Chinese Biotech Firm Biocytogen Bags Tens of Millions of Dollars in Funding
Biocytogen, an emerging pharmaceutical technology company, announced today that it has completed a new round of funding worth tens of millions of dollars, jointly led by Lake Bleu Capital, China Pinnacle Equity Management, Octagon Capital and OrbiMed.
Established in 2008, Biocytogen is a comprehensive contract research organization (CRO), providing one-stop R&D services for preclinical research of biopharmaceuticals. At present, Biocytogen has R&D and service bases in Beijing, Jiangsu province, Shanghai and Boston, as well as two animal centers in Jiangsu and Boston. Since 2020, Biocytogen has reached cooperative developments with more than a dozen drug R&D enterprises.
Biocytogen introduced Chinese healthcare investment firm-BioVeda (BVCF) to make equity funds in 2011. The company then raised B-round funding from SDIC Venture Capital and BVCF in 2015. In 2018, it completed 410 million yuan of C-round funding. In August 2019, Biocytogen received C-round funding of 543 million yuan to accelerate the R&D of innovative antibody drugs. In September 2020, the firm gained 970 million yuan in D+ round funding to promote a new drug research plan. The funding secured today will promote cooperation between Biocytogen and many pharmaceutical enterprises around the world, and accelerate the process of innovative drug research, development and marketing.
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In recent years, China’s CRO industry has developed rapidly driven by the rapid growth of innovative drugs and China’s national drug regulatory reform. A CRO is a company that provides support to the pharmaceutical, biotechnology and medical device industries in the form of research services outsourced on a contract basis.