On July 10, 2023 Pyrotech Biotechnology, a company dedicated to developing revolutionary innovative drugs for the treatment of inflammation and cancer, reported that it has recently raised a RMB700 million ($97 million) Series A financing round (Press release, Pyrotech, JUL 10, 2023, View Source [SID1234643785]). The company has raised more than RMB1 billion since it was founded in 2020.
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This round of financing was led by SDIC Venture Capital and China Venture Capital Innovation Investment Fund, with participation from Taiping Innovation Capital, China Life Investment, Lotus Lake Capital, and follow-on investments from seed round investors such as MSA Capital, LAV, FreeS Fund, LSV Capital, BioTrack Capital, Greenwaters Fund and CTID. Pyrotech Therapeutics’ research and development pipeline consists of multiple projects focusing on the fields of innate immune and pyroptosis, addressing indications including various inflammatory diseases and oncology. The funds raised in this round will be used to advance the clinical-stage pipeline, accelerate preclinical research for multiple projects, further expand the research and development pipeline, and enhance the already talented team.
Pyrotech Therapeutics was co-founded by Dr. Feng Shao and Dr. Tianjing Deng in October 2020, with the mission to become a leading global Chinese biopharmaceutical company driven by original innovations based on the scientific discoveries of Chinese scientists. The scientific foundation of Pyrotech Therapeutics is built upon Dr. Shao Feng’s globally leading biological discoveries in the fields of innate immune and pyroptosis. The company has chosen unaddressed medical key issues in inflammation and oncology for its primary research focus, establishing the "Molecular Switches of Pyroptosis and Innate Immune Regulation" technology platform. Through independent research and collaboration with leading medical translational institutions both domestically and internationally, the company is dedicated to developing revolutionary innovative drugs for the treatment of inflammation and tumors, aiming to benefit global patients suffering from these conditions based on innovations that originated in China.
Pyrotech Therapeutics has established research centers in Beijing, Shanghai, and the United States, and has built a top-notch international drug development team of over 100 employees. The company is engaged in multiple small molecule and gene regulation global first-in-class new drug development projects. Several projects have achieved breakthrough progress, including the development of pyroptosis inhibitors and innate immune modulators. Among them, the innate immune agonist is expected to begin a clinical study in early 2024, and the pyroptosis inhibitor is on track to select a drug candidate and enter clinical evaluation later in 2024.