BRIEF—Beijing Innocare raises $55 million to develop oncology pipeline

Beijing Innocare has completed a $55 million funding round, led by healthcare investment firm Vivo Capital. The firm is focused on developing treatments for cancer and autoimmune diseases.

Innocare said the the money would be used to “promote innovation in drug research and development to serve the needs of Chinese patients”.

The company says it is expecting to bring key trial results this year. Targets have been chosen based on the firm’s proprietary cancer genomics technology.

Chief executive Jasmine Cui said: “Innocare is committed to developing safe and reasonably priced new drugs for these high incidence diseases among the Chinese population, benefit numerous patients worldwide, and meet the urgent but unmet medical needs.”