Clinical-stage biopharmaceutical firm Gmax Biopharm International Limited announced today that a series C $78 million financing led by state-backed conglomerate China Merchants Group has been closed. The latest transaction, on March 5, attracted a slew of prominent investors including Chinese clinical contract research organization (CRO) Tigermed, Parkland Medtech Limited, Cowin Capital, and Ziyao Fund.

This landmark investment will help Gmax Biopharm expedite its clinical trials and R&D. GMA102 (T2D) is in the process of phase III trial in China. GMA 105 (Obesity) will start phase III trial in China later this year. GMA 131 (CKD/DKD) is in the process of starting international multi-center phase II trial.  Three other pre-clinical molecules will enter clinical trial in 2nd half this year. “The financing will help revamp our clinical trials and develop pipeline candidates to produce more innovative medicines for global patients in a much faster speed,” said Gmax Biopharm’s founder, Chairman, and CEO Dr. Shuqian Jing.