On March 6, 2017 Virogin Biotech Ltd. ("Virogin") reported the completion of its Series A+ round of financing for a total of $5 million USD on February 28th, 2017 (Press release, Virogin Biotech, MAR 6, 2017, View Source [SID1234518865]). Virogin Biotech Ltd. specializes in cancertherapeutics research and discovery with a strong focus on innovative oncolyticvirotherapy.
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The financing was led by Sangel Capital and co-funded by bothexisting investors – Purity Star Ltd., Dahua Investment Corp. and Top FortuneVentures Ltd., and new strategic investor, FuRong Capital. FuRong Capital isthe industrial investment and commercialization arm of Shanghai FudanUniversity. The continued financial support from existing investors, alongsidethe endorsement by FuRong Capital, reflect investor confidence in Virogin’songoing development and further success.
The proceeds from this round offinancing will be used towards three areas: completion of pre-clinical research and IND enabling studies for VG161 – Virogin’s firstoncolytic virus product to enter clinical stage, continued expansion andoptimization of the research team with emphasis on clinical development andregulatory approval, and further development of the company’s product andproject pipelines.
"We are very grateful for the level of supportand dedication demonstrated by our existing investors during this round of financing,and we delightedly welcome FuRong Capital to the Virogin family." said Mr. Chris Huang, co-founder and CEO of Virogin, "Combinationtherapy will be the future direction of cancer immunotherapy, and oncolyticvirotherapy is inherently advantageous in achieving combination therapy;therefore, we expect it to be at the center of attention in the near future. Asone of the pioneers in the field of oncolytic virotherapy, Virogin possessesthe necessary technical expertise, proprietary technology and innovativeproduct design concept to be at the leading edge of this field. With thecapital infusion from this round of financing, we will be able to ensureprogress of our clinical and product development plans."
Dr. William Jia, co-founder and CSO of Virogin, also expressed hisexcitement, "We really appreciate the confidence and encouragement from theinvestors. In the past 20 months, Virogin has been growing at an incrediblepace, and has established its unique product pipeline with proprietarytechnology and innovative product design. Our first product VG161 showedexcellent pre-clinical results and we are looking forward to initiating clinicaltrials soon. The successful completion of this round of financing will fuel ourfast running engine to achieve higher speed and reach new heights. "
Dr. NanxingHe, Managing Partner at Sangel Capital, added, "As one of the earliestinvestors of Virogin, we have witnessed the level of progress the companyachieved in less than 2 years, and we sincerely admire their dedication and entrepreneurship.Dr. Jia and his research team are both knowledgeable and trustworthy. As aprofessional investment institution in the field of biomedicine, we willcontinue to be a strong supporter of Virogin, and we look forward to a brightfuture for the company."
"Weare delighted to participate in Virogin’s Series A+ round of financing," statedDr. Pengjun Sun, General Manager of FuRong Capital, "Better yet, Virogin isco-founded by a distinguished scientist and a seasoned entrepreneur, both ofwhom are alumni of Shanghai Fudan University. They have demonstrated strongexpertise and experience in their respective fields, thus we are confident inVirogin’s market competitiveness and growth potential in the biotech andpharmaceutical industry. We look forward to further collaboration betweenVirogin and Shanghai Fudan University in the areas of research and discovery,human capital, and clinical development. Collectively, we will be able tofurther promote the growth and development of Virogin."