Fifteen Hangzhou-Based Biotech Companies Secure New Funding and Advance Toward IPO

In recent years, the development of Hangzhou's biopharmaceutical industryRapid, attracting many startup Biotechs to settle in. According to the "New Drug Investment and Financing" module of the Insight database, since 2025(As of September 18)，Fifteen Hangzhou pharmaceutical companies have received financing.(Statistics do not include financing after IPO)，Ranked third in China, following Shanghai and Suzhou.。

In terms of establishment time, more than half of the 15 companies were founded in or after 2020. In terms of technological tracks, the R&D directions of these companies include small molecules, monoclonal antibodies, bispecific antibodies, ADC, RDC, molecular glue, cell therapy, siRNA, ASO, and more.

Enitiatebio

Financing Round: Series B

On September 2, Enitiatebio announcedCompleted nearly 200 million yuan in Series B financingThis round of financing was led by Fuzhe Linzhuo Fund, with participation from Hony Capital, Hangzhou Industrial Investment Group, and two professional investors.

Enitiatebio was founded in 2020, with the chairman of the board and chief scientist beingDr. Shen Wang, he has nearly 20 years of R&D and management experience in the fields of anti-tumor, immune system regulation, metabolic diseases, and antiviral; the CEO of the company is Mr. Ding Shizhe, who is a co-founder of Beijia Capital and once served as the Director of Strategic Cooperation at Betta Pharmaceuticals.

Enitiatebio Focuses on the Development of Innovative Drugs for Autoimmune Diseases, Particularly ConcentratingAtopic Dermatitis, Psoriasis, Vitiligoand other diseases. Currently, the company's product pipeline includes four drugs under development. Among them,3 Products Have Entered the Clinical Stage, with over 10 clinical studies conducted. The companyCore product QY201 is a small molecule inhibitor., which can simultaneously inhibit JAK1 and TYK2 kinases, has enteredTreatment of Atopic DermatitisPhase III clinical stage.

Adcoris

Financing Round: A+ Round

On August 22, Adcoris announced that it has obtainedRaised tens of millions of yuan in A+ round financingThis round of investment was made by Shaoxing Ruinuo Enterprise Management Co., Ltd.

Adcoris was founded in 2021, focusing on bioconjugation technology and drug development, primarily targeting precision treatments for cancer and other unmet clinical needs. The company has independently developed two major technology platforms, ADC and AXC, enabling the rapid transformation from antibodies to ADC candidate drugs.

Currently, Adcoris has established 10 R&D product pipelines. Among them,ADC2122 is a HER2-targeted ADC., intended for the development of treatment for HER2+ breast cancer, has currently completed Phase I clinical trials.ACR246 is an ADC targeting 5T4.(5T4 is a cancer embryonic antigen highly expressed in various solid tumors and cancer-initiating cells.), currently in Phase Ib/IIa. In addition, Adcoris has multiple ADC pipelines at the preclinical stage, targeting Nectin-4, Trop2, cMet/EGFR, and more.

Pleryon

Financing Round: Series A

On August 18, Pleryon announcedCompletion of the First Closing of Series A Financing Worth Tens of Millions of RMBThis round of financing was led by EF Capital. Pleryon was founded in 2016, with Dr. Yu Yu serving as the company's founder and CEO. Pleryon is dedicated to addressing unmet clinical needs through innovative polymers and has currently developed several drug candidates.

P001X is a potential FIC product developed based on Pleryon's polymer design platform. It uses unique synthetic polymers to mimic the structure of natural lubricin protein and its interfacial lubrication function in joints, achieving efficacy through a novel mechanism of action.Improve OsteoarthritisThe process is expected to enter clinical trials overseas by 2026.

P002 is developed by Pleryon.A Dry Eye Syndrome Pipeline. This drug, based on a lubricin-mimetic strategy, achieves long-lasting ocular surface lubrication and tissue protection through a unique polymer design. It is expected to initiate its first-in-human clinical trial overseas by 2026.

Libo Bio

Financing Round: Pre-A Round

August 11,GrindstonePleryon AnnouncesCompleted Nearly 100 Million Yuan in Pre-A Round FinancingThis round was jointly led by Tasly Capital and Panlin Capital, with follow-up investments from Yuan BioVentures, Zhejiang Province's "4+1" Biopharmaceuticals and High-End Medical Devices Industry Fund, and Chengxin Ventures. In November 2022, the company received angel round funding from Sinovation Ventures and Sequoia China Seed Fund.

Libio Biotech was founded in September 2022, focusing onDevelopment of Targeted RNA Small Molecule Innovative Drugs, and is currently advancing a series of pipeline developments in the fields of central nervous system, cancer, and autoimmune diseases.

The founding team members of Libo Bio include: Founder and CEO Dr. Jian Zhan, who has long been engaged in the discovery, detection, and prediction of RNA tertiary structures and is a core inventor of "dry-wet closed-loop" RNA stable tertiary structure discovery methods such as CODA and Mobi-Seq; Scientific Founder Professor Yaoqi Zhou, who has nearly 30 years of experience in structural computation; and Founder Dr. Chao Fang, who has over 8 years of experience in the industrial development of small molecules targeting RNA.

Artech Bio

Financing Round: Series A

On August 1, Atech Bio announced the completion of its Series A financing round, which was jointly invested by the Shanghai Biomedical Innovation and Transformation Fund under Shanghai Industrial Capital and the Fudan University Biomedical Transformation Fund under Fure Investment. Previously, the company had also received investments from well-known institutions such as Sequoia China and Shulan Junjie Capital under Shulan Healthcare Group.

Arttech was founded in 2019 as a result of technology transfer from Fudan University. The founder is Ding Yu, and the chief scientist is Lu Boxun.Arteck Focuses on the Development of Next-Generation Protein Degradation Drugs`, Company`Core technology originates from Fudan University's protein autophagy degradation technology.（ATTEC）Currently, Arthrosi has developed multiple pipelines for neurodegenerative diseases and tumors. The companyThe lead pipeline ATCN1001 is a molecular glue drug intended for the development of Parkinson's disease treatment.。

Dituo Bio

Financing Round: Pre-A Round

On July 18, Dituo Biotech announced the completion of its Pre-A round of financing. The amount and investors of this round have not been disclosed. To date, the company has completed two rounds of financing, with a cumulative amount of 115 million yuan.

Dituo Biotech was founded in May 2023.Focus on the Discovery and Development of Molecular Glue DegradersThe company has independently developed a unique high-throughput screening platform for molecular glue degraders, relying on an interdisciplinary technical team and advanced hardware facilities to drive molecular glue drugs from "serendipitous discovery" to "rational development."

According to Dituo Biotech, the company's founder, Dr. Hai Jiang, has invented a high-throughput screening platform for molecular glue. The core value of this platform design lies in its ability to convert the microscopic event of "protein degradation," which is otherwise difficult to observe directly, into an easily discernible "cell survival/death" phenotype. This effectively overcomes technical bottlenecks in the screening process of small-molecule protein degraders. This research achievement was published on September 10 this year in the international journal *Nature Biotechnology*.

Jing Jiahang

Financing Round: Angel Round

On June 13, Jingjia Hang announced the completion of an angel round of financing worth tens of millions of yuan. This round was led by Hangshi Asset Management, with participation from Zhengjing Capital and Binjiang 5050. Jingjia Hang, established in May 2024, focuses onDevelopment of Novel Targeted RadiopharmaceuticalsThe founder, chairman, and CEO of the company is Dr. Kao Li-Mei, and the co-founder is Dr. Lai Jian-Liang.

Jing JiahangEquipped with an innovative small-molecule ligand discovery platform, an AI-driven peptide discovery and optimization platform, a radiolabeling and quality research platform, a non-clinical evaluation technology platform, and a rapid clinical translation platform, capable of achieving efficient translation from ligand discovery to clinical trials.

Currently, Jingjia Hang has 8 ongoing product pipelines in development, among which the JJH002 pipeline is the most advanced, already in the IIT stage and preparing for the IND application. Jingjia Hang focuses on the development of radiopharmaceuticals using α-emitters and β-emitters, signing a 225Ac supply agreement with Xi'an Mast Top to secure priority and stable supply of 225Ac. Additionally, it signed a strategic cooperation agreement with CNNC Qin Tong to ensure better support in the supply of radionuclides for radiopharmaceutical R&D.

Haobo Medicine

Financing Round: B+ Round

On May 29, Haobo Medicine announcedCompleted $50 Million Series B+ Financing RoundThis round was led by a globally renowned industry investment institution, with follow-on investments from Qiming Venture Partners, CDH VGC, Genesis Capital, Genesis Venture Capital, Hanco Capital, and Sherpa Healthcare Partners. Thus far,Haobo Medicine has raised three rounds of financing in the past year, with a total amount of 160 million US dollars.。

AureoBio was founded in August 2019, focusing on the research and development of potential FIC and BIC targeted delivery small nucleic acid drugs for the treatment of diseases such as hepatitis B. The company's co-founder, CEO, and chairman is Dr. Guozheng Cheng, and the co-founder, CSO, and board member is Dr. Chengyong Yang. Both have previously worked at Gilead and have accumulated extensive experience in the research and development of antiviral drugs.

Haobo Medicine has two self-developed technology platforms—Med-Oligo™ ASO, Med-Oligo™, and based on these two platforms, it has developed multiple R&D pipelines. Haobo Medicine'sThe lead pipeline AHB-137 is a non-conjugated antisense oligonucleotide.（ASO）, is currently conducting Phase III clinical trials for the treatment of chronic hepatitis B。

PegBio

Financing Round: IPO

On May 27, Pleryon officially went public on the Hong Kong Stock Exchange. The IPO price was HK$15.60 per share, with a market capitalization of HK$6.021 billion, raising HK$300 million. The proceeds from the offering

PegBio was founded in 2008 and primarily focuses on developing innovative therapies for chronic diseases. The company's founder, chairman, and general manager is Dr. Min Xu. Before going public, the company completed 10 rounds of financing, raising over 1.4 billion RMB in total. Investors include Oriza Ventures, Mingly, Tigermed, Yingke Capital, Tasly, and others. In this IPO, PegBio introduced Yize Kangrui, a wholly-owned subsidiary of Hangzhou Gongshu, as a cornerstone investor.

Pleryon has developed multiple candidate drugs, primarily targetingType 2 diabetes, obesity, non-alcoholic steatohepatitis (NASH), and other common chronic and metabolic diseases. Among them,Core product PB-119 is a long-acting GLP-1 receptor agonist., only needs to be administered once a week.The drug was submitted for marketing in China in September 2023.，For the treatment of type 2 diabetes, and is currently conducting Phase I/II studies for obesity.PB-718 is a novel long-acting GLP-1/GCG dual receptor agonist, primarily developed for the treatment of obesity and MASH.

Bangshun Pharmaceutical

Financing Round: C+ Round

News on May 26: Bangshun Pharmaceutical Completes C+ Round Financing, Jointly Invested by Yuhang Financial Holdings and Huiding Investment. Bangshun Pharmaceutical, founded in May 2020 by Dr. Lü Yubin and Dr. Yin Jianming, focuses on developing innovative drugs for treating cancer, autoimmune diseases, and inflammation.

Currently, Bangshun Pharmaceutical has three core pipelines in the clinical stage. Its first pipelineBaricitinib is a JAK2 inhibitor., which was filed for marketing in China in August 2024 for use inTreatment of Intermediate- and High-Risk Myelofibrosis PatientsIn addition, Bosentan developed by the company has entered Phase III clinical trials for immune thrombocytopenia.

Junhem Bio

Financing Round: Strategic Investment

On May 20, Junhe Alliance Bio announced the completion of a multi-million yuan strategic financing round, exclusively invested by CSPC Guofang Fund. Junhe Alliance was founded in November 2020 and focuses onRecombinant Protein Innovative DrugsAndField of Synthetic BiologyInnovative Product Development.

Junheming Bio's R&D pipeline is strategically focused on cutting-edge protein drug fields with vast market potential, including serious medical conditions, consumer healthcare, and metabolic disorders. Among these, the core product...Recombinant Human Growth Hormone InjectionCompleted Phase III clinical trials for growth hormone deficiency;Recombinant Botulinum Toxin Type AA Phase III clinical trial for the treatment of moderate to severe glabellar lines in adults is currently underway, and a Phase I/II clinical trial for upper limb spasticity in adult patients after stroke has been completed.

Starryce Real

Financing Round: Angel+ Round

March 17. Xingsairui announcedCompleted nearly 100 million yuan in Angel+ round financingThis round of investment was jointly participated by Fosun Pharma's New Drug Innovation Fund and Crepharm. Previously, it also received angel round investment from Fosun Pharma and Crepharm.

XingSaiRuiZhen was founded in 2022,Incubated by Rehab Capital's New Drug Innovation FundFocusing on the field of cell therapy and regenerative medicine translation. Currently, the company's constructed technology platform covers the entire upstream and downstream R&D process of iPSC and its derivative products. Its off-the-shelf cell transplantation regenerative medicine platform has established pipelines in ophthalmology and metabolic fields. Among them, CRG-101 is an iPSC-derived corneal endothelial cell product, and CRG-002 is an iPSC-derived islet cell pipeline, both of which are currently in the preclinical stage.

Changxi Pharma

Financing Round: Pre-IPO - Strategic Investment

On March 4, Changxi Pharma announced the completion of a new round of financing jointly invested by Zhejiang Province's "4+1" Biopharmaceuticals and High-End Medical Devices Industry Fund and Qihang Investment.

Changxi Pharmaceuticals was founded in 2015 and focuses on the research and development of innovative inhalable powder formulations. It has two major development platforms for inhalable powders: particle milling/mixing and spray drying. Based on a self-developed and cooperative development model, as well as a strategy that combines generic and innovative R&D, the company already has multiple pipelines that have entered the clinical trial stage. Among them,CXG87 is an improved formulation of budesonide/formoterol inhalation powder.，Conducting research for asthma indicationsPhase III Clinical Trial。

Inbrea

Financing Round: A++ Round

On January 21, Yingbai Rui announced that it had completed a nearly 100-million-yuan A+ round of financing. This round was led by Huarui Investment, with participation from Tylon Investment, Sunzi Technology, Huayi Capital, and Binjiang 5050 Fund.

Pleryon was founded in 2016, and the founder of the company isDr. Zhenwei Miao, mainly focusing on the development of innovative drugs for immunotherapy, covering indications in the fields ofTumor, andImmune-related diseases, chronic diseases, and CNS, among other non-tumor diseases. The funds from this financing will be mainly used to advance the registration and clinical progress of the universal natural killer cell therapy pipeline, etc.

Based on its proprietary antibody-conjugated NK cell platform technology, Immbiotech has now developed multipleUniversal Off-the-Shelf Cell Therapy Products, including:

• IBR854 Cell Injection, under development for the treatment of advanced solid tumors, is currently in Phase II clinical trials for renal cell carcinoma.

• IBR733 Cell Injection is currently undergoing Phase I clinical trials for acute myeloid leukemia.

• IBR822 is currently in Phase I/II clinical trials for advanced solid tumors.

• IBR900, a ready-to-use NK cell product, is currently under clinical evaluation for treatment.Phase I Clinical Trial of Relapsed/Refractory CD20-positive B-cell Non-Hodgkin Lymphoma。

HighLight Pharma

Financing Round: Pre-C Round

On January 3, Gaoguang Pharmaceuticals announced the completion of a Pre-C round of financing worth 150 million yuan, jointly subscribed by Huajin Capital, Kangjun Capital, and INFINITY CAPITAL.

Pleryon was founded in 2017.Focusing on inflammation and neuroinflammation, the companyChairman and CEO: Dr. Congxin Liang. The company's first project isTYK2/JAK1 Dual InhibitorTLL-018, is currently conducting research onPhase III Clinical Trials for Rheumatoid Arthritis and Chronic Spontaneous Urticaria.

Gloria Pharma's other product pipelines also include:

• TLL-041/BHV-8000：A brain-penetrant, highly selective TYK2/JAK1 dual-target inhibitor, intended for the development of treatments for neurodegenerative diseases such as Alzheimer's disease and Parkinson's disease. The rights outside of Greater China have been licensed to Biohaven; the drug is currently undergoing a global multicenter Phase II/III registration study targeting early-stage Parkinson's disease.

• HL-300: A Topical Formulation with High Activity as a TYK2/JAK1/JAK2 Inhibitor(Local Skin Application), focusing on the field of dermatological treatment, is currently in Phase I clinical trials.

• HL-400: A highly active, highly selective, and brain-penetrant NLRP3 inhibitor based on molecular glue technology, currently undergoing Phase I clinical trials in the United States.

• HL-500: A highly active, highly selective, brain-penetrant LRRK2 inhibitor under development for the treatment of Parkinson's disease, currently in the preclinical stage.

Cover source: Visual China

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