Chinese Biotech Raises $52 Million

Cathay Industrial Biotech Ltd., a < ?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Shanghai, China-based developer of new molecules for use in nylons, fragrances, anticorrosive materials and automobile powder coating, has raised $52 million in Series B funding. New backers include Goldman Sachs, Gramineae Holdings Co., GM Investment Co. and New Horizon Evergreen Investment Co. Returning shareholders include BioVeda China, HBM BioVentures and Pudong Science and Technology Investments. The company raised $26 million in Series A funding earlier this year. < ?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />