Grit Biotechnology Secures RMB 380 Million Series C Funding at a Post-Money Valuation of RMB 1.83 Billion, with Junshi Biosciences Participating

Sep 30, 2025 11:21 CST Updated 11:21

Grit Biotherapeutics

Developer of Immunotherapy Drugs for Solid Tumors

On September 30, Junshi Biosciences announcedThe controlling subsidiary Juntop Biotech and other investors plan to invest approximately 380 million yuan in Beijing Grail Bio for the C-round increase.Among them, Junto Biotherapeutics invested 80 million yuan, and Shanghai Tanying Investment under Loyal Valley Capital invested 40 million yuan. The pre-investment valuation of this round of financing was 1.45 billion yuan, and the post-investment valuation is approximately 1.83 billion yuan based on the agreed pre-investment valuation by the investors.

Gravel BiotechDue to the reorganization of the red chip structure, investors subscribed for a total registered capital of 15,868,895 yuan in December 2024.Gravel BiotechRelocated to Beijing in August 2025 and renamed as "Beijing Grail Biomedical Co., Ltd.";Gravel BiotechIn September 2025, it was wholly transformed into a joint-stock company by way of establishment and renamed "Beijing Grail Biomedical Co., Ltd."

After free negotiation with each investor participating in this capital increase, and considering cases of private financing for biopharmaceutical companies at similar R&D stages in the market, the pre-investment valuation was determined to be 1.45 billion yuan. Since the target company is a development-stage enterprise that has not yet turned a profit, this valuation mainly references and reflects the recent R&D progress and data of the company’s core projects such as GT101 and GT201, as well as additional early-stage projects, based on which the valuation was established.

Gravel BiotechIt is an innovative pharmaceutical company focusing on tumor immunocyte therapy, with a representative R&D pipeline of Tumor Infiltrating Lymphocyte ("TIL") drugs. It has leading international technical reserves and industry resources, aiming to create groundbreaking solid tumor cell drugs, bringing new hope to a wide range of cancer patients. The self-developed GT101 injection is China's first TIL drug approved for clinical registration, and it has currently entered the critical phase II clinical trial. GT201 injection, the world’s first TIL product featuring a membrane-bound IL-15 complex, has completed IND dual applications in both China and the U.S., and has been approved to enter Phase I clinical trials.

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