Chance Pharmaceuticals Secures $30 Million Series C Funding to Advance Innovative Pipeline and Initiate Additional Business Collaborations

HANGZHOU, China, Oct. 11, 2021 (GLOBE NEWSWIRE) — Chance Pharmaceuticals (“Chance”), a clinical-stage biotechnology company focusing on discovering, developing, and commercializing inhalation therapies for the world’s debilitating diseases, announced today the completion of a $30 million Series C financing, led by new investor Lapam Capital with participation from new investors including CMS Capital and HEDA BioVenture and existing investor Guozhong Capital. The new funds will be used to advance the company’s research and development efforts for its innovative pipeline of inhalation therapies, initiate additional business collaborations, and accelerate the construction of a manufacturing facility. “We are optimistic about the market potential of transformative inhalation therapies. Chance retains the leading particle engineering knowhow, advanced inhaler design, and proprietary inhalation evaluation platform, with a management team of complementary expertise,” commented Mr. Zhihua Yu, Chairman of Lapam Capital. “We expect that this funding will accelerate Chance’s development of their transformative inhalations therapies and benefit more patients.” “We are thrilled to have the prestigious healthcare-focused investor Lapam Capital lead this round with these other top tier investors, thanks to our track record of quickly and efficiently advancing our platform to develop clinic-ready inhalation therapies for unmet needs in China and beyond,” said Dr. Donghao Chen, founder and CEO of Chance Pharmaceuticals. “The Series C financing will enable us to consolidate our strategic positioning, construct our manufacturing facility with global regulatory standard, move several projects into the clinic, and accelerate the creation of a new technology platform that will give Chance additional drug development capabilities. In addition, I would like to thank our team’s dedication and commitment to execution and advancing human health.” About Hangzhou Chance Pharmaceuticals Co. Ltd. Chance Pharmaceuticals is a clinical-stage biotechnology company focusing on discovering, developing, and commercializing inhalation therapies for the world’s debilitating diseases such as chronic obstructive pulmonary disease, asthma, pulmonary arterial hypertension, and central nervous system disorders. For more information, please visit http://www.chancepharmaceuticals.com. About Lapam CapitalLapam Capital is a leading healthcare-focused venture capital firm with its headquarter in Beijing, China. It currently manages four funds with AUM totaling 4 billion RMB. It is the only healthcare focused VC firm partially funded by National Social Insurance Funds. Lapam Capital specializes in investments in start-up, early-stage, and fast-growing companies that have innovative and disruptive pharmaceuticals and medical devices. It has invested in about 50 biopharmaceutical companies and 10 medical device companies to date, including Betta Pharma, RemeGen, Clover Biopharma, Stemrina, Kawin, Binhui Biotechnology, and Aibo Medical. Senior partners of Lapam Capital have over 20 years of experience in the biopharmaceutical industry in China or overseas and can provide invaluable insights for their invested companies. Contact Information:  Hangzhou Chance PharmaGuobao Zhao [email protected]+ 86 571-8630-9565 Solebury TroutBob Ai [email protected] + 1 646-389-6658