(Yicai Global) March 17 -- Chinese cancer therapy and vision care firm MingMed Biotechnology has closed its USD60 million Series A round of funding, led by Gaorong Capital.

Lightspeed China Partners, Guangzhou's Flower City Venture Capital Management, JCP Capital, Zhuhai Huajin Capital, Henqin Financial investment Group and other institutional investors participated in the round, the Guangzhou-based firm said in a statement today.

Founded in October 2019, MingMed engages in the fields of ophthalmology, gene editing-based immunotherapy, medical aesthetics, and pet drugs.

The biotech company is on track to develop over USD1 billion worth of medicines with its high-quality research and development platform to address the unmet needs of Chinese patients, said James Mi, founding partner at Lightspeed China Partners.

This year, MingMed has made major breakthroughs in various fields, including the use of its innovative drug against dry macular degeneration in dozens of eye disorder cases during clinical trials, said co-founder and Chief Executive Zhang Yan.

The company has also started pilot production of its recombinant protein drug used for medical aesthetics, said Zhang. Moreover, multiple product pipelines are expected to enter phase I or II clinical trials in China and the US by December to strengthen the firm's values, he added.

Editor: Emmi Laine, Xiao Yi