Hua Medicine closes $50 mln Series C financing

Hua Medicine, the Shanghai clinical-stage firm developing therapies for diabetes and central-nervous-system disorders, closed $50 million (in U.S. dollars and yuan) of Series C financing. The round, 3x oversubscribed, was led by Harvest Investments, the Chinese PE firm. Current investors were led by BioVentures and included Arch, Venrock, Fidelity (now Eight Roads and F-Prime Capital), WuXi Ventures, SAIL, Ally Bridge Group and TF Capital. Hua will use the funds to, among other things, help complete long-term Phase II clinical trials this year and speed the Phase III development plans of HMS5552, a new fourth-generation glucokinase activator for Type 2 diabetes. China Renaissance was Hua’s financial adviser.

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