US-China Pharmaceutical Venture Ascletis Receives Record-Level Research and Development Grant from Hangzhou

China joint venture pharmaceutical company, today announced it has received a record level research and development grant from Hangzhou National Hi-Tech Industrial Development Zone (HHTZ) under that organization's "5050 Plan." The 10 million RMB grant (approximately US$1.6 million) is the largest startup company grant in the history of the 5050 Plan, whose goal is to incentivize and assist start-up, technology-based companies within HHTZ, Hangzhou, Zhejiang Province."This grant recognizes the outstanding opportunity offered by Ascletis to create a world-class pharmaceutical company in Hangzhou that will develop innovative products both for China and for the rest of the world," said Sheng Kong-Liang, Director of Organization of HHTZ. "Ascletis has made rapid progress in R&D since its formation in early 2011. Not only have they raised a $100 million Series A financing from private investors, but they have assembled a world class team of globally experienced pharmaceutical developers.""We are grateful for this recognition and support from HHTZ," said Jinzi J. Wu, Ph.D., Ascletis' President and Chief Executive Officer. "With such local governmental partners providing strong support to Ascletis' business, as well as our collaborators in Research Triangle Park, North Carolina, we are well positioned to address the large market potential that exists for innovative drugs, both in China and globally."