Shanghai: Tuesday, December 21, 2010: Hutchison MediPharma Holdings Limited (“Hutchison MediPharma”) today announces that it has raised private capital from SBCVC Fund III Company Limited (“SBCVC Fund III”), the third US dollar fund managed by SB China Venture Capital Limited (“SBCVC”), in addition to the investment by Mitsui & Co (“Mitsui”) on November 8, 2010. The capital will be used to support the continued development of its substantial pipeline of internally developed research and development programs.
“SBCVC is one of the most successful venture capital management firms in China of the past decade and we are honored to have them invest in our business,” said Samantha Du, Chief Executive Officer of Hutchison MediPharma. “We look forward to the synergies that we believe will come from association with SBCVC and its portfolio of world-class Chinese technology companies.”
Tim Liu, Managing Partner at SBCVC, said, “With a rich and exceptional portfolio of first class drug candidates, Hutchison MediPharma is structurally and scientifically a world class R&D company with unique research platforms, large pharma strategic partnerships and a proven track record.” He added, “Hutchison MediPharma’s research platform has demonstrated its high productivity and operating efficiency through the rapid development of compounds such as the first in class product HMPL-004, which addresses a significant unmet medical need in inflammatory bowel disease, as well as many other highly differentiated clinical and preclinical programs. We are very excited about investing in a company with such broad potential and superior management team.”