Neurophth Biotechnologies Secures Nearly RMB 700 Million in Series C+ Financing to Advance Ophthalmic Gene Therapy Pipeline

On August 9, 2023, Neurophth, a leader in gene therapy for ophthalmic diseases in China, announced the completion of a nearly 700 million yuan C+ round of financing. This round of financing was jointly led by Yangtze River Bank Investment, together with three state-owned enterprises—Optics Valley Financial Holdings, Wuhan Hi-Tech, and Optics Valley Health Investment—and Guangzhou Financial Holdings. Renowned investment institutions such as SDIC Venture Capital, Paradise Silicon Valley, and Yangtze River Industrial Investment also participated in the investment. The proceeds from the C+ round will be used to advance the clinical trials of core products, enhance the company's R&D capabilities, and expand its product pipeline.

Previously, Neurophth completed its Series C financing in 2021, which was co-led by SDIC Capital and Sequoia China, with follow-up investments from Sunshine Life Insurance and Yangtze River ChiNext. It also completed its Series B financing led by Guofang Capital and Zhiyi Investment, with follow-up investments from Yuanfeng Capital, Oriza Holdings, Huiyuan Capital, Sequoia China, and Northern Light Venture Capital. In early 2020, it completed its Series A financing led by Sequoia Capital China and Fosun, with follow-up investment from Northern Light Venture Capital. Additionally, in August 2018, it completed its angel round of financing led by MiracleLight, a subsidiary of BGI Group, with follow-up investments from Mint Venture Partners and Northern Light Venture Capital.

In 2023, Neurophth's core product NR082 (rAAV2-ND4) became the first gene therapy drug in China to complete patient enrollment for a Phase III clinical trial and completed the enrollment of the first patient in a U.S. Phase I/II clinical trial. Neurophth’s second new drug, NFS-02, currently the world's only gene therapy under research targeting ND1-LHON, has received implied consent for clinical trials from both the Chinese National Medical Products Administration and the U.S. Food and Drug Administration (FDA), and is currently conducting global multicenter clinical trials.

Professor Bin Li, Founder, Chairman and Chief Executive Officer of NeurophthStated: "We are highly honored to have gained the trust and recognition of top investment institutions in the biopharmaceutical field during our C+ round of financing. This year, the clinical progress of Neurophth's products has achieved encouraging breakthroughs. Moving forward, we will continue to focus on developing gene therapies for patients with ophthalmic diseases worldwide. With the support of capital and the advantages of our technical platform, we will accelerate the progress of clinical trials and new drug development, bringing gene therapy drugs to patients more quickly. We are opening the door to Neurophth's dream while also opening a window of light for patients."

Mr. Su Zhang, Chief Financial Officer of NeurophthStated: "We are grateful for the recognition from top-tier investment institutions of Neurophth's initial achievements and future potential. This round of financing will provide strong support for the clinical trials of our core products and help accelerate the development and commercialization of new drugs. We will continue to increase our investment in research and development, continuously improve our technology, and expand our pipeline to meet the unmet needs of more patients."

Mr. Peng Lin, Board Secretary and Senior Vice President of NeurophthStated: "The strong support from investors is the solid cornerstone for Neurophth's continuous development. We will continue to leverage our innovative strength, advance through ongoing research and active exploration, drive the development of the gene therapy field, and become a global leader in ophthalmic gene therapy, in response to everyone's support and expectations."

Yangtze River CMBRepresentative stated: "Yangtze River CMB has witnessed the rapid progress and outstanding achievements of Neurophth in technology development and clinical trials, and deeply understands Neurophth's strength and potential in the gene therapy field. This round of financing also received strong support from the state-owned asset platform of Optics Valley, Wuhan. In the future, we and various state-owned platforms will continue to work hand-in-hand with Neurophth, supporting the company’s innovative development on a global scale. We look forward to seeing Neurophth continuously grow and achieve breakthroughs, so that its gene therapy products can benefit patients around the world as soon as possible."

Huang Cheng, Chairman of Guangzhou Jinkong Fund"We are very optimistic about the future development of Neurophth."

SDIC Capital Life Science TeamStated: "SDIC Capital is delighted to continue participating in Neurophth's new round of financing. We firmly recognize Neurophth's leading position in China's gene therapy field. SDIC Capital will continue to join hands with the Neurophth team to promote the company's growth and contribute to the development of China's gene therapy industry. We look forward to Neurophth's products being launched as soon as possible to benefit patients worldwide."

Neurophth is a leader in the gene therapy industry for ophthalmic diseases in China, with subsidiaries in Wuhan, Suzhou, Shanghai, and San Diego, USA. It is committed to developing gene therapies for hereditary diseases for patients worldwide. The trial data from investigator-initiated retinal gene therapy studies have successfully validated our AAV platform, and the results have been published in Nature-Scientific Report, Ophthalmology, and EbioMedicine. Our core product, NR082, which aims to treat ND4-mediated Leber's Hereditary Optic Neuropathy (ND4-LHON), has been granted Orphan Drug Designation (ODD) by the US FDA and the European Medicines Agency (EMA). It is the first Chinese-developed gene therapy drug to receive clinical trial IND approval from both China’s NMPA and the US FDA. Patient enrollment and dosing for the Phase III clinical trial in China have been completed, and multiple clinical research centers have been initiated in the United States. The company's second US ODD drug, NFS-02, has received IND approval in both China and the US and is currently undergoing global multicenter clinical trials. The company's pipeline also includes preclinical candidates for autosomal dominant optic atrophy, optic neuroprotection, and vascular retinopathy. Neurophth has initiated internal production capacity expansion at its Suzhou facility to support future commercial demands.

Hubei Yangtze River CMB Industry Fund Management Co., Ltd. ("Yangtze River CMB") is a wholly-owned subsidiary of CMB International. The Yangtze River CMB Industry Fund, managed by the company, has made significant strategic investments in high-tech fields such as healthcare, new energy, and intelligent manufacturing. Going forward, it will continue to leverage capital to support the rapid development of high-tech enterprises.

Guangzhou Jinkong Fund Management Co., Ltd. (hereinafter referred to as Guangzhou Jinkong Fund) is the core comprehensive private equity investment fund management platform under the Guangzhou Jinkong Group, with a registered capital of 1.1 billion yuan. Rooted in Guangzhou and based in the Guangdong-Hong Kong-Macao Greater Bay Area, Guangzhou Jinkong Fund has expanded its investment business globally. Focused on innovation and upgrading along industrial chains, it has gradually built a cluster of investment funds including a science and technology innovation fund, state-owned enterprise innovation fund, district-level investment fund, urban renewal fund, rural revitalization fund, life health fund, and hard technology fund. It is committed to creating a "five-in-one" service model that integrates high-quality enterprises, solidifies industrial parks, enhances financial services, provides an IPO platform, and forms industrial clusters. The company offers comprehensive and innovative financial services to invested enterprises, including industrial chain integration, capital operations, and government resource empowerment. Currently, the company manages 26 industry-focused equity investment funds and 3 government investment funds, with an asset management scale of 48.277 billion yuan. Its funds have cumulatively invested in 281 projects, among which 48 companies have gone public.

SDIC Capital is a leading private equity management institution in China, focusing on advanced manufacturing industry investments. It values technological innovation, excellent entrepreneurs, and team value, with key investments in smart manufacturing, new energy intelligent vehicles, life sciences, information and communication technology, and other fields. It is committed to promoting the green, digital, and service-oriented development of the manufacturing industry. The team has cumulatively managed assets exceeding 100 billion RMB, with investors including financial institutions, social security funds, state-owned, and private capital.