VCBeat has learned that Innogen recently completed a new financing round, jointly led by Korea Investment Partners (KIP) and Cowin Capital, with participation from BioTrack Capital, Aplus Capital and Lanting Capital. The proceeds will fund Phase III development of supaglutide, advancement of several pipeline products and construction of GMP production lines, among other activities.
Founded in 2015, Innogen is an international pharmaceutical research, development and manufacturing company driven by technology and innovation. It focuses on the development and commercialization of biological medicines for diabetes and metabolic disease. It has several innovative products in these areas, all independently developed and covered by patents globally.
Hu Jingzhi (扈景值), managing partner of KIP, said: “There is a substantial unmet market need in metabolic disease and diabetes in China, and patients have a strong need for effective, affordable medicines. Innogen recognized this opportunity. Led by authoritative experts in the field, it has developed innovative products to address this gap in China. We are honored to invest in Innogen and look forward to its development.”
Hao Fu (符浩), director at KIP, said: “Innogen has extensive experience in research and clinical translation in metabolic disease. Its flagship product, efsubaglutide alfa, has shown excellent efficacy among comparable domestic products, reflecting the team's strong R&D capabilities. Long-acting, human-derived GLP-1 medicines are a new generation of diabetes treatments, but their use in China remains limited. We hope supaglutide can reach the market soon so that China's many people with diabetes can gain access to a high-quality, affordable medicine.”
Weiliang Cai (蔡伟良), partner in Cowin Capital's US-dollar fund, said: “China has the world's largest population of people with diabetes, and pronounced population aging continues to expand the market. Compared with mature markets in developed countries, China has substantial structural gaps, with GLP-1 medicines still at an early stage. Innogen's core product, efsubaglutide alfa, is an innovative long-acting GLP-1 medicine with global patents, a strong lead in the Chinese market and very positive clinical progress. We are honored to invest in Innogen. We look forward to accelerated development across indications for efsubaglutide alfa and to Innogen creating greater value in diabetes and metabolic disease.”
Company materials describe a core management team of recognized Chinese and international diabetes and endocrinology specialists, experts in new-drug development and experienced entrepreneurs. The team's experience and collaboration underpin Innogen's capabilities in translational medicine for diabetes.
The University of Toronto and its affiliated Banting and Best Diabetes Centre are described as the world's top diabetes research institution. Innogen founder Professor Qinghua Wang is a tenured professor at the University of Toronto and a standing committee member of the Banting and Best Diabetes Centre.
Efsubaglutide alfa: addressing both symptoms and underlying causes of diabetes
According to WHO data, approximately 415 million people worldwide have diabetes, including more than 130 million in China, the largest population of people with diabetes in any country.
In recent years, average diabetes prevalence in China has risen from 0.67% to 11.6%. With changing lifestyles and accelerating population aging, prevalence is expected to remain at 11%–12% over the next decade.
Professor Qinghua Wang has said: “Diabetes treatments include injected insulin and oral glucose-lowering medicines, but these treat symptoms rather than underlying causes. The root of diabetes is insufficient insulin secretion by pancreatic β cells. Promoting β-cell regeneration is therefore a strategy that addresses both symptoms and causes.”
Under Professor Wang's leadership, Innogen developed supaglutide injection, an innovative long-acting biological medicine for diabetes. It can promote insulin secretion and may also promote β-cell regeneration and improve β-cell quality, with the prospect of addressing both symptoms and underlying causes.
Efsubaglutide alfa injection is a glucose-lowering medicine authorized by China's drug regulator to enter clinical development with injections once every one to two weeks. It has greater homology to human proteins, resulting in relatively fewer side effects and better clinical applicability. Compared with imported products in the same class, supaglutide injection offers strong efficacy together with the cost advantage of local manufacturing.
Efsubaglutide alfa injection has entered Phase III clinical development. If approved, it will become China's first domestically developed, human-derived, long-acting GLP-1 medicine.
Treatment guidelines for type 2 diabetes issued by the American and European diabetes associations have designated GLP-1 receptor agonists as first-line injectable therapy, and Chinese diabetes experts have also reached consensus. Innogen stated: “As the latest generation of human-derived, long-acting GLP-1 receptor agonist, efsubaglutide alfa injection will lead the diabetes drug market. It has substantial market potential, and the company will establish sales in global markets.”
On 15 April 2021, Innogen established a presence in the Life Science Blue Bay biopharmaceutical industry park in Shanghai's Lingang Special Area. Drawing on the park's policy support, location and resources, Innogen will expand capabilities in innovative-drug formulation R&D and pilot production of clinical-trial supplies, adding to the park's innovative-drug ecosystem.
Innogen also has several other innovative medicines in development. Its research projects have repeatedly been included in the national Major New Drug Development program and key provincial and municipal programs, receiving recognition and support from government authorities at multiple levels.
Innogen founder Professor Qinghua Wang said: “Our first product, the innovative diabetes medicine supaglutide, has entered Phase III development. A series of innovative diabetes and metabolic-disease programs are also progressing steadily in clinical or preclinical development. The participation of international innovation funds such as KIP and Cowin Capital in this financing round provides new momentum for Innogen—as an ocean-going ship sets sail toward a new milestone and the markets along the Belt and Road.”
About Korea Investment Partners
Korea Investment Partners (KIP) is a leading Asian venture-capital firm. Since its establishment in 1986, it has maintained a steady investment pace and grown into an Asia-based firm with investments across multiple global regions. KIP invests in emerging sectors, particularly biopharmaceuticals and healthcare, consumer businesses and the Internet of Things, and advanced technology and AI. Its portfolio spans Asia, Europe and the Americas. It has invested in more than 1,000 companies, over 300 of which have listed in public markets across various jurisdictions, with cumulative assets under management exceeding US$5 billion.
About Cowin Capital
Cowin Capital is one of China's earliest professional private-equity investment firms. With more than 20 years of investment-management experience and over RMB20 billion in assets, it has invested in more than 500 companies and helped over 90 go public. It has invested in nearly 100 healthcare projects, including close to 20 companies that have completed IPOs. Taking an industry-value-chain approach, Cowin focuses on emerging sectors, maintains a disciplined investment strategy, identifies less-visible industry leaders, supports innovation and entrepreneurship, and serves the real economy. It has repeatedly been named among the top ten investment firms in advanced technology/manufacturing and biomedical fields.
About BioTrack Capital
Founded in 2017, BioTrack Capital specializes in investing in and incubating outstanding healthcare startups in China. We are long-term partners to entrepreneurs as well as investors. We provide sustained support to exceptional healthcare entrepreneurs as they build the next generation of leaders in China's healthcare industry.
About Aplus Capital
Aplus Capital was co-founded in 2014 by entrepreneur Minhong Yu and experienced investment banker Xitai Sheng. With a rigorous investment-research system, focused sector coverage and an experienced investment team, it has grown rapidly, delivered strong performance and gained broad recognition. It currently manages RMB23.2 billion and invests primarily in information technology, advanced manufacturing, pharmaceuticals and healthcare, consumer businesses and education, and new materials.
About Lanting Capital
Founded in 2012 and headquartered in Singapore, Lanting Capital focuses on North Asian and Southeast Asian markets. It invests privately to participate in the region's economic growth and transformation. Its sectors include emerging technology and healthcare, and it incorporates ESG considerations into its investment activities.