On September 28, 2020 Virogin Biotech reported the completion of its Series C round of financing for a total of $62 million USD on September 20, 2020 (Press release, Virogen, SEP 28, 2020, View Source [SID1234567955]).
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Virogin Biotech is an oncolytic virus company developing next-generation oncolytic virotherapies to enhance the systemic antitumor immunity in patients. The financing round was co-led by CMG-SDIC Capital and CDH Investments, with participation from Lingdao Capital, Panlin Capital, Korea Investment Partners, Guanghua Alumni Capital of Canada and Stream Holdings. The endorsement of new investors reflects continued and growing confidence in Virogins’ ongoing clinical development as well as discovery projects.
The proceeds from this round of financing will be used to continue the clinical development of Virogins’ lead asset – VG161 through to Phase II studies; completion of pre-clinical research and IND-enabling studies for Virogins’ next-generation oHSVs; continued expansion and optimization of research and further development and expansion of the company product pipeline.
"Despite all the challenges in 2020, we are extremely grateful for the strong level of support and dedication from our investors", said Mr. Chris Huang, CEO and co-founder of Virogin. "With these funds, Virogin will continue to be a leader in the oncolytic virotherapy field, while continuing to expand and develop effective drugs for patients. The continued support and belief from our investors allows us to carry forward our lead asset through to Phase II studies, and continue the research work required to take our next-generation virotherapies to the clinic, one step closer to helping cancer patients."
"Oncolytic virotherapy is a valuable investment opportunity in the emerging biotech space", said Hua Yi, Executive Director of CMG-SDIC Capital. "We are confident on its demand in immunotherapy, and, through the continued support of current and future investors, aim to grow the company into a world leader in oncolytic virotherapy."
Dan Liu, the Healthcare Executive Director at CDH Investments Venture and Growth Capital, added: "We have been following immuno-oncology therapeutics, especially innovative approaches that change the tumor microenvironment. Believing in the potential and the importance of oncolytic virotherapy in treating cold tumors, we conducted a global search for OV companies and have identified Virogin as the frontrunner for the competitiveness of its proprietary TTDR viral backbone and Synerlytic platform. We are very excited to work with existing shareholders to help Virogin become a global leader in the field of oncolytic virotherapy."