Profex Receives $15.5 Million Venture Capital Investment
This article was originally published in PharmAsia News
Profex, China's first international dermatology firm, received its first round of venture capital worth $15.5 million from Trident Capital and its China partner Mustang Ventures. The new fund will help it penetration into the fast-growing consumables retail market. Profex differs from other domestic pharmaceutical companies in its business model; by acting as a professional drug agency for the world's top pharmaceutical companies, it has exclusive sales rights for China. The firm has established long-term strategic partnerships with Galderma, GlaxoSmithKline, Roche and Bristol-Meyers Squibb, with full responsibility for products' marketing. Industry insiders said that Profex, with over 30 percent of the local dermatology market share and sales exceeding RMB 1 billion, will list in the U.S. when the timing is right. (Click here for more - Chinese Language)
You may also be interested in...
More progress for partners’ amyloid-targeting antibody portfolio as they look to demonstrate benefit of early intervention in pre-symptomatic disease in new collaborative Phase III trial.
With the global pandemic leading to a big rise in mental health issues, medtech could have a role to play. The first of a two-part series on mental health focuses on transcranial magnetic stimulation systems. See what Neuronetics’ CEO Stephen Furlong said about it here.
US FDA declines to review the CCR5 antagonist for use in highly treatment-experienced HIV patients. Safety data from an ongoing study should be sufficient to address the agency’s concerns about the higher 700mg dose, CytoDyn management says, but FDA also has questions about the production of the self-injectable syringes.