Vancouver, Canada – Virogin Biotech Ltd. (“Virogin”) is pleased to announce the completion of its Series A+ round of financing for a total of $5 million USD on February 28th, 2017.
Virogin specializes in cancer therapeutics research and discovery with a strong focus on innovative oncolytic virotherapy. The financing was led by Sangel Capital and co-funded by both existing investors – Purity Star Ltd., Dahua Investment Corp. and Top Fortune Ventures Ltd., and a new strategic investor, FuRong Capital. FuRong Capital is the industrial investment and commercialization arm of Shanghai Fudan University. The continued financial support from existing investors, alongside the endorsement by FuRong Capital, reflects investor confidence in Virogin’s ongoing development and further success.
The proceeds from this round of financing will be used towards three areas: completion of pre-clinical research and IND enabling studies for VG161 – Virogin’s first oncolytic virus product to enter clinical stage, continued expansion and optimization of the research team with emphasis on clinical development and regulatory approval, and further development of the company’s product and project pipelines.
“We are very grateful for the level of support and 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, “Combination therapy will be the future direction of cancer immunotherapy, and oncolytic virotherapy is inherently advantageous in achieving combination therapy; therefore, we expect it to be at the center of attention in the near future. As one of the pioneers in the field of oncolytic virotherapy, Virogin possesses the necessary technical expertise, proprietary technology and innovative product design concept to be at the leading edge of this field. With the capital infusion from this round of financing, we will be able to ensure progress of our clinical and product development plans.”
Dr. William Jia, co-founder and CSO of Virogin, also expressed his excitement, “We really appreciate the confidence and encouragement from the investors. In the past 20 months, Virogin has been growing at an incredible pace, and has established its unique product pipeline with proprietary technology and innovative product design. Our first product VG161 showed excellent pre-clinical results and we are looking forward to initiating clinical trials soon. The successful completion of this round of financing will fuel our fast running engine to achieve higher speed and reach new heights. “
Dr. Nanxing He, Managing Partner at Sangel Capital, added, “As one of the earliest investors of Virogin, we have witnessed the level of progress the company achieved 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 a professional investment institution in the field of biomedicine, we will continue to be a strong supporter of Virogin, and we look forward to a bright future for the company.”
“We are delighted to participate in Virogin’s Series A+ round of financing,” stated Dr. Pengjun Sun, General Manager of FuRong Capital, “Better yet, Virogin is co-founded by a distinguished scientist and a seasoned entrepreneur, both of whom are alumni of Shanghai Fudan University. They have demonstrated strong expertise and experience in their respective fields, thus we are confident inVirogin’s market competitiveness and growth potential in the biotech and pharmaceutical industry. We look forward to furthering collaboration between Virogin and Shanghai Fudan University in the areas of research and discovery, human capital, and clinical development. Collectively, we will be able to further promote the growth and development of Virogin.”