Biopharmaceutical company Worgpharma（Chinese:百明信康） recently announced the completion of over CNY 1.1 billion in Series C financing.
The funds raised in this round will be primarily used for global development and commercial expansion of existing product pipelines, establishing an independent research and development platform, introducing new projects, and accelerating the company's internationalization and professional team building.
Established in 2018, Worgpharma is dedicated to providing breakthrough immunotherapy solutions. The company utilizes a revolutionary innovative technology platform, integrating global resources to create an integrated service platform for diagnosis and treatment. The management team of the company comprises individuals with extensive experience in the life sciences industry, hailing from China, the United States, and Europe. Their expertise spans various domains including enterprise management, drug development, clinical trials, pharmaceutical regulations, and commercialization.
Worgpharma’s official website states that allergy immunotherapy is one of the company's important business segments. The company is dedicated to researching and applying innovative allergy immunotherapy solutions and has achieved leading technological advancements globally. PCFiTTM is a crucial innovative allergy immunotherapy technology platform developed by the company, and multiple products are currently under development. These products offer significant advantages in terms of convenience and safety, providing allergy patients with easier and safer treatment options to help them overcome the challenges of allergic diseases. Additionally, Worg Apitopes® technology platform develops soluble peptides that can specifically inhibit the production of autoantibodies. This innovative technology holds promise as a novel therapeutic approach targeting the causes of autoimmune diseases for patients.
According to research data from Debon Securities, in the global allergy treatment market in 2020, allergic rhinitis accounted for the highest market share, reaching a market size of USD 13.95 billion. It is projected to grow to USD 17.86 billion by 2027, with a compound annual growth rate of 3.6%. Additionally, according to data from Minet（Chinese：米内网）, the market for allergic rhinitis/asthma medication in China exceeded CNY 20 billion in 2018.
worg is headquartered in Shanghai, China, with an operational center in Basel, Switzerland. Both Shanghai and Basel are located in the core regions of the pharmaceutical industry in Europe and China. The company was founded in 2018, and its management team consists of professionals from China, the United States, and Europe, bringing extensive experience in enterprise management, drug development, clinical trials, pharmaceutical regulations, and commercialization in the life sciences industry.
Compared to the allergy treatment market, the field of autoimmune diseases has witnessed the emergence of several blockbuster drugs, such as Adalimumab, Ustekinumab, and Dupilumab, each generating annual sales exceeding 5 billion USD. This has attracted numerous well-known domestic and international pharmaceutical companies to enter this competitive arena. Currently, the autoimmune diseases field not only attracts multinational pharmaceutical giants like AbbVie, Johnson & Johnson, and Roche but also includes renowned domestic pharmaceutical companies such as CSPC Pharmaceutical Group, Simcere（Chinese：先声药业）,3SBio（Chinese：三生国健）,Huadong medicine（Chinese：华东医药）, InnoCare Pharma（Chinese：诺诚健华）, Hengrui Medicine（Chinese：恒瑞医药）, and Innovent（Chinese：信达生物）.
This round of financing is jointly invested by Delong Capital（德同资本）, Bairun Capital（Chinese：百润资本）, Germany's YSIM Fund （Chinese：德国YSIM基金）, Jiansu Capital（Chinese：见素资本）, Kequan Fund（Chinese：科泉基金）, Bayland Capital（Chinese：康君资本）, a renowned local financial institution in Europe, and existing shareholders. With this round of financing, worg will further advance its research and development projects and expedite the market launch and commercialization of its products.