BEIJING--(BUSINESS WIRE)--FortuneRock (China) Ltd. is pleased to announce that it has received investments for its ongoing novel protein drug development and pre-IPO funding totaling $24m (RMB145m). About RMB120m is to support the set up of a new spin-off enterprise including building a new GMP manufacturing facility in Tianjin and about RMB25m is to assist the Company with development needs including its pre-IPO funding. The funds came from different investors including foreign and domestic Chinese private investors and Jinhua Pharmaceutical Co. Ltd., a public company listed on the Shenzhen Stock Exchange. The spin-off company will focus on the continued development and commercialization of the novel protein drug "Recombinant Human Serum Albumin/Granulocyte Stimulating Factor Fusion Protein for Injection" which is in Phase II clinical trials. Prof. Zailin YU, Chairman of FortuneRock (China) Ltd., also Chairman of the spin-off company said, "We are pleased to announce the successful investments into our business in China. This is the first step in our continued capital raising efforts for our extensive product pipeline development needs."
About FortuneRock (China) Ltd.
FortuneRock (China) Ltd., a privately held biotechnology and biopharmaceutical company registered in Beijing. Along with its 3 wholly owned subsidiaries, Tianjin SinoBiotech Ltd., SinoBiotech (Tianjin) Ltd. and Beijing Bio-Fortune Ltd., the group is focused on the discovery, development, and commercialization of novel, patent-protected gene-based recombinant protein drugs with high clinical value for the treatment of life-threatening and debilitating diseases. Currently, the company has one drug in clinical Phase I, one in clinical Phase II, another waiting for approval to enter into clinical Phase I, and several novel drugs in pre-clinical studies, all for different indications.
FortuneRock (China) Ltd. has unique technology platforms with 22 patents filed or granted in USA, China or PCT and all have been published. The Long Acting Recombinant Protein Drug Platform can be used for developing many therapeutic protein drugs for injection with longer half-life or long acting functions on the restructuring of the well known recombinant protein drugs. Along with a High Efficacy Yeast Expression System Platform, FortuneRock can produce kilogram mass quantities of high quality recombinant protein products. FortuneRock has extensive experience in product development and conducting pre-clinical and clinical trials in China for itself and its partners.