Virogin Biotech is pleased to announce the completion of A-round common share financing for a total of $7 million (USD) on March 16th 2016. Virogin Biotech Ltd. specializes in anti-cancer drug research with a focus on innovative anti-cancer vaccines through the use of oncolytic viruses carrying immune stimulating factors. The financing was led by GP Capital Investment Fund with co-investors Shen Zhen Sangel Asset Management Ltd, Purity Star Ltd, Dahua Investment Company and Top Fortune Ventures Ltd, wherein GP Capital and Shen Zhen Sangel were the angel investors of Virogin, and Purity Star, Dahua and Top Fortune Ventures are new investors. The continued financial support of previous investors, alongside new entrants, reflects investor confidence in Virogin’s continuing development.
Virogin is planning to use the proceeds in three areas: the completion of pre-clinical research for our next generation oncolytic virus, expanding our global clinical development team and its capabilities, and enhancing our production capacity to meet clinical needs.
Virogin’s co-founder and CSO Dr. William Jia said: “Virogin’s novel oncolytic virus products represent the next generation of oncolytic viruses, which are enhanced both in oncolytic activity and tumor specificity. At present, Virogin’s product line has progressed smoothly and since June of last year, Virogin has applied for several U.S. Patents. The success of A-round financing ensures Virogin’s momentum for high-speed development and helps to accelerate our products into clinical trials. ”
“We are pleased with the continued support from our angel investors; moreover, we are appreciative for the support from our new investors, who include the founders of a listed large-cap company and the founder of an investment fund in the vaccine industry” said Mr. Chris Huang, co-founder and CEO of Virogin. “To bring renewed hope to millions of helpless cancer patients with innovative anti-tumor immunotherapy is Virogin’s dream, and this dream is shared by our investors. We are confident that in the near future we will bring our first oncolytic virus product to phase I clinical trials.”
GP Capital Investment Fund founder and president Dongmei Ji said, “We witnessed the establishment of Virogin. It is a wonderful experience to accompany the growth of a company. In this process, you can feel the passion and unlimited vitality of a company. As fund managers, we are pleased to allocate our funds and resources to a promising company with a good research team and technology like Virogin.”
Dr. Fangfeng, a partner in Sangel Capital said: “Immunotherapy is the future direction of anti-tumor development; from the very beginning, we are confident in Virogin’s cutting edge technology and the ability of Virogin’s science team. We are very pleased with Virogin’s rapid growth and we will continue to support Virogin in developing its innovative anti-tumor immunology drug.”