China-based Zhejiang Medicine Co., Ltd (SHA: 600216) announced that investors will inject a financial dose of RMB 402 million (USD 60 million) into its subsidiary NovoCodex Biopharmaceuticals Ltd, amounting to a combined 12.94% stake in the firm.
Milestones Achieved
Since the closure of its Series A financing round, NovoCodex has achieved several milestones. These include the completion of interim results analysis and enrollment of Phase II/III clinical study for ARX788 in breast cancer, initiation of a Phase II/III clinical study for ARX788 in gastric cancer, IND filing completed for its second antibody drug conjugate (ADC) ARX305, toxicology sample pilot production for NCB003 at the pilot test base, and the filing of 10 patents.
Valuation and Stake
The company will be valued at RMB 3.1 billion (USD 462 million) upon deal closure, when Zhejiang Medicine will retain a 45.91% stake in NovoCodex.-Fineline Info & Tech
