Biotech startup Cargene raises US$19.2m in funding from Chinese investors

BIOTECH startup Cargene Biopharma raised US$19.2 million in funding led by China-based healthcare-focused venture capital firm BioTrack Capital.

Joining the pre-Series A round were China-based Hyfinity Investments and Legendstar Capital.

The funding comes amid a flurry of activity in the biotech arena. The pandemic has given these startups a shot in the arm, with the success of Covid-19 vaccines attracting more investors to companies engaged in medical research.

Cargene, which has offices in Singapore, Shanghai and Boston, is working on a technology - known as oligonulcleotide therapeutics - which aims to modify and silence a diseased gene in cardiovascular, fibrotic and pulmonary diseases.

The development of Cargene's technology was funded by the EVX-A*Star Platinum grant, which aims to help fund research and development for therapeutic platform technologies coming out from A*Star. EVX Ventures is founded by Lin Xiang Qian, the CEO and Chairman of Esco Lifesciences. The grant has supported 3 companies so far.

Cargene was jointly founded by Lin, who is also chairman and managing director of EVX Ventures , Dr Tan Yann Chong, the co-founder of Nasdaq-listed Atreca, and Dr Torsten Wuestefeld, principal investigator at A*Star's Genome Insititute of Singapore.

Fresh funds from this round will be used to accelerate the company's technology development and advance Cargene's lead asset to obtain marketing approval withe US Food and Drug Administration.

"The cross-border scientific ecosystems that Cargene is built upon will help fully realise oligonucleotides' therapeutic potential and create long-lasting and meaningful impact for patients worldwide," said co-founder and chairman of Cargene, Lin.

Read more: Pandemic gives Singapore biotechs a shot in the arm

https://www.businesstimes.com.sg/garage/pandemic-gives-singapore-biotechs-a-shot-in-the-arm