BionX Medical Technologies Inc. recently announced it has completed a Series E funding round, during which the company raised $17 million for commercial expansion and product development. The round of funding was led by ZGC Shiner Investment, a Beijing-based investor, according to a press release from BionX.
“We here at Z-Park are deeply honored to invest in BionX,” Hao He, chief executive officer of ZGC Shiner Investment, said in the press release. “ZGC Shiner highly appreciates the outstanding management team, along with the world-leading products and technologies of BionX. We are very excited about our new partnership through this investment. We are also eager to witness the successful integration of BionX’s products into the Chinese market, benefiting the disabled population of China while advancing BionX to its next level.”
BionX has plans to raise a total of $25 million in Series E financing by the end of the first quarter of 2016.
“We are pleased with the successful start to our Series E funding, which provides us with the resources to support our commercialization efforts,” Charles S. Carignan, MD, president and chief executive officer of BionX, said in the press release. “Working with ZGC has been beneficial to BionX as they bring solid investment expertise and are a strategic partner for expansion in China, a market with enormous potential.”