Shanghai: Monday, November 8, 2010: Hutchison MediPharma Holdings Limited (“Hutchison MediPharma”) today announces that it has raised about US$12.5 million via a private investment from Mitsui & Co., Ltd. (“Mitsui”). The capital will be used to support the continued development of its substantial pipeline of internally developed research and development programs.
Under the terms of the agreement, Mitsui has invested approximately US$12.5 million in cash in return for new convertible Preference Shares giving Mitsui 12.2% of the enlarged share capital of Hutchison MediPharma.
Hutchison MediPharma has a wide pipeline of clinical drug candidates. Its lead candidate, HMPL-004, offers a novel mechanism for the treatment of inflammatory bowel disease and has delivered very successful Phase IIb ulcerative colitis clinical trial results for which it made the plenary presentation at Digestive Disease Week 2010. The Hutchison MediPharma clinical pipeline also includes its first-in-class novel inflammation compound HMPL-011, finishing Phase I clinical trials in Australia, and its novel FGFR/VEGFR inhibitor Sulfatinib, in Phase I clinical trials in China. It has Investigational New Drug applications under review on multiple small molecule drug candidates. Recent Hutchison MediPharma awards include the Top 10 Inflammatory/Autoimmune Projects to Watch by Windhover/Healogix for HMPL-004 and the Deloitte Technology Fast 50 China Award.
About Hutchison MediPharma
Hutchison MediPharma is a novel pharmaceutical research & development company focused on discovering, developing and commercializing innovative therapeutics in oncology and autoimmune diseases. With a team of well over 200 scientists, its pipeline includes novel oral compounds for cancer and inflammation in development in North America, Europe, Australia and Greater China.
Hutchison MediPharma Limited
Building 4, 720 Cailun Road
Zhangjiang Hi-Tech Park