China’s Sichuan-based Chaoying Pharmaceuticals closes tens of millions of yuan in angel financing led by Northern Light Venture Capital and Hanchi Capital for the research and development and construction of an aseptic production line for ultrasound contrast agents.
Founded in 2014 and based in Meishan City, Sichuan Province, Chaoying Pharmaceuticals is a start-up company dedicated to the development of ultrasound contrast agents. Ang Zhou, Founder and Chairman, has over 20 years of experience in the pharmaceutical industry.
The current ultrasound contrast agent market in China is dominated by three companies, Bracco Imaging, GE HealthCare and Lantheus Medical Imaging. It is estimated that China has the largest number of ultrasound equipment and technicians in the world, with about 2 billion ultrasound scans performed annually.
There is a broad market for liposome microspheres in ultrasound contrast agent applications, especially in diagnostic and therapeutic areas that meet China’s medical needs. The team at Chaoying Pharmaceuticals is experienced and we expect them to fill this product gap in China, according to Feng Deng, Founding Managing Partner of Northern Light Venture Capital.
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