(Yicai) April 3 -- Chinese biotech firm New Radiomedicine Technology has raised CNY1 billion (USD145.3 million) to fund its radiopharmaceutical pipeline through clinical trials and invest in the research, development, and production of medical isotopes.

The Series E fundraiser was led by Shanghai Science & Technology Venture Capital, a unit of Shanghai State-owned Capital Investment, Shanghai Guoxin Investment and Development, and existing shareholder Neovision Capital, the Chengdu-based company announced today.

New Radiomedicine works in the field of nuclear medicine, a specialized area that uses small amounts of radioactive materials, or radiopharmaceuticals, to diagnose and treat diseases such as cancer. The company also said the new funding will help it consolidate its leading position in the domestic medical isotopes and radiopharmaceutical market.

“We believe that with the strong support of our investors, the domestic medical isotope industry will take another step forward,” said Chairman Cai Jiming, adding that the funds raised are intended to support the company’s core business development.

“We’re optimistic about the enormous potential of radiopharmaceuticals in the field of precision medicine,” backer STVC said. New Radiomedicine “has demonstrated significant clinical value through its technology platform and pipeline layout.”

STVC said it will leverage both funding and industry coordination, working hand in hand with New Radiomedicine, to advance self-reliant core technologies, strengthen the sector’s ecosystem, expand Shanghai’s presence in radiopharmaceutical innovation, and contribute to the Healthy China initiative.

The Healthy China 2030 initiative is a comprehensive national strategy launched in 2016 by the central government to prioritize public health across all policies, focusing on shifting from treating illnesses to preventing them.

Editor: Tom Litting