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Zhejiang Hisun Pharma Invests in US Biotech Startup

Mar. 24, 2011

Zhejiang Hisun Pharma will invest $6 million in Photolitec LLC, a cancer startup located in Buffalo, NY. Hisun committed to paying Photolitec an upfront of $2 million and additional $1 million each year for the next four years, plus milestones. The deal gives Hisun the right of first refusal for compounds being developed in conjunction with Photolitec’s Photodynamic Therapy for oncology.