Worg Pharmaceuticals, a Hangzhou-based developer of novel allergic drugs, reportedly raised RMB 400 million (USD 57.3 million) in a Series B financing round. This follows an RMB 200 million (USD 28.65 million) Series A funding round in January last year. The latest round was backed by Junson Capital, Lapam Capital, Kaitai Capital, Puhua Capital, and Anji Ruixing Capital.
Funding Utilization and Company Background
Proceeds from the Series B financing will be used for the clinical development of Worg’s core products, team building, and the advancement of other pipeline developments. Founded in 2018, Worg Pharmaceuticals has a C-suite with experience from China, the US, and Europe. The company is well-versed in life sciences, including management, drug development, pharmaceutical policy and regulatory affairs, commercialization, and more.
Future Development Plans
With the new funding, Worg Pharmaceuticals is poised to accelerate its clinical programs and further develop its pipeline of novel allergic drugs. This investment round underscores the company’s commitment to innovation and its potential to address unmet medical needs in the allergic disease space.-Fineline Info & Tech
