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Lizhu Pharmaceutical's wholly-owned subsidiary leads the Series B financing of Jiangsu New Element.
Release time:
2020-03-11
20201On the 17th of the month, Lizhu Pharmaceutical (1513.HK, 000513.SZ)'s wholly-owned investment platform Zhuhai Lizhu Pharmaceutical Equity Investment Management Co., Ltd. led the Series B financing of Jiangsu New Element Pharmaceutical Technology Co., Ltd.This round of funding will be used to advance New Element's research on the innovative drug for gout of Class 1.1ABP-671in the United States and Asia's2phase clinical trials, as well as other preclinical research work on drugs including non-alcoholic steatohepatitis (NASH).
Dr. Shi Dongfang, founder, chairman, and CEO of New Element, stated:"Globally, there have been few breakthroughs in gout drugs in recent decades. New Element Pharmaceutical focuses on the research and development of innovative drugs for gout, and its1.1anti-gout drugsABP-671are about to enter global2phase clinical research. Dr. Shi stated that we are very pleased to have gained the trust of Lizhu Pharmaceutical, and we believe that cooperation with Lizhu Pharmaceutical will help us bring innovative drugs with independent intellectual property rights to clinical trials in China and globally, ultimately benefiting a large number of gout patients. The pipeline products under research by the company also include innovative drugs for treatingNASHand cancer, some of which are about to enter preclinical or clinical research."
Dr. Liu Jianing, Chief Investment Officer of Lizhu Pharmaceutical, stated:"Chairman Zhu Baoguo of Lizhu Group, CEO Tang Yanggang, and members of the management team have long focused on treatment areas with significant clinical needs. We deeply understand the desire of patients in China suffering from diseases such as gout for new drugs. Lizhu Group is very optimistic about the team's ability to develop innovative drugs under Dr. Shi's leadership, and we are fortunate to participate in this investment in New Element Pharmaceutical and explore numerous cooperation opportunities, hoping to provide strong support for the research and development of metabolic and tumor innovative drugs and their rapid entry into the market."
About Jiangsu New Element
Jiangsu New Element Pharmaceutical Technology Co., Ltd. (a Sino-foreign joint venture) was founded in 2012, focusing on"independent research and development, global market"to develop innovative drugs with global commercial value and global competitiveness.1.1The pipeline includes metabolic diseases such as gout and NASH, as well as tumor diseases. The core team of the company mainly comes from the United States and has extensive experience in the research and development of innovative drugs. Dr. Shi Dongfang, the CEO of the company, has been engaged in the research and development of innovative drugs for anti-tumor, anti20HCVand treatment of type 2 diabetes in the U.S. and the UK for years before returning to China.About Lizhu Pharmaceutical Group Co., Ltd.First-in-ClassLizhu Pharmaceutical (1513.HK, 000513.SZ) is a leading comprehensive pharmaceutical group in China that integrates research and development, production, and sales. Zhuhai Lizhu Pharmaceutical Equity Investment Management Co., Ltd. is a wholly-owned investment platform established by Lizhu Pharmaceutical in Zhuhai Hengqin, dedicated to discovering and supporting leading pharmaceutical innovative technologies and product research and development in China.
关于丽珠医药集团股份有限公司
丽珠医药(1513.HK, 000513.SZ)是一家国内领先的集研发、生产、销售为一体的综合性医药集团。珠海市丽珠医药股权投资管理有限公司是丽珠医药设立在珠海横琴的全资投资平台，致力于发现和支持中国领先医药创新技术及产品研发。
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