Grit Biotechnology Completes $60M Series B Financing to Advance Pioneering TIL Therapies for Solid Tumors

On September 8, 2023, Grit Biotechnology completed a Series B financing round exceeding 400 million RMB. This round was led by a fund under CICC Capital, with participation from Qianhai Ark, Liantuo Investment, Yuanhe Capital, Hefangtian Partnership, and existing shareholders Sherpa Healthcare Partners, Decheng Capital, and Matrix Partners China. The proceeds will support the development of the company's Tumor-Infiltrating Lymphocyte (TIL) therapy pipeline, including the pivotal clinical trials for GT101 and the development of multiple next-generation gene-edited TIL pipelines, aiming to provide cell therapies for solid tumor patients globally.

Grit Bio was founded in 2019 as an innovative pharmaceutical company focused on tumor immunotherapy and cell treatment, with a research pipeline represented by TIL drugs. GT101 Injection, independently developed by Grit Bio, is the first TIL drug in China to be approved for clinical trials, and it is about to enter the pivotal Phase II clinical trial. The company's core R&D platforms include StemTexp.^®Dry TIL Expansion Technology Platform, StaViral^®Virus Stable Transfection Process, ImmuT Finder^®Immune Regulation Target Discovery Platform, KOReTIL^®An efficient gene knockout system, and has developed a series of next-generation gene-edited TIL drugs based on the platform. Grail Bio has world-leading technical reserves and industry resources, aiming to create groundbreaking solid tumor cell therapies, bringing new hope to cancer patients.

"We are delighted to receive the support and recognition from the best investment institutions in the industry. We will accelerate the clinical development of our leading pipeline, GT101, and expedite the commercialization of the product," said Dr. Liu Yarong, co-founder and CEO of Grail Bio. "Grail Bio consistently upholds the values of perseverance, integrity, focus, and care, as well as the vision of restoring the joy of life to cancer patients, continuously providing world-class cell therapy products to patients globally."

CICC Capital is the private equity investment fund business operation platform of China International Capital Corporation Limited (referred to as "CICC"), managing CICC's domestic and overseas private equity investment fund businesses. It has developed into one of China's leading private investment management institutions. Currently, the types of funds under management include RMB corporate equity investment funds, fund of funds, infrastructure funds, USD corporate equity investment funds, etc.

Qianhai Ark is a market-oriented fund management institution founded by Mr. Jin Haitao (current Vice Chairman of the Asset Management Association of China and Chairman of the Fund of Funds Professional Committee), in collaboration with Shenzhen Capital Group and leaders from the financial investment industry. Headquartered in Shenzhen, it has branches in Beijing, Shanghai, Zhengzhou, Qingdao, and other cities. The scale of funds currently under management and soon to be established totals nearly 70 billion yuan. Its funds include: comprehensive fund of funds, regional funds, specialized funds, and stage-specific funds, covering sectors such as information technology, life sciences, and advanced manufacturing. The funds possess a vast industrial resource pool, enabling industrial synergy and providing deep empowerment to invested enterprises.

LianDong Group, established in 1991, focuses on industrial services and park operations and has grown into an industrial group with nationwide influence in China. Its core enterprise, LianDong U Valley, currently operates 432 industrial parks across 83 cities in China, introducing and serving over 16,000 emerging manufacturing and technology companies. LianDong Group primarily invests in strategic emerging industries such as life health, intelligent manufacturing, and digital technology through direct investment and fund of funds using its own capital.

Yantai Yuanhe Equity Investment Fund Management Co., Ltd. (hereinafter referred to as "Yuanhe Capital") was established in 2019. As the equity management institution for external investments of Yantai Finance and Development Investment Group Co., Ltd. (hereinafter referred to as "Yantai Finance Group"), it has, to date, initiated and managed 17 funds with a total managed fund size exceeding 3.6 billion RMB. All funds under management have cumulatively invested in over 154 projects. Yuanhe Capital focuses on entrepreneurial support and investment opportunities in the fields of semiconductors, new materials, biomedicine, and advanced manufacturing. It is a firm believer in value investing, consistently adhering to the core values of "Trust, Value, Sharing, and Cooperation," and invests in and assists visionary and creative entrepreneurs to succeed in their ventures.