Beijing InnoCare completed a financing of US$55 million: Promoting innovation in the development of new drugs to meet the needs of Chinese patients
06 Feb, 2018
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.
19 Dec, 2017
On December 19, 2017, ICP-022, an innovative pharmaceutics with wholly-owned intellectual property rights, was approved by the State Food and Drug Administration (CFDA) for clinical trials against systemic lupus erythematosus (SLE) and rheumatoid arthritis. Autoimmune diseases such as SLE and RA are serious threats to human health. More than 2 million Chinese patients still lack effective treatments. ICP-022 is a highly specific BTK inhibitor with excellent efficacy in SLE and RA models. It has shown good tolerance and safety in phase I clinical trial on healthy subjects in Australia. It is expected to provide safe and effective treatment options for patients with SLE and RA. Dr. Jisong Cui, co-founder, chairman and CEO of InnoCare, said: “The clinical trial of ICP-022 has been approved, which means that the first research product from InnoCare, which was established 2 years ago, will soon enter clinical development in China. The reform of domestic pharmaceutical policy and the steady growth of the pharmaceutical market are crucial to the development of InnoCare. We are very happy to receive this approval and look forward to officially launching the clinical research of ICP-022 in mainland China." About ICP-022 ICP-022 is a highly specific BTK inhibitor with excellent kinase selectivity and drug-like properties. Good safety and pharmacokinetic properties have been shown in clinical trials in Australia. It has good prospects for the treatment of autoimmune diseases.
21 Sep, 2016
September 20-21, 2016, Dr. Jasmine Cui, President & CEO of InnoCare Pharma was invited to be the Chair and gave an opening speech at the conference. Bio Partnering APAC 2016 is designed to be a premium collaborative platform for big pharmas, biotechs, investors and other stake holders in pharma industry to meet, communicate and establish partnership on pharma R&D. Bio Partnering APAC 2016 is hosted by Shine Consultant and supported by Sino-American Pharmaceutical Professional Association (SAPA), CBA, Taiwan Bio Industry Organization. Senior executives from pharmaceutical and biopharma companies including Pfizer, Merck, Novartis, Roche, Sanofi-Aventis, Eli Lilly, Johnson & Johnson and Hutchsion Medi Pharma had intensive discussion on hot topics in Pharma R&D. Experts from investment companies or consulting firms such as McKinsey, Morningside Asia Venture, Lilly Asia Venture Fund also joined the discussion.
03 Jun, 2016
On June 3rd, 2016, Ms. Huang Lixin, a member of Jiangsu Provincial Committee and the secretary of Nanjing municipal committee of the CPC, along with other officials from relevant departments, visited InnoCare Nanjing. Ms. Huang Lixin looked into details of the company’s new drug research and development, the talented team, the scientific and technological achievements, and other aspects of the company, fully affirmed the development of the company’s achievements. As Ms. Huang pointed out, bio-pharmaceutical product development takes a long time, typically more than a decade for a new drug to reach the market, therefore requiring patience, especially to withstand the “lonely” aspect of the work. She also emphasized that biomedicine is an important focus of Nanjing’s development as an emerging industry. Nanjing’s municipal government fully supports the growth and development of biomedical innovation, and all relevant departments will increase their service efforts towards biomedical enterprises, by actively helping the industry to overcome problems and difficulties that are encountered during its development.
16 May, 2016
On May 16th, 2016, the opening ceremony for InnoCare Nanjing was successfully held in the Nanjing Life Science Park. Officials from the Jiangning District have attended the ceremony and interacted with the InnoCare Nanjing team. InnoCare Nanjing is located in the Nanjing Life Science Park with beautiful scenery. It primarily focuses on the Biology/Medicinal Chemistry and Biomarker development. With opening of the Nanjing site, InnoCare has moved a solid step forward towards the goal of “developing and providing safe and effective innovative medicines to meet the needs of Chinese patients”.