Chinese biotechnology platform ImmVira Group Company has announced raising Series C funding led by Greater Bay Area Homeland Development Fund (GBA Fund).
Octagon Capital, China Merchants Capital (through Hui Kang Equity Fund), WinDigital Capital, LanTing Capital, and OrbiMed were co-investors in the funding round, the company said.
The Company’s existing investor GL Ventures, the venture capital arm of Hillhouse Capital, who invested in Series A Plus and Series B financings, also participated in this Series C round. O’Melveny & Myers acted as Company counsel with UBS and CICC as Financial Advisors.
Founded in 2015, ImmVira is dedicated to the development of oncolytic virus and vector type approaches to create more effective and safer therapies against cancer.
The proceeds from the Transaction would be primarily used to fund international multi-center trial for MVR-T3011-IT, IND filing and swift initiation of clinical trials for two additional pipeline candidates, as well as the discovery and validation of new product candidates developed on the OvPENS platform.
The company has developed science, technology and know-how to support ongoing research, development and commercialization of best in class oncolytic viruses on the OvPENS (OV+ Patent, Enabling, Novel & Safe) platform. OvPENS platform comprises of research, patents, gene-recombinant knowhow, manufacturing technology, and commercialization analytics to develop next generation OVs that reach drug development targets including Potent, Enabling, Novel and Safe.
The company raised $10 million Series B Plus strategic financing in September 2020, with the round exclusively funded by Shanghai Healthcare Capital (SHC), managed by SIIC Capital, where Shanghai Pharma is one of the founding strategic cornerstone LPs. – BusinessNewsAsia.com