Beijing InnoCare completed a financing of US$55 million: Promoting innovation in the development of new drugs to meet the needs of Chinese patients


On February 6, 2018, Beijing InnoCare Pharma Tech Co., Ltd. (hereinafter referred to as “InnoCare”) announced the completion of financing of US$55 million. This round of investment was led by Vivo Capital and the original shareholder, Shanghai Jianxin Capital.

InnoCare is an innovative biotech company rooted in China with a global vision, focusing on the development of innovative drugs for targeted therapy, immuno-oncology and autoimmune diseases. The company's core R&D team consists of members from the world's top 500 companies, such as Pfizer, Bristol-Myers Squibb, Merck, Johnson & Johnson, Bayer, and other top international pharmaceutical companies, and includes well-known scientists from Tsinghua University and Peking University. InnoCare’s Scientific Advisory Board is composed of experts in new drug development and clinical research. InnoCare has a one-stop, full-featured new drug research and development center in Beijing and Nanjing. It has a rich drug research and development pipeline covering a wide range of cancer and autoimmune disease treatment fields. InnoCare’s mission is to use the latest science and technology to discover new drugs that provide safe, effective, and affordable patient treatments. It is expected that a number of new drug products will be put on the market in the future.

ICP-022 is a class 1 new drug candidate compound with wholly owned global intellectual property rights. It has completed the phase I clinical trial in Australia and has been approved by the China Food and Drug Administration. Currently, InnoCare has launched a multi-center, multi-indication clinical study. Many other candidate compounds in the company's R&D pipeline are in the IND enabling and clinical research stages. The funds raised in this round of financing will be used to promote clinical trials of multiple projects and to speed up the advancement of drug candidates into clinical studies and to the market. The primary goal is to alleviate China’s growing medical needs and provide patients with better options both at home and abroad.

Dr. Jisong Cui, co-founder, Chairman and CEO of InnoCare, said: “At present, we have a number of new drug candidates with wholly-owned intellectual property rights that are or will be under clinical trials. InnoCare’s one-stop R&D platform will continue to provide those patients suffering cancer and autoimmune diseases with innovative medicines that are both highly effective and safe. We are very pleased that InnoCare can be recognized by Vivo Capital. The funds will be used to support clinical development, giving us the opportunity to deliver better drugs to patients in need. By the end of 2018, InnoCare is expected to have milestone clinical trial results as well as 2 to 3 new drug candidates. We will continue to further strengthen our pipeline."

Vivo Capital Management Partner and Global Co-CEO Fu Shan said: "We are very honored to be an investor in InnoCare's current round of financing. Vivo Capital has been focusing on investing in high quality companies in the life sciences and health fields, and InnoCare is an innovative and promising new drug discovery platform company, which is in line with our investment philosophy. We look forward to sharing our experience and resources with InnoCare in the next few years to help InnoCare grow into a world's leading innovative drug research and development company."

About Vivo Capital
Founded in 1996, Vivo Capital is committed to investing in and establishing high-quality companies in the life sciences and health care sectors in the US and China. Vivo Capital manages more than $1.8 billion in funds, and discovers and invests in potential companies through a unique multi-angle investment strategy. In the United States, Vivo mainly invests in companies with innovative therapeutic products. In the Greater China region, it focuses on life sciences and healthcare industry companies that are entering the growth stage. Vivo Capital has offices in Palo Alto, California, and Beijing, Shanghai and Taipei in Greater China.

About Shanghai Jianxin Capital
Shanghai Jianxin Capital is a venture capital fund specializing in the pharmaceutical and health industry. It has a professional biomedical investment team with rich experience in the medical and financial fields, and forward-looking investment layout based on industry trends for enterprises and investors.