Chinese drug discovery startup banks $147m in series C round

State-owned Shenzhen Investment Holdings, clinical contract research organization Hangzhou Tigermed, Beijing’s Huarong Rongde Asset Management, and private equity fund Sinopharm-CICC Capital participated in the round.

Other backers include CCB International, Hongtai Capital Holdings, Sealand Innovation, Infinity Group, Founder H Fund, and DNV Capital.

Founded in 2013, Hinova covers areas such as metabolic diseases and cancer. It currently has one new anti-prostate cancer drug in phase 3 of international multi-center trials, an anti-hyperuricemia and gout drug being developed in phase 1 clinical trials in China, as well as several projects in earlier stages.

On its website, the company said that it’s looking to onboard a chief financial officer with experience in IPOs in Hong Kong.

In July last year, the company completed a US$40 million series B round led by healthcare-focused private equity fund Hermed Capital and China’s Fosun Pharma. Hinova raised its series A round in 2017 from Haisco Pharmaceutical.