(Yicai) Jan. 15 -- Enjosim Medical Technology, a Chinese maker of hypodermic injection pens, has secured tens of millions of Chinese yuan, equivalent to millions of US dollars, in a pre-A financing round.

The fundraiser was led by Lightspeed China Partners, the Shanghai-based company announced today.

The proceeds will be used to accelerate the commissioning of multiple fully-automatic production lines and the development of new products and consolidate and expand the company’s presence overseas, Enjosim noted.

Hypodermic injection pens have been in short supply globally due to the rapid growth in clinical and commercial demand for innovative peptide and antibody drugs caused by the aging population and increasing cases of chronic diseases.

China’s peptide drug market has huge potential, as it may grow to USD18.2 billion in 2025 from USD8.5 billion in 2020, according to data from US market research firm Frost & Sullivan.

Pharmaceutical manufacturers have high requirements for injection pens because they are an important drug-packaging product. Most Chinese injection pen makers are still developing sample pens or only have a small trial production capacity, which makes it difficult to meet the fast-growing demand from drugmakers.

With over 10 years of experience in research, development, and production of injection pens, Enjosim has established partnerships with over 20 global pharmaceutical firms. It has set up an industrialized plant with an area of several thousands of square meters in Wuxi, China’s eastern Jiangsu province.

Editor: Futura Costaglione