14 August 2023 | Monday | News
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Additionally, several prominent investment firms participated, including CMG-SDIC Capital, Silicon Paradise Asset Management and Yangtze River Industry Fund. The raised funds will be directed towards advancing clinical trials for Neurophth's core products, enhancing the firm's R&D capabilities and expanding its pipeline.
Neurophth completed its Series C financing in 2021, co-led by CMG-SDIC Capital and Sequoia Capital China, with further investment from Sunshine Life Insurance and China Merchant Bank International Capital. This follows the closing of Series B financing co-led by Guofang Capital and InnoVision Capital, with additional capital from Oriza Holdings, Harvest Capital, Grand Mount Capital, Sequoia Capital China and Northern Light Venture Capital. In early 2020, the firm finalized its Series A financing, co-led by Sequoia Capital China and Fosun, following the conclusion of its angel round of funding in August 2018, co-led by Miracle Light Venture, the venture arm of BGI Genomics, with additional investment from BOHE Angel Fund and Northern Light Venture Capital.
In early 2023, Neurophth's leading candidate NR082 (rAAV2-ND4) marked a historic milestone as the first gene therapy drug to complete patient enrollment for a Phase III clinical trial in China. Additionally, the company concluded the enrollment of the first patient for Phase I/II clinical trials in the US. NFS-02, Neurophth's second candidate and the world's sole gene therapy targeting ND1-LHON, is under development and has received IND approval from both the China National Medical Products Administration (NMPA) and the US Food and Drug Administration (FDA). Currently, Neurophth is conducting a global multi-center clinical trial of the drug candidate.
"We're honored to have earned the trust of top investment institutions in the biopharmaceutical sector," said Professor Bin Li, Founder, Chairman and CEO of Neurophth. "Since the beginning of this year, we've made substantial progress in the clinical trials of our products. We plan to keep focusing on developing gene therapies for ophthalmic patients worldwide. With the support of our investors and our technological acumen, we're positioned to accelerate our clinical trials and R&D of new drugs, delivering gene therapies to patients more quickly."
"We extend our sincere gratitude to leading investment firms for acknowledging Neurophth's past accomplishments and future potential. This round of financing is expected to bolster clinical trials for our key products while helping expedite the development and commercialization of new drugs," stated Neurophth CFO Su Zhang. "To address the unfulfilled needs of patients, we will remain steadfast in our commitment to increasing R&D investments, enhancing technological capabilities and broadening the pipeline."
"Unwavering support from our investors provides a solid foundation for Neurophth's continuous growth," stated Eric Lin, Secretary of the Board and Senior Vice President of Neurophth. "The firm is committed to advancing the gene therapy sector through ongoing innovation and R&D of new drugs, aiming to become a global leader in ophthalmic gene therapy, in line with our investors' support and expectations."
"We fully recognize Neurophth's strength and potential in the gene therapy field, evidenced by their swift progress and outstanding achievements in technology R&D and clinical trials," noted Yangtze River-CMB International Industry Fund. "This financing round has also received strong support from the state-owned platform Donghu New Technology Development Zone. In the future, we along with various state-owned platforms will further collaborate with Neurophth to support the company's innovative development on a global scale. We anticipate Neurophth's continued growth and development of pioneering gene therapies that will benefit patients worldwide."
"With a strong commitment to the biomedical and healthcare industries, Guangzhou Jinkong Fund provides comprehensive support to exceptional companies across various segments," commented Huang Cheng, Chairman of Guangzhou Jinkong Fund. "As a distinctive provider of gene therapies, Neurophth boasts significant product advantages, a leading gene therapy R&D platform and cutting-edge CMC production technology. In addition, the founder, Bin Li, contributes a wealth of scientific knowledge and clinical experience. Given the substantial unmet clinical need for ophthalmic diseases and the considerable market potential, we are highly optimistic about Neurophth's prospects for growth."
"CMG-SDIC Capital is thrilled to continue our participation in Neurophth's latest financing," mentioned the life science team of CMG-SDIC Capital. "We fully acknowledge Neurophth's leadership in China's gene therapy sector and plan to continue our partnership with Neurophth to foster the company's growth and further the development of the industry. We look forward to the launch of Neurophth's therapies, which will have the potential to benefit patients globally."