The China-based pharmaceutical company CF PharmTech has raised $90 million to support its pipeline of respiratory drugs.
The Series E investment round was led by New Alliance Capital. New investors CR-CP Life Science Fund, Finnova Capital, GT Capital, Co-stone Asset Management, Xiangcheng Financial Holdings, and Everest Venture Capital, joined earlier investors, including Oriza Holdings, Longmen Venture Capital, GTJA Investment, and CMB International.
According to the company—headquartered west of Shanghai in Suzhou, China— it has more than 20 respiratory products it is developing for use in China and other global markets.
CF PharmTech’s research and development center is located in the National Technology Park of Jiangnan University, Wuxi. Here, the company develops drug delivery technologies, such as metered-dose inhalers, nasal sprays, nebulizers, and dry powder inhalers. Dedicated to respiratory health, its key areas of focus are asthma, rhinitis, and chronic obstructive pulmonary disease—the third leading cause of death in China.
Globally, CF PharmTech’s strategy is to establish partnerships to co-develop and commercialize its products, the company says.
CF PharmTech did not respond to a request for comment.
The company closed its Series D financing—$65 million—in August 2017. The found was led by Future Industry Investment Fund, a private equity fund managed by SDIC Fund Management.
CF PharmTech is compliant with US, EU, and Chinese regulations, which have evolved significantly over the last few years in order to accelerate innovation.
Among these changes, the National Medical Products Administration – the renamed China Food and Drug Administration – has reduced approval timelines dramatically. The agency also now accepts foreign clinical trial data if there are no significant ethnic differences in the patient population, as per a guideline issued in October 2018.
China also in 2017 joined the International Conference on Harmonization of Technical Requirements for Registration of Pharmaceuticals for Human Use in a move to help ensure pharmaceutical manufacturers and developers in the country are held to the same standards as those in other markets.
Also focusing on diseases prevalent in China, AstraZeneca late last year announced plans to establish centers for drug research and artificial intelligence development at a global R&D center in Shanghai’s central Jing’an district.
China is AstraZeneca’s second most important market after the US, accounting for $2.4 billion in sales in the first half of 2019, according to the company. This marked a 27 percent increase over the same period last year, and 22 percent of total product sales. Comparatively, the US accounted for more than $3.6 billion of AstraZeneca’s revenue in the first half of 2019.
(Photo by Robina Weermeijer on Unsplash)