Profex, Inc., a dermatology drug company headquartered in Shanghai, raised $15.5 million in a Series A financing. The round was led by Trident Capital, an international venture capital firm, and joined by Mustang Ventures, Trident’s partner in China venture investing. The new capital will be used to increase the company’s sales efforts and to extend its geographical reach inside China. More details...

China Botanic Development Holdings Limited paid 23.6 million RMB ($3.4 million) to purchase all of Guangdong Kangli Pharmaceutical Company Limited, a company involved in the direct sales of medicine, health care products and equipment in China. China Botanic is a manufacturer of packaged foods, but it has recently been diversifying into pharmaceuticals. China Botanic was drawn to Guangdong Kangli because the company has a license to sell health care products directly to consumers and another license to sell pharmaceuticals on the internet. More details...
Stock Symbol: (HKEX: 2349)

Last week, The South China Morning Post reported that the China National Pharmaceutical Group (Sinopharm) and CITIC Pharmaceutical Group plan IPOs. The Sinopharm offering would raise up to $750 million. The article said Sinopharm’s IPO would take place in Q4, and the shares would be listed on the Hong Kong exchange. Sinopharm, a state-owned enterprise, is the largest pharmaceutical distribution company in China. Immediately after the item appeared, a spokesperson from Sinopharm denied the report, saying the company hopes to make an IPO eventually, but has not set a definite time. More details...

Stock Symbol: (SH: 600511)

Biomics Biotechnologies (Nantong) Co., a company focused on RNAi drug R&D, closed a Series B funding of 34 million RMB ($5 million) on July 31 2008. The financing follows the company’s $3.5 million Series A round of January 2007, according to Zero2IPO. The B round was led by Jiangsu Dinghong Venture Capital Co., Ltd., with Jiangsu Benefit Rise Group also participating. More details...

Beijing Beilu Pharmaceutical Co., Ltd., a company that is focused on traditional Chinese medicines, raised 66.6 million RMB ($9.7 million) by issuing 12.5 million shares to seven investors. The largest block went to Infotech Pacific Ventures, which took down 7.5 million shares for 40 million RMB ($5.8 million). After the refinancing, Infotech was the fourth largest shareholder in Beilu, owning almost 15% of the total shares outstanding. The funding gives the company a post-money valuation of $39 million. More details...

Venturepharm Group has established a collaboration with Canadian biotech Lorus Therapeutics to develop Lorus’ portfolio of cancer drugs. Lorus has eight molecules in its pipeline. Venturepharm also announced that it has absorbed Acesys Pharmatech, a Nanjing global drug discovery CRO with about 70 chemists, into its China-located Exelgen operation. More details...

Stock Symbols: (AMEX: LRP) (HKSE: 8225) (NSDQ: CBTE)

Earnings reports for China biomedical companies continued to be released at a slower pace over the past five days. Lotus Pharma announced its revenues climbed an admirable 51% but net income dropped 27%; Sinobiomed emphasized its pipeline rather than its revenues, which are falling; and China Shenghuo Pharma said it will have to restate its reports because of irregularities; Smith & Nephew will expand two China manufacturing facilities; CRO Venturepharm Labs purchased 44% of the US CRO, Commonwealth Biotechnologies; and MicuRx Pharma picked its first preclinical development candidate, a next-generation antibiotic. More details...

Stock Symbols: (OTCBB: LTUS) (OTCBB: SOBM) (AMEX: KUN) (NYSE: SNN) (HKEX: 8225) (NSDQ: CBTE)

International medical device maker Smith & Nephew is expanding its China manufacturing facilities for the usual two reasons: the cost savings and the growing importance of the China medical market. The company is building a wound care manufacturing facility in Suzhou and a plant to manufacture joint replacement parts in Beijing.  More details...

Stock Symbol: (NYSE: SNN)

Sinobiomed has issued a number of press releases in recent days, each detailing the company’s progress in developing a new drug. But its financial reports are harder to find. You can’t really blame them: the company’s financial situation is dismal, so who would want to talk about that? Sinobiomed’s hope is that one of its products in development will turn its fortunes around sometime in the very near future. Meanwhile, the company is scraping along, depending on short-term financial patches to keep bankruptcy at bay. More details...

Stock Symbol: (OTCBB: SOBM)

Venturepharm Laboratories Limited, based in Beijing but listed in Hong Kong as a subsidiary of Venturepharm Holdings, has become the largest shareholder of the NASDAQ listed CRO, Commonwealth Biotechnologies Inc. Venturepharm purchased 43.65% of the outstanding common shares of CBI. By completing this sale, Venturepharm follows a pattern in which China-based CROs make deals with complementary companies located in the US. More details...

Stock Symbols: (HKEX: 8225) (NSDQ: CBTE)