15th Jul 2021 08:35
RTW Venture Fund Ltd - investment company focused on the life sciences sector - Participates in a Series B financing round for portfolio company Ji Xing Pharmaceuticals, a Chinese biotechnology business. Expects the new capital to fund Ji Xing's operations and commitments to its licensing partners. Alongside other investors, RTW says it seeded Ji Xing in February 2020 and completed a Series A funding round in July 2020.
Notes Joseph Romanelli has been appointed as Ji Xing's chief executive and as a member of the board of directors. Notes Romanelli has over 25 years of biotechnology experience, mostly with US-based pharmaceutical company Merck & Co Inc.
Says Ji Xing has agreed an exclusive licencing agreement with another RTW portfolio company, cardiovascular biopharmaceutical firm Milestone Pharmaceuticals Inc. The pair will collaborate to develop, and potentially commercialise, etripamil in greater China. Etripamil is a nasal medication for patients with paroxysmal supraventricular tachycardia, a condition that causes abnormal heartbeat.
Current RTW stock price: USD2.06
Year-to-date change: up 9.5%
By Scarlett Butler; [email protected]
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