In a move that the company says will "greatly expedite [its] growth," Taiwan's TaiGen Biotechnology--a company that develops infectious diseases, cancer and diabetes drugs--has garnered $37 million in a Series C round of funding. MPM Capital led the round and was assisted by the National Development Fund, YFY group, Taiwan Sugar, Yao-Hwa Glass Management Commission and Taiwan Global BioFund. The company said it will use the funding to support the ongoing development of treatments for methicillin-resistant Staphylococcus aureus (MRSA) infections, stem cell mobilization and hepatitis C.
"We are very pleased to have completed this round of financing. Being able to raise funds in the current challenging financial market is a strong validation of the value of our research programmes and the significant progress we made in the past few years in our clinical development programs," said Dr Ming-Chu Hsu, president and CEO. "The additional capital will allow us to continue building a robust and innovative product pipeline. This round of financing will greatly expedite our growth." Back in 2004 TaiGen raised $38 million.
- here's TaiGen's release