|[August 25, 2014]
FortuneRock (China) Ltd. Announces Investments Totaling $24 Million
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., als 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
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.
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