Hua Medicine, a clinical-stage drug development company developing novel therapies for the treatment of Type 2 diabetes, announced the closing of a combined Series D & Series E financing of US$ 117.4 million. The financing included new investors Blue Pool Capital Limited, GIC Private Limited, AVICT Global, 6 Dimensions Capital, Adrian Cheng (via K11 Investments), Ping An Ventures, Mirae Asset Financial Group and certain healthcare funds managed by a leading US investment management firm, as well as existing investors ARCH Venture Partners, Eight Roads, F-Prime Capital Partners, Venrock, WuXi AppTec Corporate Ventures, Ally Bridge Group, Harvest Investments, co-founders and management. The financing is expected to fully fund the Company through completion of its two Phase 3 trials and commercial launch in China for Dorzagliatin (HMS5552), a new first-in-class, 4th-generation glucokinase activator (GKA) that treats the impaired blood glucose sensor function, and thereby seeks to address the underlying cause of Type 2 diabetes.
“From the inception of Hua, the company is committed to developing novel drugs to address significant unmet medical needs globally, and has been supported by our great investors around the world. With this round of financing, we will continue our efforts to advance the development of Dorzagliatin so that its novel, beneficial disease-modifying effects can be shared with Type 2 diabetes patients in China first, and then globally,” said Dr. Li Chen, CEO of Hua Medicine.
About Hua Medicine
Hua is a leading, innovative drug development company based in Shanghai, China focused on novel therapies for the treatment of Type 2 diabetes and levodopa-induced dyskinesia in patients with Parkinson’s disease. Founded by an experienced group of entrepreneurs and well-known, international investment firms,Hua has world-wide rights to two novel assets. The most advanced program is a first-in-class, oral drug for the treatment of Type 2 diabetes that is currently in two Phase III trials in China: i) monotherapy;and ii) combination therapy with metformin. According to the International Diabetes Foundation, there were approximately 425 million diabetes patients in 2017 worldwide.China had the largest number of diabetes patients, with over 114 million diabetes patients, of which it was estimated that over 53% are undiagnosed for diabetes.