Corxel Pharmaceuticals has successfully completed its Series D1 financing, raising up to USD$287 million for its oral small molecule GLP-1 obesity drug, with existing investor Hengdian Group Capital (HgC) re-upping its investment in the new round - its second investment into the biotech company since 2024.

Hengdian Group Capital joins other returning investors RTW Investments in backing Corxel, alongside new participation from global healthcare investors such as SR One, TCGX, RA Capital Management, HBM Healthcare Investments, Bymbiosis, Adage Capital Management, Invus and others.

The USD $287 million in financing will support Corxel’s lead program, CX 11, through its ongoing US Phase 2 clinical trials, and underscores the potential benefit Corxel’s oral weight loss drug can provide for patients.

New Jersey-based Corxel Pharmaceuticals, founded in 2019, is a clinical-stage biotechnology firm developing innovative therapies for cardiometabolic conditions. Its CX11 is an oral small molecule GLP-1 for obese and overweight patients.

Corxel gained development rights to its GLP-1 pill CX11 from China-based Vincentage in 2024. The therapy is currently undergoing Phase 2 clinical trials conducted by Corxel in the US, while Vincentage is conducting Phase 3 clinical trials in China. Corxel is also gearing up for additional late-stage trials.

“HgC’s latest follow-on in Corxel’s oral GLP-1 signals our continued support for and belief in the ability of innovative therapies to help patients with cardiometabolic conditions,” Hengdian Group Capital said in a statement.

“We feel confident in Corxel’s strategic competitiveness in this field, strength in clinical trials, and ability of its core team,” Hengdian Group Capital said, “to meet the growing needs for more effective and innovative therapies for patients around the world.”

The financing will also contribute to advancement in clinical development of Corxel’s additional programs targeting cardiometabolic conditions, as well as strengthen operations and development in Corxel’s global clinical programs.

The strategic investment arm of diversified international conglomerate Hengdian Group, HgC is focused on adding long term growth and strategic value for the Group and its conglomerates. It focuses on investment in three primary areas: pharmaceuticals, tech, and entertainment.