Deals and Financings
The Henan Broadhi Biological Fund has been established with 250 million RMB ($40 million) of venture capital that will support biological companies in Henan Province. Both Henan Province and the National Development and Reform Commission contributed 50 million RMB to the fund, which will be run by Broadhi Capital.
ShanghaiTech University, located in the Zhangjiang Hi-Tech Park, announced the formation of the iHuman Institute, an international basic science research effort. iHuman will focus on cell signaling and kinases. The Institute will be headed by Raymond C. Stevens, PhD, a professor at the Scripps Research Institute in San Diego. Dr. Stevens, whose PhD is in Chemistry, is a structural biologist whose work has furthered the understanding of the G-coupled protein receptors (GCPRs).
Hebei Changshan Biochemical Pharma [SHE: 300255] will form a JV with ConjuChem LLC, a privately owned Los Angeles company that is developing a long-acting form of insulin. The JV will work towards gaining SFDA approval for the product in China. ConjuChem is owned by Dr. Patrick Soon-Shiong, the man behind the very successful cancer drug Abraxane®. Abraxane is a form of paclitaxel that allows more of the drug's active ingredient to reach the tumor.
Sihuan Pharmaceutical [HK: 0460], China's largest cerebral-cardiovascular drugmaker, bought China rights to two clinical-stage drugs from NeuroVive Pharmaceutical AB of Sweden: CicloMulsion® treats heart reperfusion injuries and NeuroSTAT® is given to patients who have suffered a traumatic brain injury. Sihuan will pay $7.2 million for the two products in a combination of upfront and milestone payments. It will also pay a royalty of 10% on revenues for ten years from launch.
Trials and Approvals
Hua Medicine is on track to get its first drug candidate into clinical trials: a treatment for type 2 diabetes in-licensed from Roche (OTCQX:RHHBY) (see story). Hua filed a request for Clinical Trial Approval in September, and it completed its Site Inspection and Dossier Amendment this week - a process that took only one month instead of the usual three-to-four months. According to Hua, the "well-established drug innovation ecosystem" at Zhangjiang High-Tech Park and its own Collaborative Innovation model of drug R&D were the reasons the drug is advancing so rapidly.