(VCBeat) July. 28, 2021 -- Recently, Suzhou Zanrong Pharmaceutical Technology Co., Ltd. ("Zion Pharma") announced the completion of $40 million Series B financing, led by OrbiMed, with participation from the existing investors including Qiming Venture Partners, Sherpa Venture Capital, Ming BioVentures, and Med-Fine Capital. The funds raised will be used for clinical researches, pre-clinical researches and talent recruitment of Zion Pharma's self-developed projects.

Zion Pharma focuses on small molecule antitumor drugs that provide solutions to unmet medical needs and benefit patients around the world. The company's core team has rich pharmaceutical experience and high scientific standards. Since the establishment of Zion Pharma, two clinical drug candidates have been selected and two international patents have been applied. 

Zion Pharma is a top biotechnology company with differentiated projects and rich pipeline reserves. The company plans to push another innovative drug into phase I clinical trials in China and the United States this year. At the same time, the company expects to bring two PCC (pre-clinical drug candidates) into the IND Package preparation phase early next year, with more drug metabolism and pharmacokinetics (DMPK) differentiation or original innovation in active development. These pipelines are targeted at refractory diseases with unmet clinical treatment needs, offering hope for a cure for these patients.

OrbiMed is a healthcare-dedicated investment firm, with approximately US$5 billion in assets under management. OrbiMed's investment advisory business was founded in 1989 with a vision to invest across the spectrum of healthcare companies.

Founded in 2006, Qiming Venture Partners is a leading China venture capital firm with offices in Shanghai, Beijing, Suzhou, Shenzhen, Hong Kong, Seattle, Boston, and San Francisco Bay Area. Currently, Qiming Venture Partners manages seven US Dollar funds and five RMB funds with over US$4 billion assets under management. Qiming Venture Partners invests in information technology, new consumer business patterns, and the healthcare sector.