This financing round will further promote the company's R&D and clinical trials and be used to construct new production bases. The completion of the new production base will significantly improve the application efficiency of the products independently developed by Elite and reduce the cost without reducing the capacity of the products.
Elite Pharmaceutical Technology (Chinese: 赛乐医药科技) announced the completion of Series B round financing of nearly CNY 100 million. This round of investment was led by Innoval Capital (Chinese: 创谷资本), followed by Hefei Industrial Investment Capital (Chinese: 合肥产投资本) and Hefei Innovation Sci-tec Venture Capital (Chinese: 合肥创新投). The raised funds will mainly be used to assist the R&D, clinical trials and new production base construction of Elite Pharmaceutical.
Founded in 2010, Elite Pharmaceutical is a platform company for researching and developing new drug preparation technology based on drug delivery and pharmaceutical process. The company has established a series of oral controlled release platforms based on osmotic pump technology. It focuses on the medication for cardiovascular, endocrine, autoimmune and other chronic diseases. Preparation innovation can improve the clinical efficacy of the product, as well as reduce side effects and meet clinical needs. The company has more than ten pipelines under 505 (b) (2) New Drug Application and Abbreviated New Drug Application. The company possesses some FDA-approved products, and domestic products are also in the application process.
Dr. Tian Wu, the founder of Elite Pharmaceutical, has more than 20 years of experience in pharmaceutical preparation research, process development and management. He had successively worked in Sage, Mutual, Amgen and Alza and was responsible for the R&D and production of slow-release and controlled-release products. All core team members have experience in production, GMP management and project application.
Its competitors include Sundoc Pharmaceutical Sci&Tech (Chinese: 圣兆药物) and Solipharma (Chinese: 领业医药).