QnQuality Pharmaceuticals Ltd., a Shanghai-based drug R&D company, announces on Monday that it has raised US$15 million in a series A1 funding round led by venture capital firm Matrix Partners China and healthcare-focused venture capital company BioTrack Capital.
Investment firm CASH Capital, backed by state-owned Chinese Academy of Sciences Holdings Co, Ltd., also participated in the round.
QnQuality aims to develop first-in-class drugs to treat side-effects of oncotherapy. Less than two years since its foundation, QnQuality has built two research teams in Shanghai and Seattle.
The company announced in May 2019 that one of its products has been approved by the U.S. Food and Drug Administration (FDA) to enter into the Phase II clinical trial.
Death caused by cancer takes up 23.91% of the total death number, and more than RMB220 billion (US$31 billion) are used for cancer treatment per annum in the recent 10 years in China, according to China’s National Cancer Center (NCC).
Tianfeng Securities said that anti-tumor drugs are in great demand in ten years because cancer patients are willing to pay for oncology medications with high clinical value.
Proceeds of the funding round will be used to support the Phase II clinical trial carried out in America.
"We are optimistic about the adjuvant cancer therapy industry. It is unique and important, " said Tao Feng and Chen Penghui, co-founders of BioTrack Capital.
Tang Hong, co-founder and chief medical officer of QnQuality, said, "proceeds will be used to the R&D of drugs. We hope that we can improve the quality of life of cancer patients."