Qihan Bio Announces Over RMB 100 Million Pre-B Financing to Advance High-Throughput Gene-Edited Stem Cell-Derived Therapies

On September 22, 2023, Hangzhou Qihan Biotech Co., Ltd. (hereinafter referred to as "Qihan Biotech") announced the completion of a Pre-B round of financing exceeding 100 million yuan. This round of financing was participated in by Zhejiang Provincial Industrial Fund Co., Ltd. and existing investors. The total funds from this round of financing and the company’s reserve funds are sufficient and will support Qihan's rapid product iteration and global development of gene-edited stem cell products over the next four years.

Dr. Luhan Yang, Founder and CEO of Hangzhou Qihan Biotech Co., Ltd.Said: "We are very grateful for the consistent support from our existing shareholders and the trust placed in Qihan by our new shareholder, Zhejiang Provincial Industrial Fund Co., Ltd. There are still many core issues to be addressed in the field of off-the-shelf cell therapy, but the combination of gene editing and stem cell therapy holds tremendous potential for creating accessible products to serve a broad population of cancer patients. We will continue to leverage Qihan's research and development strengths along with our talented team, dedicating ourselves wholeheartedly to in-depth research, with the goal of developing effective, long-term off-the-shelf cell therapies for patients as soon as possible."

Hangzhou Qihan Biotech Co., Ltd. was founded in Hangzhou, China in 2017. It is a biotechnology company that applies high-throughput gene editing technology to the fields of cell therapy and organ transplantation. Qihan Biotech aims to leverage its high-throughput gene editing technology and deep understanding of immune transplantation to develop immunologically compatible allogeneic cell therapies and xenotransplantation treatments, bringing hope to millions of patients and their families worldwide. Currently, the company’s allogeneic cell therapy products have entered investigator-initiated clinical trials, and one of the products has received tacit approval for clinical trials from the National Medical Products Administration. This marks China's first gene-edited iPSC-derived cell therapy product approved for clinical trials.