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.