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China Resources invests in Converd

September 15, 2017 8:28 PM UTC

China Resources Holdings Co. Ltd. (Hong Kong, China) invested RMB30 million ($4.6 million) in oncolytic virus play Converd Co. Ltd. (Hangzhou, China). Converd will become one of the first biotechs to set up shop at China Resources’ Life Science Industrial Park, where the conglomerate has combined incubation and investment as it attempts to transition to innovative products from generics.

Converd President Fang Hu was CEO and president at Shanghai Sunway Biotech Co. Ltd. (Shanghai, China) in 2005 when China approved the first oncolytic virus, Oncorine (H101) from Sunway, to treat head and neck cancer. Oncorine is a modified adenovirus with deletion of an E1B-55kd segment (see BioCentury, Feb. 29, 2016)...