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(Yicai Global) Jan. 2 -- Respiratory system diseases medicine and products provider Hangzhou Changxi, also known as Pulmed Pharma, raised CNY55 million (USD8.4 million) in A-round financing, which will be used for research and development of new products, expanding of teams and industrialization of products, the firm said in a statement today.
This round of investment was led by Guozhong Venture Capital led this round of funding, which was followed by Kaitai Capital and Delian Capital. Pulmed Pharma previously received CNY10 million from Delian Capital in angel round financing.
The company's products, which are at research and development stage, include generic drugs for chronic obstructive pulmonary disease and improved innovative drugs for asthma. The firm will redesign its inspiratory product to reduce costs by transforming manufacturing technology of powder aerosols, said Chen Lan, one of the founding doctors. The product is expected to enter clinical stages in 2020.