24 Chinese Cell and Gene Therapy Companies Secure Financing in Early 2024, Advancing Diverse Therapeutic Platforms

With continuous breakthroughs in the research and clinical progress of cell and gene therapies, cell and gene therapy remains one of the hottest investment fields. This article summarizes the financing situation of China's cell and gene therapy industry from January to April 2024.

According to incomplete statistics, Cell and Gene Therapy (CGT)There were 24 financing events in China for innovative drug and supply chain enterprises.The total disclosed financing amount exceeds 2 billion RMB.In terms of financing rounds, most innovative drug companies are still in the early stages of financing. There were 19 deals in angel, seed, and Series A rounds, accounting for nearly 80% of total financing, while there were only 3 deals in Series B/B+ rounds, and one deal each in Series C and D rounds. In terms of the amount of financing, only six companies raised over 100 million RMB, indicating that early-stage investments and small-scale investments in the CGT field are quietly gaining popularity.(Note: CGT mentioned in this article includes cell therapy, gene therapy, oncolytic virus, and DC vaccine.)

▲ Image Source: MedMerck整理(If there are any omissions, please feel free to point them out.)

June 14-15

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HuaDao CAR-Tcell has been deeply engaged in the CAR-T field, and in 2023, three of its CAR-T products received Investigational New Drug (IND) approvals. Additionally,Its independently developed fully enclosed automated cell culture system has become the first domestically produced equipment approved by the state for cell culture., officially paved the way for an accessible CAR-T drug CMC, which not only achieves domestic substitution to directly reduce production costs but also enables fully closed and automated production in a Grade C environment, significantly saving labor and management operational costs.

A Single Blossom Does Not Make a Spring. With the successful launch of the world's first TIL cell therapy for treating solid tumors, the blue ocean track of cell therapy has also seen frequent progress. Hengrui Yuanzheng (Shanghai) Biotechnology Co., Ltd.'s TCR-T and MASCT-I, as first-in-class products, have been successively approved for clinical trials, building...The world's first TCR-T product targeting high-frequency HLA in the Chinese population,With patent authorization in China and the US, and extensive PCT coverage；ROC ROCK Biotechnology, the leader in CAR-M, has developedThe World's First Third-Generation CAR-M to Enter the IIT Stage, which can treat a variety of refractory solid tumors; the Xianbo team is actively expanding the therapeutic potential of CAR-NK cell therapy across different indications, bringing in vivo cell therapy technology based on mRNA into the clinical validation stage; Yivon Bio has established three core technology platforms—CNK-T, VAC-T, and U-T—taking an alternative approach. Its unique CNK-UT technology platform provides a breakthrough solution to the pain points of cell therapy for solid tumors and universal-type therapies, with exploratory clinical trials preliminarily confirming the significant efficacy of CNK-UT in the treatment of advanced liver cancer and neuroblastoma.

In addition, the stem cell field is not left behind. Huixin Yiguo and Yue Sai Biotechnology are actively developing stem cell therapies for neurological diseases, and Huixin Yiguo has completedWorld's First Neurosurgery Using iNSC-DAP Autologous Cell Transplantation for Parkinson's DiseaseLeapcell Bio also expects to complete the IND clinical trial application in 2024 and currently owns a variety of self-developed innovative technology platforms for human pluripotent stem cells.

Although these companies have different technical approaches, they allThrough grassroots innovation, mastering core technologies, owning independent intellectual property rights or fully self-developed processes, and fearing no overseas patent barriers.. These professional technologies have become the foundation of enterprises' independent R&D journey, and also allowed capital to sniff out new business opportunities. Hundreds of millions in financing are polishing these rough gems, and the flourishing era of cell therapy is approaching.

In the cell therapy track,Shanghai Xinji Pharmaceutical R&D Group Secures Maximum Financing of $35 Million, is collaborating with 110 Class III hospitals nationwide to jointly advance clinical trials and cell drug research.By collaborating with hospitals to optimize processes and shorten approval times, a more convenient recruitment channel is provided for patients who need to participate in clinical trials., allowing more patients to timely access advanced drugs and treatment methods.

In 2023,The world's first gene-editing therapy, Casgevy, has been approved for marketing by the FDA, injecting a strong boost into the field of gene-editing therapies., encouraging deeper exploration and innovation in this field. Many gene therapy innovators have begun shifting from ex vivo gene editing to the more challenging in vivo gene editing, sparking a new wave of research and development in novel gene editors and delivery systems, propelling gene-editing therapies into a rapid growth phase.

At the beginning of the New Year in January 2024, Anlong Biotechnology successfully completed a multi-million RMB A+ round of financing, which will be used to advance the clinical trials of its AAV gene therapy product AL-001 and the research and development of small nucleic acid innovative drugs. This isThe first AAV gene therapy drug in China administered via suprachoroidal injection (SCS), and also the world's first gene therapy expressing aflibercept delivered through the suprachoroidal space.The safety of gene drugs is crucial. Suprachoroidal administration is safer and simpler compared to intravitreal injection and subretinal injection, causing less damage to ocular tissues. Therefore, the innovative suprachoroidal injection by Anlong Biotechnology will be a core technical advantage in the field of gene therapy.

Subsequently, Addbio completed a multi-million-dollar angel round of financing to advance the clinical layout of gene therapy and accelerate the construction of an in vivo gene editing technology platform. Addbio isThe only gene drug research and development company in China that masters Type I CRISPR technology, which has been successfully applied to virus clearance. As a technology platform company, iBEAC continues to expand new application scenarios for gene editing.

On March 19, StarMoy Biotechnology completed a Pre-A+ round of financing worth tens of millions of RMB. The funds from this round will be used to conduct Phase 1/2 clinical trials for the company’s pipeline product targeting wet age-related macular degeneration (wAMD), a gene therapy drug.Combining the Advantages of Dual-Specificity Targeting and Intravitreal Injection Capsid, which is expected to achieve a single injection with lifelong effectiveness.

On April 3, GenEdit Therapeutics, a gene editing platform-based technology company, completed a Pre-A+ round of financing worth tens of millions of US dollars. The funds will be used to support the development of the company's next-generation gene editing tools and the rapid advancement of its product pipeline. GenEdit Therapeutics focuses on developing technologies based onNext-Generation Gene Editing Tools with Novel Cas Nucleases: Enhancing Efficiency and Precision, Reducing Off-Target Effects, and have excavated dozens of natural Cas nucleases with high efficiency and high precision in human cells, which possess different characteristics from the commonly used Cas9 to suit various gene editing application scenarios.

In the same month, another gene-editing company, Zuanma Bio, completed a seed funding round worth tens of millions of RMB. The funds will mainly be used for the development and advancement of gene-editing pipelines and the construction of an ultra-compact editor platform. Zuanma Bio is committed to clinically transforming highly efficient ultra-compact gene editors into gene therapies that offer "one dose for a lifetime cure." The company possesses alphaCas®, the world’s leading ultra-compact and highly efficient gene editor, as well as a metagenomics-based gene editor mining platform.With the engineering capability of ultra-small gene editors and rapid target screening and pipeline development capabilities.Based on cutting-edge gene editing technology, ZHUANMA Biotechnology is committed to expanding gene editing therapies from genetic diseases to chronic common diseases, developing best-in-class and first-in-class new drugs.

DC cells are the most potent professional antigen-presenting cells known in the human body for activating T cells. They can maturely initiate, regulate, and maintain the central aspects of immune responses. DCs can be used in combination with various cells to enhance anti-tumor immune effects and can also be formulated into DC vaccines. Currently, multiple DC vaccine products have been approved globally for the treatment of various tumors such as prostate cancer, renal cancer, and glioma. New progress in China's DC sector was also reported this year.

Following the completion of a hundred-million-level financing in November 2023, Hengsai Biotechnology secured another multi-million-yuan A+ round of financing at the beginning of this year. The funds will be used to advance the expansion and clinical applications of its DC vaccine pipeline, as well as the construction of its Zhongshan R&D center and pilot production facility. Good news comes in pairs—on March 30, Hengsai Biotechnology announced that its leading pipeline product, KSD-101, had received Investigational New Drug (IND) approval from the U.S. FDA, marking a significant milestone.China’s first original dendritic cell vaccine (DC vaccine) product to receive FDA IND approval in the United States.The company has successfully built the Eco-DCVax platform, aiming to break through industrial technology barriers and develop high-quality DC vaccine products that are safe, efficient, and convenient to administer, with independent intellectual property rights as global First-in-Class treatments. The developed product – a therapeutic dendritic cell vaccine – provides new treatment approaches and strategies for diseases that urgently need effective therapies in clinical practice, such as recurrent and refractory tumors, chronic viral infections, and autoimmune diseases.

At the beginning of this year,Oncolytic virus leader CG Oncology completes $105 million financing and applies for IPO amid "winter" backdrop,Roche and BMS have extended olive branches of collaboration, and with major players like Takeda beginning to make strategic moves, these signs indicate that oncolytic viruses, with their unique mechanisms, are gaining recognition in the capital markets, and the sector is continuously heating up.

Looking back in China, Oncolytic Virus company Yinghui Medicine successfully completed a multi-million RMB A1 round of financing.The company possesses full-chain industrial capabilities in the design, construction, validation, process development, and large-scale production of oncolytic viruses.Focusing on the next-generation "First-in-Class" oncolytic virus innovative drug using adenovirus technology, the fastest progressing YH01 targets triple-negative breast cancer (TNBC). In vivo and in vitro studies have shown that this product has disruptive efficacy. This round of financing will advance its Phase I clinical study.

The innovative drug industry and the upstream and downstream of the pharmaceutical supply chain complement each other and achieve mutual benefits, with financing activities being equally fervent. Amidst the surging global wave of continuous growth in biopharmaceutical R&D, they are seeking more opportunities to collaborate on new drug projects, focusing on production services for CGT and nucleic acid drugs. From January to April, companies such as Yuanbo Biotech, Shenyan Biotech, Bailingke, Saicheng Biotech, Zhongbo Ruikang, Hengyu Biotech, Bailian Pharma, Junji Biotech, and Shenzhen Cell Valley successfully completed financing rounds, injecting new vitality into their ongoing development.

ROC ROCK Biotechnology has completed a seed round of financing worth nearly HKD 10 million.Core Business: Intelligent Equipment for the Cell Industry, leveraging its own microfluidic technology, AI technology, and iPS cell culture technology, provides AI-driven cell sorting, imaging, and culture equipment for the regenerative medicine field, with the ultimate goal of achieving automation throughout the entire cell and organ production process.

Deep Research Biology will use the over 300 million yuan B+ round of financing for further...Promote the commercial application of large-scale production technology for lentiviral vectors (LVV) and the research and development of large-scale production technology for adeno-associated virus vectors (AAV)., as well as the optimization of an integrated solution for automated production of cellular drugs, fully supporting customers in the development, application, clinical trials, and commercial production of cellular drugs. Meanwhile, the funds raised in this round will also be used to further expand into international markets and support the company’s expanded operations.

Bailinco always focuses on overcoming the "bottleneck" technologies in bioprocessing, providing efficient, safe, and competitive process solutions for the biopharmaceutical field. This hundreds of millions of yuan in A+ round financing will strengthen Bailinco's industrial capital and accelerate progress in product development, technology enhancement, and international market promotion. The company specializes...Focus on the research and development and manufacturing of key process equipment and consumables for vaccines, antibody drugs, recombinant proteins, cell therapy, gene therapy, blood products, and other biologics., while providing product validation and process development services.

China's Innovative Biobanking Cryopreservation Technology Platform "SaveCells Bio" to Complete Tens of Millions of Angel Round Financing for the Development and Production of Ice-Controlled Biobanking Cryopreservation Solutions. SaveCells Bio, with its proprietary ice-control cryopreservation technology,Development of a New Generation of DMSO-Free Safe Cell Cryopreservation Solution, breaking through the limitations of its clinical application. In addition, Saicun has also developed pipelines such as oocyte/embryo cryopreservation solution and sperm cryopreservation solution, which can achieve safe and efficient cryopreservation of human reproductive cells, and are expected to revolutionize the technology in the assisted reproduction industry.

Zhongbo Ruikang Completes Nearly 100 Million Yuan B-Round Financing, to Further Strengthen Its R&D Capabilities in the Cell Preparation Tools Field, Build a Modern Production System, and Enhance Global Registration Certificate Capabilities, Actively Expanding the Global Market and Accelerating Its Internationalization Process. Since Launching the First Batch of Self-Developed Products in 2021,Zhongbo Ruikang successfully expanded its product series from the initial 2 to 7, fully covering every aspect of cell preparation.. This achievement not only demonstrates ZHONGBO RUIKANG's strength in technological innovation and continuous research and development but also reflects the company's firm commitment to enhancing the productization capabilities and quality of fully automated cell preparation systems.

Hengyu Biotechnology Successfully Completes Nearly 200 Million RMB in Series B Financing. The funds will be used to further enhance the company's international compliance quality system, expand the product line, and accelerate the layout of overseas business. Relying on international compliance standards, Hengyu Biotechnology demonstrates exceptional quality and technical strength.Built a Biosafety one-stop service platform focusing on large molecule drugs and CGT drugs., meeting the stringent requirements of global regulatory authorities such as NMPA, FDA, and EMA, completing the entire lifecycle management of IND, BLA submissions, and commercial production for biologics, providing reliable support for innovative pharmaceutical companies.

Bailian Pharma Completes Multi-Million Angel+ Round Financing to Accelerate CDO/CMO Platform Capacity Conversion at Shanghai CMC R&D Center, While Advancing Process Development and IND Filing for Client-Commissioned Pipelines. Bailian Pharma is a service-oriented enterprise specializing in CDO/CMO services for biologic innovative drugs represented by novel CGT drugs.Compliant with third-party GMP verification and BSL-2 laboratory requirements for pathogenic microorganisms, It can provide new delivery vehicle development (DD), new cell technology development (CD), production process development (PD), analytical method development (AD), formulation development (FD), quality system development (QD), and GMP small-scale and pilot production outsourcing services for scientific research institutions, research-oriented hospitals, and early-stage Biotech companies both in China and abroad. Notably, in 2022, Bailian Pharmaceuticals also acquired eMedClub, forming a competitive advantage driven by the dual engines of "technical services + brand expansion," empowering biopharmaceutical innovation companies throughout their entire lifecycle to achieve rapid development.

Junji Biotechnology Completes Tens of Millions of Yuan in Pre-A Round Financing, Focusing onEngaged in the research, development, and production of oligonucleotide chemical synthesis, gene synthesis, and related technical applications., providing comprehensive solutions for fields such as molecular diagnostics, nucleic acid chemistry, synthetic biology, and antibody drug development; with its efficient operations and extensive experience, it aims to become the most professional oligonucleotide chemical modification company in China.

Shenzhen Cell Valley Completes Nearly 100 Million Yuan in Angel+Pre-A Round of Equity Financing, Shenzhen Cell ValleyOvercame multiple domestic and international technical challenges in cell therapy., such as the production and quality control technology of allogeneic NK cells, the successful development of a novel virus vector-producing engineered cell line with full independent intellectual property rights, and internationally leading retroviral vector transduction efficiency of over 90% in primary NK cells.

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