Minova Pharma Nets Over CNY 100 Mn in Series A Round

Minova Pharma (Chinese: 迈诺威医药) has completed a Series A round of financing worth more than CNY 100 million. The fund was jointly led by Huagai Capital (Chinese: 华盖资本), LYZZ Capital (Chinese: 醴泽资本) and GP Health Capital (Chinese: 金浦健康), and the existing shareholders Oriza (Chinese: 元禾原点) and Wenzhou Capital (Chinese: 文周投资) continue to make additional investments.

In less than a year and a half since its establishment, Minova Pharma has completed three rounds of financing. This round will be mainly used to promote the pre-clinical research and clinical trial of innovative drugs for disfiguring diseases and mental disorders.

The product pipeline of Minova Pharma mainly focuses on disfiguring diseases and mental disorders. And the company believes that these two kinds of conditions have a wide range of patient groups and market development space.

With the increase in life pressure and the improvement of health awareness, more and more people have mental health diagnosis and treatment needs. However, there is a lack of rapid and safe drug treatment in the market.

Disfiguring disease refers to something that spoils a person's appearance, including hair loss, acne, light injury, various stains, scars, abnormal accumulation of fat and so on. The drugs used in clinics are old drugs with poor efficacy, safety and user experience. 

At present, Minova Pharma has one disfiguring disease drug in phase III clinical trial, and it is expected to become the first domestic lipid-lowering drug approved by NMPA. One mental illness drug has submitted an IND application, and some other products are in the pre-clinical stage and are expected to start the clinical trial in 2023.

Its competitor in the mental disorder area includes Kanghong Pharmaceutical (Chinese: 康弘药业), Brilliant Pharmaceuticals (Chinese: 倍特药业) and Kelun Industry Group (Chinese: 科伦药业).

The disfiguring disease market is mainly occupied by MNCs such as Allergan aesthetics and Galderma.