EOC Pharma, a biotech company based in Shanghai recently announced they have completed a round of fundraising of $32 million from Chinese investors in efforts of bringing a variety of cancer treatments to market.
The CEO of EOC, Xiaoming Zou expressed that this round of funding will also give the company the ability to stack up its pipeline with additional drug candidates. The investment will help “position EOC to successfully leverage the improved clinical and regulatory environment and rapidly growing healthcare market in China,” he added.
The company currently possesses six drug candidates in early-to mid stage clinical development, which includes their drug for gastric cancer, VEGFR2/3 inhibitor teltinib. The drug was originally created by big pharma Bayer, which is licensed from ACT Biotech 3 years ago; it came with two additional early stage treatments as well.
Telatinib is set to begin phase 3 testing in China in 2018, along with HDAC inhibitor entinostat specifically targeting breast cancer, which it licenses from Syndax Pharma. The round of funding was spearheaded by Taikang Industry Development Fund, and Sequoia China, EOC’s series A lead investor, and H&Q Asia Pacific also participated.
“Investment from these top funds underscores the confidence in our strategy to advance differentiated, globally developed oncology products that can transform patients’ lives,” stated Zou.
According to BMI Research, China’s pharma market recorded a value of $108 billion in 2017, a 10% advance sparked by a large and expanding population, heightening conflict of chronic diseases and ongoing regulatory reforms that are re structuring the country’s drugs market.