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{调取该文章的TAG关键词}|Capital Flooding Chinese AI Pharma Firms in Pre-B Round Funding( 二 )


As a platform for building digital and accurate diagnosis and treatment in the field of tumor, OrigiMed has accumulated a large number of cancer patient data since its establishment, including the causes at the genetic level, changes at the molecular level, as well as the situation of each treatment and information in the process of disease management. These massive real-world data can not only be applied to the digitization of the whole process of cancer patients' diagnosis and treatment, but also provide customized solutions for the research and development of antitumor drugs.
Pharmaceutical enterprises have realized the importance of tumor real-world data to new drug research and development.
Roche, a pharmaceutical company, has taken a big step forward in mining real-world data on tumors. In February 2018, Roche acquired Flatiron Health, a big data medical company, and spent tens of billions of dollars in the same year to acquire Foundation Medicine, a company based on cancer genomics data. The former has data such as patients' daily treatment efficacy, and the latter has tumor genetic test data. People in the line say that only with the combination of both, the value of data could be brought into full play to the greatest extent.
The pace of early-stage investment is also accelerating. Taking OrigiMed as an example, it maintains the rhythm of “completing a round of financing every year”. In industrial innovation, the financing frequency in the medical and health competition has also increased rapidly.
In the view of Lu Gang, partner of Legend Star, “There is a tremendous change in the situation now, many medical companies can finance two or even three rounds a year. The financing rounds or time interval is really faster and faster, and the support for medical companies in this market will be greater and greater.”
Meanwhile, in the primary market of health care, another change is also taking place. “It is obvious that most institutions in the market are moving towards the early-stage investment, of which the valuation is also systematically improving,” Lu Gang said.
In the primary market of health care, capital continues to pay for innovation opportunities. At the same time, the changes in the Secondary Market system also affect the investment flow of the Primary Market. In 2018, Hong Kong stocks launched 18A system, opening the door to the listing of unprofitable biomedical technology companies; In 2019, STAR Market was opened, and the fifth set of listing standards was “tailored” for biomedical technology enterprises; This year, Beijing Stock Exchange is about to establish, adding financing channels for pharmaceutical enterprises with expertise and innovation once again.
Lu said that early, middle and late stage investments will face very large structural adjustments. "I think the investment institutions in the middle of the market have observed this aspect. In another word, the investment opportunities of round D and even round C investors have been covered by the markets of 18A or Beijing Stock Exchange, and their investment opportunities will disappear systematically,” he added.
In this regard, Huang Shengxuan, CEO of Taikang Investment, has a similar experience. He believes that the changes in the Secondary Market may have an impact on many investment institutions engaged in the Pre-IPO round. “We take the initiative to look forward and go forward. If you want to invest in innovative things, you must look forward.”
The capital that paid early attention to the early-stage investment received the policy dividends of 18A and STAR Market and obtained an ultra-high investment premium. However, as more and more investors “move forward”, the early valuation has been pushed up, and the interconnection between “early investment" and "high return” will also change.

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