Cathay Industrial Biotech Ltd. Completes US$26 Million Series A Round
September 11, 2006
Cathay Industrial Biotech Ltd., today announced the closing of its US$26 million Series A financing. Cathay is a leading producer of bio-processed long chain diacids, which are miracle molecules and the basic building blocks to advanced products found in our daily life. BioVeda China led the financing that included participation by HBM BioVentures, New Horizon, and Pudong Science and Technology Investments, Co., Ltd. Proceeds of the financing are going to support the expansion of Cathay's diacids production capacity, down stream product development, and internal share restructure.
Cathay Industrial Biotech's proprietary technology and efficient industrial bioprocess create new molecules that are better in quality than made by traditional chemical synthesis. Cathay is producing innovative materials with desired properties that are tailored to each application such as new types of nylons, special fragrance, superior anticorrosive, thinner and stronger clear powder coating for cars, and so on. These products are widely used in automobile and ship-building, the electronics industry, cosmetic, construction, and civic engineering to name a few.
Cathay's continued growth and expansion is driven by the strength of its proprietary product development programs, which is demonstrated by the strategic alliances it has developed with major international players in various application fields.
“We are very pleased with the successful closing of our Series A financing. The involvement of these leading international venture capitalists provides Cathay access to the fundings to accommodate its fast growing capital demands,” said Dr. Xiucai Liu, Cathay's founder, Chairman and CEO. “From now on, we will accelerate our speed of growth, and have full confidence and capability to become a world class industrial biotech company.”
Dr. Liu has attracted a world-class international management team with extensive experience in scale-up biochemical productions by fermentation.
“We are very pleased to have led the Series A financing and be an investor in one of the most dynamic Chinese biotechnology companies, and it is on its way to becoming the largest global player in the industrial biotechnology industry,” stated Dr. Zhi Yang, founder and Managing Partner of BioVeda China.
“We are proud to be an investor in one of China's most successful biotechnology companies. Cathay's evolution into a leading industrial global biotech player conveys to the world that innovative biotechnology companies are being created and successfully developed in China,” stated Dr. Jianming Yu, founder and Managing Director of New Horizon.
“Cathay is positioned to become a great biotechnology success story of the 21 st Century. Cathay's proprietary technologies contribute to product improvements that provide product differentiation and competitive advantages to the large multinationals which are its customers,” stated Dr. Andreas Wicki, CEO of HBM.
“We are extremely excited about the completion of Cathay's Series A financing and its successful development. Zhangjiang Hi-Tech Park is a hotbed for incubating future world class biotechnology and pharmaceutical companies. Cathay represents the importance of Pudong Science and Technology Investment's mission.” stated Dr. Ningni Yu, Executive Director of Shanghai Pudong Venture Capital Co., Ltd.
About BioVeda China:
BioVeda China is the first international venture capital firm dedicated to the Life Sciences industry in China focused on biotechnology, pharmaceuticals, biomaterials and biofuels, medical technology, hospital/healthcare service, environmental products and service, and agriculture. BioVeda China helps to create and build future industry leaders, and transform Chinese companies into the next generation of multinationals. The Firm headquarters is in Shanghai.
www.biovedavc.com.cn
About New Horizon:
New Horizon is one of the leading China based venture capital firms with headquarters in Beijing. New Horizon's investments include listed companies (non tradable A shares) and pre-IPO companies who are market leaders of high growth industries such as petrochemical, energy, media, high-technology, consumer products, pharmaceutical, medical technology and automotive industries.
www.nhfund.com
About HBM BioVentures Ltd.:
HBM BioVentures is a leading, globally investing holding company in the human medicine, biotechnology and medical technology industries. It enables investors to tap into a broadly diversified portfolio of private and primarily small-cap public companies with high value creation potential in an investment segment that is difficult to access. With net assets of over CHF 1 billion, HBM BioVentures is a market leader in its sector. HBM BioVentures Ltd is domiciled in Baar, Switzerland, and has a broad shareholder base.
www.hbmventures.org
About Pudong Science and Technology Investment Co., Ltd
PDST was founded in June of 1999, with total capital of 149.96 million RMB. The main fields of investment include IT, new material, bioengineering and pharmaceuticals. It has extensive experience in investment decision-making, risk control. PDST has invested in over 20 projects with 170 million RMB, 80% of the projects PDST invested are hi-tech enterprises. As a government investment platform, PDST will also be responsible for the management of 2 billion RMB leading fund.
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