Caremo Completes RMB 100 Million Series A+ Financing!

Nanjing, China | April 28, 2023
Caremo announced the successful completion of its RMB 100 million Series A+ financing round, led by Qingsong Fund with continued investment from existing shareholder Shapuaisi (603168.SH). The funds will be allocated to strengthen Comed Biopharma’s integrated innovative CRO service platform and expand its international business operations.

Since completing its RMB 150 million Series A financing in June 2022, Caremo has once again secured significant funding amid a complex and volatile market environment. This achievement highlights the sustained growth momentum of the pharmaceutical CRO industry and underscores Comed Biopharma’s rapid growth trajectory, robust development potential, and strong market competitiveness.

Caremo is committed to providing global biotech and pharmaceutical companies with integrated, customizable R&D solutions. The company has established specialized technical service platforms covering innovative drug discovery, cell biology, pharmacology and efficacy, DMPK, non-clinical safety evaluation, chemical process development, formulation technology, analytical testing, and clinical research. Caremo’s end-to-end, tailored solutions and full-cycle project management support partners in streamlining drug development from product initiation to commercialization. Caremo has assembled a 400+ member R&D team with extensive experience in innovative drug R&D and evaluation. Over 11,000 sqm of chemistry and P2 laboratories compliant with China and U.S. regulatory standards, equipped with hundreds of advanced instruments, are operational. Additionally, a 35,000 sqm R&D headquarters（Including GLP-compliant lab） is currently under construction.

Dr. Zhang Xiaoqing, Chairman of Caremo, stated:

"We sincerely appreciate the strong recognition and trust from Qingsong Fund, existing shareholder Shapuaisi (603168.SH), and other new and existing strategic investors. Qingsong Fund’s rational yet optimistic investment philosophy, coupled with its profound industry expertise, has enabled efficient and seamless collaboration. We look forward to Qingsong Fund’s continued empowerment in advancing Caremo’s growth.

Amidst competition and uncertainties in domestic and global markets, our success hinges on deep industry understanding and executing our commitments to the highest standards. Moving forward, we will:

· Refine and optimize R&D and management systems

· Expand international business operations

· Strengthen open and innovative technology service platforms

These efforts will enable us to deliver integrated, customizable premium CRO services to global clients and create sustainable long-term value for all shareholders."

· About Qingsong Fund

Qingsong Fund is a private equity investment firm specializing in the biotechnology and healthcare sectors. Its management team combines deep-rooted expertise in the medical industry with extensive private equity investment experience, focusing on high-growth subsectors such as biotechnology, innovative drugs, advanced medical devices, precision medicine, and healthcare services.

The firm is dedicated to partnering with leading innovative biopharmaceutical companies to advance technological and commercial innovation in China’s life sciences and healthcare industries. Adhering to a research-driven investment strategy, Qingsong Fund actively engages in the development of its portfolio companies.

Since its establishment, the fund has invested in multiple high-profile projects, including Sinocelltech (688520. SH), United-imaging (688271. SH), Sino Biological (301047. SZ), and Recbio (2179. HK).

· About Shapuaisi

Shapuaisi Pharma (Stock Code: 603168), established in 1978, is a comprehensive listed pharmaceutical enterprise specializing in drug R&D, production, and distribution. It successfully listed on the Shanghai Stock Exchange A-share Main Board on July 2, 2014. As a healthcare enterprise focused on medical services and pharmaceutical R&D-production-sales, the company specializes in ophthalmology and maternal-infant health fields.

Since its establishment, the company has consecutively passed the certification as a "National High-Tech Enterprise" four times and has been awarded honors including "National Torch Program Key High-Tech Enterprise," "Zhejiang Provincial Standard Innovation Enterprise," and "Zhejiang Top 100 Enterprises with Highest Investment Value." It has also received multiple accolades such as "Top 100 Chinese Pharmaceutical Industry Enterprises by Comprehensive Strength," "Outstanding Product Brand in Specialized Drug Categories of China's Chemical Pharmaceutical Industry," "OTC Excellent Product Brand in China's Chemical Pharmaceutical Industry," and "Social Responsibility Targeted Poverty Alleviation Award."