Leman Biotech Secures Over RMB 100 Million in Series A Initial Closing to Advance Metabolically Enhanced Immunotherapy into Clinical Translation

On November 12, 2024, Shenzhen Leman Biotech Co., Ltd. (hereinafter referred to as "Leman Biotech") announced the successful completion of the first close of its Series A financing round exceeding RMB 100 million in recent days.This round of financing was led by Fuho Capital, with follow-up investments from Junyi Investment and XtalPi. The funds will mainly be used for the IND application of ultra-low dose metabolism-enhanced CAR-T cell drugs, the development of automated production processes, and the acceleration of clinical translation for metabolism-enhanced solid tumor cell therapies.

Leman Biotech, founded by Professor Li Tang's team from the École Polytechnique Fédérale de Lausanne (EPFL) in Switzerland in collaboration with XtalPi, is an innovative drug research and development company specializing in cancer immunotherapy that combines immunometabolic reprogramming (Meta 10) with cutting-edge artificial intelligence (AI). The core team of Leman Biotech comes from several prestigious universities both in China and abroad, including the Massachusetts Institute of Technology (MIT), École Polytechnique Fédérale de Lausanne (EPFL), the University of Chicago (UCHI), Peking University (PKU), Zhejiang University (ZJU), and the University of Science and Technology of China (USTC), and gathers many senior professionals in the field of cell therapy.Under the leadership of Professor Tang Li, the company's core team has been deeply engaged in cutting-edge research in the field of tumor immunotherapy. Their work has been published in top international academic journals such as Nature, Nature Biotechnology, and Nature Immunology, and they have applied for multiple PCT patents and Chinese patents.Targeting T Cell Exhaustion: A Long-standing Key Challenge Limiting the Efficacy of Cancer Immunotherapy, Leman Biotech Co., Ltd, Leveraging its Founding Team’s Cutting-edge Research Achievements, Has Developed the World's First IL-10-mediated Immune Metabolic Reprogramming Technology (Meta 10). Preclinical Studies Show That the Meta 10 Metabolic Reprogramming Technology Platform Can Effectively Overcome T Cell Exhaustion and Induce the Formation of Stem-like Memory Cells. Based on This, Leman Biotech Co., Ltd Has Established a Proprietary Discovery, R&D, and Production Technology Platform for Biologic Macromolecule Drugs and Novel Immune Cell Therapies.

Currently, Leman Biotech has successfully established three major R&D platforms, covering multiple pipelines under development. Among them, the most advanced is the metabolism-enhanced CD19 CAR-T therapy (Meta10-19 Injection).In investigator-initiated clinical trials (IIT), the therapy achieved complete clearance of tumor cells with an extremely low dosing level (as low as 1% of the traditional CAR-T therapy dose), successfully helping over 20 patients with relapsed or refractory leukemia or lymphoma reach a state of complete remission (CR) and be discharged smoothly.The first group of patients included several individuals with limited mobility and those with central nervous system metastases, all of whom demonstrated positive treatment responses. In addition, the IIT clinical research on the metabolism-enhanced CAR-T cell therapy has recently begun enrolling pediatric patients. The first enrolled child was diagnosed with relapsed/refractory acute B lymphoblastic leukemia (high-risk) accompanied by central nervous system metastasis prior to treatment and had undergone four lines of therapy without effective disease control.The child patient experienced significant improvement shortly after receiving an ultra-low dose (1% of the standard dose) of Meta10-19 injection. The tumor cells in the body were effectively eliminated, and ultimately reached a state of complete remission (CR).It is worth mentioning that since the second half of 2024, Leman's R&D team and clinical experts have closely collaborated to achieve another breakthrough in clinical research.In the latest IIT clinical study, clinical experts further reduced the injection dose of metabolically enhanced CAR-T cells to one-thousandth (1‰) of the conventional dose.Fortunately, such a small amount of CAR-T cells can still expand efficiently in the patient's body, successfully helping several patients achieve complete remission (CR) and significantly reducing hospital stays.

In addition, Leman Biotech has also made new breakthroughs in preclinical research for solid tumor cell therapy. Leman Biotech has closely collaborated with XtalPi, a leader in AI-driven drug discovery, and CommAb Bio, a startup focused on antibody discovery. By leveraging cutting-edge AI computational models and high-throughput screening technologies, they have successfully developed an AI super-cytokine screening platform and a neoantigen antibody discovery platform. Notably, the directed evolution of antibody recognition sequences for CAR-T cells targeting solid tumors has significantly enhanced the specificity of CAR-T cells for target antigens while substantially reducing off-target recognition of tumor-associated antigens in normal tissues. This advancement aims to greatly improve the safety and efficacy of metabolically enhanced CAR-T cell therapy for solid tumors. Recently,Leman Biotech Co., Ltd. will launch clinical research on metabolism-enhanced cell therapy for solid tumors, which is expected to completely change the current situation of poor efficacy of cell therapy on solid tumors.

Leman Biotech Co., Ltd.'s related clinical research achievements have received high attention from peers both in China and internationally, and have successively gainedLatest Breakthrough (Late-Breaking) Oral Presentation at the 2024 American Association for Cancer Research (AACR) Annual Meeting (Only One in China)Latest Breakthrough (Late-Breaking) Progress Oral Presentation at the 2024 American Society of Gene and Cell Therapy (ASGCT) Annual Meeting, 2024 Society of Hematologic Oncology (SOHO) Annual Meeting Oral Presentation (the only one in China), 2024 American Society of Hematology (ASH) Annual Meeting Oral Presentation, 2024 European Hematology Association (EHA) Annual Meeting Oral Presentation, and 2024 Chinese Society for Cell Biology (CSCB) Annual Meeting Oral Presentation, among other top academic conferences in China, the US, and Europe, have received unanimous recognition. In addition, Leman Biotech Co., Ltd. has also obtainedChampion of the Growth Group in the Final of the 2024 Zhejiang University Alumni Innovation and Entrepreneurship CompetitionSilver Award in the final of the 2024 "Great Corridor Cup" China • Hangzhou Postdoctoral Science and Technology Innovation Elite Competition, Silver Award in the 2023 Guangdong-Hong Kong-Macao Greater Bay Area PhD and Postdoctoral Innovation and Entrepreneurship Competition, Annual Best Technology Breakthrough Award at the 2023 CGTAsia "CGT Industry Star", Top 5 in Biomedical Field Nationwide at the 2022 "SciTech China" Innovation Investment Conference, Second Prize in the 14th China Shenzhen Innovation and Entrepreneurship Competition in 2022, and other honors.

Since 2022, Leman Biotech has cumulatively received four rounds of financing and project funding totaling approximately 240 million yuan. The investors include market-oriented funds and leading companies such as Tiantu Investment, Fuho Capital, FiveSource Capital, Yunfan Investment, and XtalPi. The successful completion of the first close of the over 100-million-yuan Series A round not only marks Leman Biotech's continued significant progress in the research and development of metabolism-enhanced tumor immunotherapy drugs but also provides strong financial support to accelerate the clinical translation of related drugs. This fully demonstrates the investors' recognition of Leman Biotech’s innovative technology in the field of tumor immunotherapy and their confidence in the company’s future development.

Dr. Cheng Hao, Partner of Fuho Capital, stated"Leman Biotech has achieved internationally cutting-edge scientific research results and industry-leading technology platforms in the field of novel tumor immunotherapy drug development. Through highly efficient team execution, the company has made exciting phased progress in clinical translation. Fuho Capital, in collaboration with the Shanghai Institute of Materia Medica, Chinese Academy of Sciences, and the Cuiheng New District Government of Zhongshan City, is advancing a strategic partnership to promote the technological transformation of Leman Biotech's metabolism-enhanced immunotherapy in Zhongshan’s Cuiheng New District. We believe that under the leadership of Leman Biotech's founding team, metabolism-enhanced immunotherapy will continue to achieve breakthroughs in major disease areas such as cancer and autoimmune diseases, quickly addressing unmet clinical needs, accelerating the global launch of Class 1 innovative drugs, and ultimately benefiting patients worldwide."

Ms. Xie Ziyu, Partner of Junyi Investment, stated"Leman Biotech has rapidly established a comprehensive immune-metabolic reprogramming innovative technology platform for drug development within two years, while also laying out an extensive product pipeline. Its metabolism-enhanced CAR-T cell therapy has demonstrated breakthrough clinical efficacy in IIT clinical studies, significantly improving the survival status of patients with relapsed or refractory advanced cancer, and this therapy has already been extended to pediatric patients. We look forward to joining hands with Leman Biotech to jointly advance the field of tumor immunotherapy, accelerate the clinical translation of metabolism-enhanced immunotherapy, and bring safer, more effective, and accessible innovative tumor immunotherapy drugs to cancer patients."

Dr. Shuhaotem Wen, Chairman of XtalPi, stated"Professor Tang Li and his team at Leman Biotech are dedicated to the field of novel immunotherapy, possessing world-class scientific research capabilities. Their metabolically enhanced immunotherapy has gained significant recognition from peers both in China and internationally. Moreover, the Leman Biotech team demonstrates outstanding cohesion, efficient execution, and a strong sense of mission. XtalPi is committed to discovering and supporting innovative biotech companies with breakthrough technological potential. As a key strategic partner and strong supporter of Leman Biotech, XtalPi will continue to provide innovative technical support driven by AI and automation, helping to accelerate the drug development process for the benefit of patients worldwide."

Professor Tang Li, co-founder and chairman of Leman Biotech Co., Ltd., stated"Leman Biotech is committed to providing innovative metabolic-enhanced immunotherapy drugs for cancer patients, transforming cutting-edge biotechnology into effective treatments that save lives in clinical settings, and enabling more patients to benefit quickly from advancements in science and technology. We extend our special thanks to the investment institutions and leading companies that have continuously supported Leman Biotech. Despite the capital winter and fierce industry competition, their choice to firmly support Leman Biotech represents not only a high recognition of our innovation, execution, core value, and growth potential but also confidence that key scientific breakthroughs can lead to a cure for cancer. The success of this Series A financing round will provide us with more substantial financial support to accelerate the research, development, and clinical translation of related drugs. Guided by the principles of 'innovation, cooperation, and win-win,' we will continue to focus on bringing more and better cancer immunotherapy drugs to patients."

Fuho Capital is a VC investment institution focused on the transformation of scientific and technological achievements and early-stage investments in technology companies. It excels in investments within fields such as healthcare and advanced manufacturing, with a management team that has extensive experience in both real industries and equity investments. Adhering to the investment philosophy of "professionalism, long-term commitment, pragmatism, and collaboration," Fuho Capital implements a dual strategy in biopharmaceutical investments: "biopharmaceutical industry investment + leading enterprises in niche sectors." This approach enables precise positioning in the leading companies across the entire biopharmaceutical industry chain. Fuho Capital maintains a deep strategic partnership with the Shanghai Institute of Materia Medica, Chinese Academy of Sciences, and the Zhongshan municipal government, and is committed to promoting the establishment and development of high-quality innovative pharmaceutical companies in Cuiheng New District, Zhongshan City.

Junyi Investment is an investment platform founded by early founding team members of Tencent, adhering to the philosophy of long-term value investing. Since 2008, it has built a professional team across multiple locations including Shenzhen, Beijing, Hong Kong, and Switzerland, spanning both primary and secondary investments. It has invested in more than 50 projects in the fields of biomedicine, autonomous driving and smart vehicles, chips and semiconductors, commercial aerospace, and new materials, and has participated in more than 10 domestic and international private equity funds.

XtalPi (QuantumPharm Inc., Stock Code: 2228.HK) is a world-leading technology company at the forefront of innovation driven by artificial intelligence (AI) and robotics. Founded in 2015 by three MIT postdoctoral physicists, XtalPi is an innovative R&D platform based on quantum physics, empowered by AI, and driven by robotics. XtalPi combines first-principles calculations based on quantum physics, artificial intelligence, high-performance cloud computing, and scalable and standardized robotic automation to provide drug discovery and materials science R&D solutions and services to global and domestic companies in industries such as pharmaceuticals and materials science (including agricultural technology, energy, new chemicals, and cosmetics).

Leman Biotech Co., Ltd, a clinical-stage innovative drug development company specializing in immuno-metabolism, was co-founded by Professor Li Tang's team from the Swiss Federal Institute of Technology Lausanne (EPFL) and XtalPi. Leveraging the innovative technology of immune-metabolic reprogramming (Meta 10) combined with cutting-edge artificial intelligence (AI), the company focuses on developing metabolism-enhanced cancer immunotherapy drugs. Its core technology, Meta 10, has demonstrated significant potential in curing solid tumors, with related findings published in top-tier international academic journals such as Nature, Nature Biotechnology, and Nature Immunology. The company has also filed multiple PCT and Chinese patents. Leman Biotech is growing rapidly, with 70% of its senior R&D staff coming from prestigious universities both domestically and internationally, bringing rich industrialization experience. Multiple R&D pipelines are proceeding smoothly. Among them, metabolism-enhanced CAR-T cell therapy is currently undergoing investigator-initiated trials (IIT) (NCT05715606, NCT05747157, NCT06120166), with over 20 patients achieving complete remission and being discharged. Since 2022, the company has secured over 240 million yuan in venture capital investments and project funding, won more than 20 national or provincial-level awards in the biopharmaceutical field, and received an oral presentation for the latest breakthrough (Late-Breaking) progress at the American Association for Cancer Research (AACR 2024) and the American Society of Gene and Cell Therapy (ASGCT 2024) (the only one in China). Originating from Switzerland, Leman Biotech is committed to overcoming the bottleneck challenges of immunotherapy, improving response rates and efficacy, and tirelessly striving toward the ultimate goal of curing cancer!