuticals, Inc. ("Suzhou Kintor")) and its subsidiaries (the "Group")announced completion of a financing of USD45 million in September 2019, which was a new round of financing after Series C investment of RMB288 million in February 2018. This round of investment was led by the Shanghai Free Trade Zone Fund, followed by Huajin Capital, CCB Technological Innovation Fund, Yicheng Hongtai, Yirongchuang and Guangzhou Chengfa. The original investor, Highlight Medical, also participated in this round of investment.
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[Suzhou, China, October 25, 2019] Kintor Pharmaceutical Limited (the parent company of Suzhou Kintor Pharmaceuticals, Inc. ("Suzhou Kintor")) and its subsidiaries (the "Group")announced completion of a financing of USD45 million in September 2019, which was a new round of financing after Series C investment of RMB288 million in February 2018. This round of investment was led by the Shanghai Free Trade Zone Fund, followed by Huajin Capital, CCB Technological Innovation Fund, Yicheng Hongtai, Yirongchuang and Guangzhou Chengfa. The original investor, Highlight Medical, also participated in this round of investment.
The Group proposes to use the proceeds in three aspects: (1) for advancing and completing the development of innovative drugs, especially the later clinical development of Proxalutamide and KX-826 in China and the United States, (2) accelerating the development of novel protein degradation drugs (PROTAC) and c-Myc inhibitors that are difficult to produce; and (3) completing the construction of the industrialized base of innovative drugs in Suzhou.
Founded in March 2009, Suzhou Kintor is an innovative enterprise and industrialized platform committed to the development of “best-in-class” and “first-in-class” drugs. Our Group focuses on treatment of diseases that lack effective therapy such as prostate cancer, breast cancer, liver cancer and hair loss. In recent years, we have insisted on independent research and development supplemented by external introductions to accelerate the development of disease-oriented product pipelines and product combinations, and the Group is committed to providing the best medication regimen for patients.
At present, among the Group's product pipelines, five projects are already at different stages of clinical development:
I. Two phase III clinical trials of Proxalutamide, which target at the advanced prostate cancer are, being advanced rapidly in China, and phase II clinical trials in the United States are ongoing concurrently; phase I / Ib clinical trials of AR-positive metastatic breast cancer indications have been completed in China, and phase III clinical trials are ready to be conducted. The product is expected to be submitted to the Novel Drug Application (NDA) to the National Medical Products Administration for approval in 2020.
II. Phase I / Ib clinical trials in China of KX-826, an innovative topical drug for the treatment of androgenetic alopecia (acne, diabetic foot, etc.), has been completed, and phase II clinical trials in China are about to begin.
III. The first stage of a phase II clinical trials of the ALK-1 antibody, of which the global development rights were granted by Pfizer, has been successfully completed in combination with PD-1 for advanced liver cancer in Taiwan, and officially entered into the expansion group; meanwhile, an application of international, multicenter (MRCT) clinical trials enters the acceptance stage of the National Medical Products Administration.
IV. The novel mTORC1 / mTORC2 inhibitor "GT0486 tablets" for advanced solid tumors was approved by the National Medical Products Administration in August this year for clinical trials, and phase I of clinical trials will begin soon.
V. A clinical trials application of Hedgehog / SMO inhibitor (GT-1708) for tumors (such as basal cell carcinoma and leukemia) will be submitted to the National Medical Products Administration for approval this month, which marks the shift from pre-clinical R&D to clinical development.
“I am very glad to be the leading investor of this serie of investment in Suzhou Kintor. This investment fully reflects the positioning Shanghai Free Trade Zone Fund as relying on the Free Trade Zone, serving the Yangtze River Delta, and focusing on investment in scientific and technological innovation industry. We really appreciate the diligent, down-to-earth and innovative character of Suzhou Kintor's team. After many years of accumulation, they have created a mature research and development platform of innovative drugs, and the project has been steadily advancing. Eight clinical trials have been launched for three projects concurrently in China and the United States. It is believed that more projects will enter the clinical stage in the future. We look forward to the early launch of innovative drugs developed by Suzhou Kintor, and provide urgent-needed and diverse therapies for patients in China and globally” said Mr. Wu Jianping, the general manager of the Shanghai Free Trade Zone Fund as the leading investor.
Mr. Wang Hui, the former investor of Highlight Medical, expressed his congratulations to Suzhou Kintor. "Since 2015, we have been with Suzhou Kintor along the way, and we are very pleased to see the steady and sound development of Suzhou Kintor. We believe that Suzhou Kintor will achieve a high degree of success, and Highlight Medical will continue to be a strong supporter for the enterprise in the future.”
"The assistance of capital plays a key role in the rapid advancement of our projects of innovative drugs. The completion of a new round of investment after one and a half years reflects the investor's confidence in the development of Suzhou Kintor.” “We are especially grateful to the new and existing investors for their long-term kindness and support to Suzhou Kintor. We will properly arrange the use of proceeds and focus on accelerating the development of post-clinical products and the industrialised and commercial layout, at the same time we will also select innovative drug targets and technologies with high level of difficulty and risks for early research and development, and strive for enhancing the innovation strength of drug research and development companies in China.”, said Dr. Youzhi Tong, Chairman and Chief Executive Officer of the Group.
Recently, Suzhou Kintor has also been awarded the "Top 50 Chinese Healthcare Innovative Health Enterprises in 2019" from Chuangye Zone, the "Top 50 Potential Investment Enterprises in China in 2019" from Chuangye Zone / Zero2IPO Group, the "Outstanding Biopharma Enterprise Award in 2019" and the title of "Gusu Major Innovation Team" in Suzhou.
[About Free Trade Zone Fund]
Shanghai Free Trade Zone Fund (the "FTZ Fund") is the first free trade zone fund established by the Administration Committee of China (Shanghai) Pilot Free Trade Zone at the end of 2014. Since its establishment, it has maintained a market-oriented approach to the development of key emerging industries and institutional innovation in the Shanghai Pilot Free Trade Zone. The FTZ Fund serves the national strategies such as higher-quality integrated development in the Yangtze River Delta, and focuses on key scientific and technological innovation industries such as health care, intelligent technology and manufacturing. The FTZ Fund will fully utilize the policy advantages of cross-border investment and financing capabilities in the Shanghai Free Trade Zone to facilitate the domestic high-quality industrial capital to integrate with the international high-end resources through cross-border acquisitions, and will and accelerate the transformation and upgrading of local industries.
[About Huajin Capital]
Zhuhai Huajin Capital Co., Ltd. (SZ: 000532) is a professional institution focusing on equity investment and asset management, and is controlled by Zhuhai Huafa Group Co., Ltd (SSE: 600325). Zhuhai Huafa Group Co., Ltd, was established in 1980 with the same age as Zhuhai Special Economic Zone. It is one of the two leading state-owned enterprises in Zhuhai, and has ranked among the "Top 500 Chinese Enterprises" for three consecutive years since 2016. In 2015, Huafa Group launched a strategic transformation, and established Zhuhai Huajin Capital Co., Ltd, giving priority to the development of an industrial new pattern of "venture capital + industry”-driven. Zhuhai Huafa Group Co., Ltd sticks to the value-oriented investment concept in the aspect of venture capital, and places emphasis on the Internet, biomedicine, high-end manufacturing, new energy, energy conservation, environment protection, cultural media and other fields.
[About CCB Tech Venture]
CCB Technological Innovation Fund is an equity investment fund targeting at technological innovation-oriented enterprises which is jointly established by CCB International and CCB Suzhou Branch; the CCB Tech Venture focuses on areas including biology nanotechnology, artificial intelligence, information technology, high-end manufacturing, Internet, healthcare and huge consumer market. CCB Technological Innovation Fund fully utilizes the comprehensive advantages of China Construction Bank and of China Construction Bank's investment and investment banking capabilities, and establishes a layout of high-growth and high-quality enterprises, in order to promote the growth of the enterprises by the investment-loan-connected innovative model.
[About Yicheng Hongtai and Yirongchuang Biopharma Fund]
Beijing Yicheng Hongtai Technology Investment Management Co., Ltd. is a professional biopharma equity investment management facility established by the First Capital Securities Co., Ltd in combination with several endowed shareholders such as Hubei Hongtai, Huilongsen, High-Tech Incubator and Guangji Pharm. First Capital Securities Co., Ltd. is a wholly-owned private equity subsidiary of First Capital (002797), a listed securities company. Hubei Hongtai is a parent fund of a state-owned large-scale market-oriented company in Hubei Province. Huilongsen is a group specializing in construction and operation of biopharma technology park.
Beijing Yirongchuang Biopharmaceutical Industry Investment Center (Limited Partnership) is a biopharma equity investment fund registered in Beijing Economic and Technological Development Zone which is directly managed by Yicheng Hongtai. E-Town Capital (Beijing E-Town International Investment & Development Co., Ltd.) is the most influential parent fund in China. It owns more than 50 funds and manages a fund of more than RMB220 billion. Beijing E-Town International Investment & Development Co., Ltd. has participated in the establishment of the fund on behalf of Beijing Economic and Technological Development Zone.
[About Guangzhou Chengfa]
Established in March 2014, Guangzhou Chengfa is a professional fund management facility under the SFUND, which is dedicated to market-oriented funds raising, and drives the rapid development of infrastructure and key industries Guangzhou; it operates with a flexible and efficient investment model in a professional resource integrated pattern, and adopts standardized management concepts and modern competitive corporate governance mechanisms, which helps it achieve investment gains, and accomplish the preservation and appreciation of state-owned assets . Guangzhou Chengfa helps manage the largest urban development fund and support fund in South China. It is also the first professional company specializing in the government fund investment and management in China which obtains AAA rating. Chengfa Consulting is a market-oriented business platform for Guangzhou Chengfa, focusing on high-quality projects that comply with the IAB strategy.
[About Highlight Medical]
Highlight Medical is a professional health industry investment facility in China. It also helps manage dual currency funds in USD and RMB, with total assets of more than RMB7 billion. Highlight Medical upholds the belief in "profession, steadiness and innovation" and is committed to serving the entrepreneurs in the health-care industry and to growing together with them. A batch of edge-cutting investments projects have been accomplished concerning Pharmaron (300759), Mindray (300760), WuXi AppTec (603259), Yuyue Medical (002223), the Group, Baheal Pharmaceutical Group, BrightGene, Sansure Biotech, Malo Clinic, Chaoju Ophthalmology, Loving Care International Pet Medical Center and Cui Yutao Child Healthcare Management Center.
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