Worg Pharmaceuticals, a Hangzhou-based developer of allergy drugs, has reportedly raised RMB 1.1 billion (USD 152 million) in a Series C financing round. The funding was led by DT Capital, Baron Capital, YSIM Fund, Jiansu Private Equity Fund, Kequan Fund, and a European financial institute. The proceeds will be allocated towards the global development of the company’s product pipeline, business expansion, construction of research and development platforms, introduction of new programs, and international team building.
Global Development and Business Expansion
The significant capital injection will support Worg Pharmaceuticals’ efforts to expand its product pipeline on a global scale. This includes the development of new drugs to address allergy-related conditions, which is a critical area of unmet medical need.
Research and Development Platform Construction
Investment in the construction of research and development platforms will enhance Worg Pharmaceuticals’ capabilities in drug development. This will facilitate the company’s mission to bring innovative solutions to the market, improving patient outcomes and contributing to the advancement of the life sciences industry.
International Team Building
The company, founded in 2018, boasts a C-suite with diverse backgrounds from China, the US, and Europe, bringing extensive experience in management, drug development, pharmaceutical policy, regulatory affairs, and commercialization. The funding will also support the building of an international team, which is essential for the company’s global ambitions and the successful execution of its strategic initiatives.-Fineline Info & Tech
