Xgene Pharmaceutical, a Shanghai-based pharmaceutical startup, has raised $20 million in Series B financing round.
The financing round was led by Ping An Ventures, a venture capital arm of Ping An Insurance (Group) Company of China, Ltd. Zhongtai Investment, a subsidiary of the Indonesia-based real estate to financial services company Sinar Mas Group, and existing investors including peer Morningside Venture Capital and TF Capital also participated in this round.
Xgene plans to promote its pipeline product development through this round of investment and help the company to become world-class.
On September 21, 2018, Ping An Ventures also led $70 million in Series C funding round of Israeli biotechnology company MeMed.