Navigating the Blue Ocean of Ophthalmology: An Exclusive Interview with Dr. Wu Kai, CEO of StellarGene Therapeutics

Together with Typhoon “Pulasang”, the VCBeat team arrived at the office of UgeneX in Zhangjiang, Shanghai, and met Dr. Kai Wu, who was in high spirits.

As soon as we entered Dr. Wu Kai's office, a fascia gun and a folding bicycle caught our eyes first, which also became our first topic of conversation.

VCBeat: Does Dr. Wu also enjoy sports?

Dr. Wu Kai:I really enjoy sports, and I've been sticking to morning exercises and playing soccer for nearly 30 years. Soccer is my favorite, but now that I'm older, using a fascia gun to aid recovery has become an essential "tool" that I carry around.

In fact, I was weak and sickly as a child, but under my father's encouragement, I developed the habit of morning exercises. With long-term persistence, I ended up being one of the fastest runners in my grade at school. Later, I even represented the county track and field team in regional and municipal middle- and long-distance running competitions. This experience deeply impressed upon me the role of sports in cultivating perseverance, which is also crucial in our new drug research and development—long cycles and numerous challenges demand both a healthy body and unwavering determination to overcome obstacles and ultimately "cross the finish line" successfully.

As a team sport, football allows one to appreciate its technical coordination, competition, and the process of confrontation. From my perspective, it shares many similarities with new drug development. Just like a football team, every function in new drug development is indispensable — early research, CMC, clinical trials, registration, QA, QC, and other teams. Through effective communication and active collaboration, and under the supervision of the referee, which represents regulatory authorities, they fairly and compliantly overcome competitors and diseases to achieve victory. Dr. Wu jokingly remarked that he hopes that under the refinement of these two "football" endeavors, he can become an excellent coach in the future.

//During the introduction, Dr. Wu also demonstrated to VCBeat an exercise that can quickly relieve fatigue and strengthen core muscles using an office chair.//

VCBeat: I heard that Dr. Wu has worked in both MNCs and startups, and has also been involved in small molecule drugs and biologics. Why choose the cell and gene therapy track now?

Dr. Wu Kai:More than two decades ago, I had the chance to work on AAV research and development, but I didn’t cherish it. Now that I’ve been given a second chance, I must seize it. Dr. Wu humorously began his response with a reference to *A Chinese Odyssey*.

During my Ph.D. studies at the University of Florida, I had the opportunity to choose the then-emerging research direction of AAV gene therapy, in which the University of Florida was also a world leader at the time. However, after considering various factors, I opted for the field of clinical pharmacology, which was more closely aligned with new drug development and had broader applications. After graduation, I spent nearly 20 years in the pharmaceutical industry, and now, by joining UgeneX, I have fulfilled a dream about gene therapy that I've had for over 20 years.

With experience accumulated in antibody drugs and small molecule chemical drugs, instead of continuing to deepen these fields as a matter of course, I chose the gene therapy track because I am very optimistic about the CGT (Cell and Gene Therapy) field, including gene therapy. I still remember that Dawkins stated in "The Selfish Gene" that organisms are merely carriers of genes. Although this statement may seem radical, it makes biological and genetic sense. Antibodies and small molecule drugs are indeed highly effective for many diseases. However, to achieve true, complete, high-quality health and longevity—essentially humanity's ultimate dream of immortality and eternal youth—I personally believe that CGT technology and innovation currently appear to be the most promising means to realize such dreams.

VCBeat: Dr. Wu Kai, if you were an investor, would you choose to invest in UgeneX?

Dr. Wu Kai:My answer must be, definitely. Although it sounds a bit like boasting, for an industry veteran like me, the biggest investment is not about money, but time and energy. Before joining UgeneX, I did receive offers from other companies, one of which was also in the CGT field. However, I chose to invest this new phase of my career in Suzhou UgeneX Therapeutics Co., Ltd., which fully demonstrates my confidence in this company.

I believe a good innovative startup must balance internal and external strengths. First, it needs to strengthen its "internal skills," meaning R&D, and other things will naturally fall into place, such as financing and business development (BD). Talent, however, is the core driving force that runs through everything. My confidence in UgeneX stems first from its R&D pipeline and team. Additionally, UgeneX is a company incubated by Fosun Health Capital. During the early stages of incubation, it fully leveraged various resources within the Fosun Group, allowing researchers to focus on early-stage R&D, pipeline design, and development without being distracted by financing or resource allocation.

The investment model of Rehab Capital can be said to be benchmarking against the well-known foreign Flagship fund model. One of its core characteristics is: professionals doing professional work, and maximizing platform resources. Previously, we saw some replication of internet thinking in the business models of Chinese Biotech companies, relying on burning money to expand pipelines and accelerate pipeline progress, with both investors and Biotech company founders harboring the dream of "dual listings." However, this blind pursuit of speed and size goes against the original intention of drug developers and also leads to a lack of internal strength. Not only does the probability of innovative drugs successfully gaining approval for listing further decrease, but the probability of companies achieving commercial success and profitability also drops significantly, resulting in a great waste of resources in all aspects.

VCBeat: I often hear many founders and CEOs of Biotech companies say that they strive to be "hexagon warriors." What do you think about this? Do you consider yourself a "hexagon warrior"?

Dr. Wu Kai:(After pondering for about fifteen seconds, Dr. Wu Kai responded) I don't consider myself a "hexagonal warrior." I aspire to be a "triangular general" who possesses the qualities of a warrior and a fighting spirit. There are two significant differences between a "triangular general" and a "hexagonal warrior." One is the numbers "6" and "3." I want to focus only on the three most important things because human ability and energy are limited. By concentrating on the three most critical tasks, the probability of success in these areas will significantly increase. The second difference is that a "hexagonal warrior" has too many tasks that require personal involvement, or at least deep engagement. In contrast, as a general, one needs to identify who is best suited for a task, then fully empower them, communicate effectively, and allocate resources. This approach maximizes the chances of winning each battle.

VCBeat: Throughout the communication process, you mentioned "probability" many times. It seems that you have a special fondness for "probability"?

Dr. Wu Kai:I think life is pieced together by various probabilistic events. Developing truly innovative drugs, including gene and cell therapy drugs, has consistently followed the "three 10s" rule over the years, according to big data: 10 years, 1 billion US dollars, and a 10% success rate. How to increase the likelihood of low-probability events includes target and pipeline selection, indication choices, team and culture building, financing, external BD, and more. These factors are not additive but multiplicative. Each link is interconnected, with their percentages multiplying together to form the final probability of a Biotech company's success.

"Because of my past experiences, I consider myself a ‘half-successful, half-failed’ entrepreneur. I’ve experienced both success and failure. Therefore, I have a deep understanding of the risks, probabilities, impacts, and importance of every step in the process. What I hope for now is to ‘accomplish one thing’ rather than ‘do many things.’ I feel that UgeneX aligns perfectly with my philosophy—small but excellent, focused on ophthalmology. I also look forward to our innovative gene therapy drugs reaching the market as soon as possible, so that more blind patients can regain their sight."

Unknowingly, the interview had lasted for over an hour. Besides Dr. Wu Kai's meticulous logic, profound understanding of innovative drugs, and confidence in UgeneX, we were also deeply impressed by the healthy and nutritious braised chicken leg and stir-fried baby bok choy from the cafeteria downstairs.

Column Author: Xiao Bo

A warrior who has been through ups and downs in large foreign enterprises for about twenty years;

A person with taste, interest, and a hint of medicine;

A versatile expert with a background in chemistry, biology, finance, psychology, strategy, and an MBA degree;

"Proposes 'No Need to Strive, Go Further,' A Media Professional Anticipating the Long-term Sustainable Development of the Innovative Drug Industry"

My main job is the BD leader of a PDMO company.

Hope to explore the essence from a different perspective, and use humor to keep difficulties at bay.