Wednesday, January 21, 2009

MPM Capital adds to $37M Taiwan biotech funding

By Mass High Tech staff

Boston-based venture capital firm MPM Capital is one of several investors to buoy Taiwanese pharmaceutical firm TaiGen Biotechnology Co. Ltd. with a $37 million Series C round of financing. MPM Capital was joined in the funding by National Development Fund, YFY group, Taiwan Sugar Corp, Yao-Hwa Glass Management Commission and Taiwan Global BioFund.

The Taiwan company develops pharmaceutical treatments for diabetes, infectious diseases and cancer. It said that it plans to use the funds to develop its Nemonoxacin for MRSA infections, its hepatitis C protease inhibitor program and its TG-0054 stem cell mobilizer in stem cell transplants, tissue ischemia and chemosensitization.

TaiGen is a subsidiary of TaiGen Biopharmaceuticals Holdings Ltd. It also has its own wholly owned subsidiary in Beijing as well.

MPM Capital calls itself “the world’s largest life science-dedicated venture investor,” with more than $2.5 billion in managed capital through its MPM BioVentures and MPM BioEquities funds. The firm leans towards funding biotechnology, biopharmaceuticals, specialty pharmaceuticals and medical device companies.