Shanghai-based Elite Pharmaceutical Technology Inc. has reportedly raised nearly RMB100 million (USD14.8 million) in a Series B financing round, led by Innoval Capital. Hefei Industry Investment and Hefei Innovation Investment also participated in the round. The proceeds will be used for research and development, clinical trials, and the construction of new manufacturing facilities.
Company Background
Originally founded in the US, Elite Pharma is a new drug and preparation technology development platform company focused on drug delivery technology and pharmaceutical processes. The company has developed a series of oral complex sustained and controlled-release technology platforms, enabling the development of drug candidates targeting cardiovascular, endocrine, autoimmune, and other chronic diseases. Elite Pharma has filed over 10 products for 505(b)(2) and ANDA.-Fineline Info & Tech
