The biotech is currently focused on developing candidates in ophthalmology using recombinant human collagen technology. In a release, the biotech’s CEO Jinzhong Zhang said that Eluminex plans to use the cash to build out its pipeline.
“We have made substantial pipeline progress since our $50 million Series A closure in November 2020, which was co-led by Lilly Asia Ventures, Hillhouse Capital, and Quan Capital,” Zhang said in the release.
The company is also building a manufacturing facility in China to make its recombinant human collagen and other products, and is expected to launch those operations sometime in the middle of this year. The round was led by Cenova Capital and had participation from Guangzhou Yuexiu Industrial Investment Fund Management, Oriza Holdings and 3E Bioventures Capital, among others.
California-based Travere Therapeutics is looking for some cash.
In a release on Monday, Travere stated that, in an underwritten public offering, it will look to sell around $175 million worth of its common stock. All of the shares will be offered by the company.
Travere will also allow the underwriters to offer a 30-day option to purchase up to an additional 15% of shares in the offering as well.
The move comes as the FDA approved Travere Therapeutics’ treatment for a
rare kidney disease
earlier this month, which came after the review was delayed by three months last year. The accelerated approval for sparsentan means Travere, formerly Martin Shkreli’s Retrophin, can now deliver the drug, which will be sold as Filspari, to patients with