Guangdong Raynovent Biotech Co., Ltd, a controlling subsidiary of China-based Guangdong Zhongsheng Pharmaceutical Co., Ltd (SHE: 002317), has reportedly raised RMB 370 million (USD 53.72 million) in a Series C financing round. The round was co-led by Yide Private Equity Investment Fund Management (Guangzhou) Co., Ltd and Efung Capital, with additional investments from Wanlian Guangsheng Investment, Guangzhou Guoju Venture Capital, Zhongsheng Pharma, and Lake Bleu Capital. The proceeds will be used to fund clinical studies for core pipelines and the commercialization of COVID-19 and influenza A drugs.
Company Background and Focus
Founded in 2018, Raynovent Bio is focused on the development of novel drugs against respiratory and metabolic diseases. The company has multiple clinical-stage drug candidates for conditions such as obesity, non-alcoholic steatohepatitis (NASH), respiratory system viruses, and other infectious diseases. Raynovent Bio is currently conducting Phase III clinical studies for its Category 1 influenza A drug ZSP1273 and RAY1216, a COVID-19 3CL protein inhibitor.
Future Prospects and Strategic Use of Funds
The Series C financing round positions Raynovent Bio to advance its core pipelines and accelerate the commercialization of its COVID-19 and influenza A drugs. This strategic use of funds will support the company’s ongoing clinical studies and further solidify its presence in the development of innovative therapies for respiratory and metabolic diseases.-Fineline Info & Tech
