Beijing-based Prime Gene Therapeutics Co., Ltd (873969.NQ), a clinical-stage biotech company specializing in immune inflammatory diseases, has reportedly raised over RMB300 million (USD41 million) in a Series B financing round. The investment was led by a consortium of prominent financial backers, including Beijing Medical and Health Industry Investment Fund, E-town Capital, BSTIG, BSD, and ZQET Group.
Funding Allocation for Clinical Studies and Pipeline Expansion
The proceeds from this financing round will be directed towards the Phase III clinical studies for the company’s core product, pumecitinib gel, which is designed to treat mild to moderate atopic dermatitis (AD) in adults and adolescents. Additionally, the funds will support the market filing for pumecitinib gel, the expansion of its therapeutic indications, and the clinical advancement of other products within Prime Gene’s pipeline.
Plans for Initial Public Offering
Prime Gene Therapeutics is also planning an initial public offering on the Beijing Stock Exchange, marking a significant step in the company’s growth and development. This move is expected to further bolster the company’s financial position and support its ongoing research and development efforts in the field of immune inflammatory diseases.-Fineline Info & Tech
