Worg secures financing of 130 million Swiss francs
The Chinese biopharmaceutical firm Worg Pharma, whose European headquarters are located in the Basel Area, has secured gross proceeds equivalent to 130 million Swiss francs as part of a Series C financing round. The funds are set to be put towards research and development activities, growth plans, new projects and personnel.
Worg Pharma has raised 1.1 billion renminbi as part of a Series C financing round, which is the equivalent of 130 million Swiss francs. Founded in 2018, the biopharmaceutical company is headquartered in the Chinese city of Hangzhou, with European headquarters at the Switzerland Innovation Park Basel Area since 2021. Basel Area Business & Innovation, the investment and innovation promotion agency, supported Worg in establishing a presence in the Basel Area with consulting services and legal help, as well as by assisting the search for premises.
The company specializes in the development of innovative therapies to treat allergies and autoimmune diseases. According to a press release, DeTong Capital, Paramount Capital, the YSIM Fund from Germany, SeeSu Capital, the Kequan Fund, Kangjun Capital, an unnamed “well-known European financial institution” participated in the financing round alongside existing investors. The company is led by a management team from China, the USA and Europe.
Development at a faster speed
“With the success of the Series C financing round, the company will actively promote the development of additional product pipelines at a faster speed and make every effort to fully accelerate the integration of clinical and commercialization processes”, comments CEO and founder Dr. Xu Aiwu. In specific terms, the fresh capital is to be put towards the global development and commercial expansion of the existing product pipeline. In addition, the investment will be used to build the independent research and development platform as well as to launch new projects and expand the international team.