Lion TCR Announces Over RMB 300 Million Series B2 Financing to Advance mRNA-Encoded TCR-T Cell Therapy for Solid Tumors

On June 27, 2023, VCBeat learned for the first time that Lion TCR had announced the completion of a Series B2 round of financing exceeding 300 million yuan, led by Guangzhou State-owned Development Holding Co., Ltd., with participation from Guangzhou Guoju Venture Capital Co., Ltd. and Shijiazhuang Pharmaceutical Group Nade Fund. The funds will mainly be used to support the advancement of Lion TCR's clinical trials, the construction of a GMP cell facility in Guangzhou, and the expansion of its R&D pipeline. On June 26, 2023, under the joint witness of Mr. Ong Ye Kung, Singapore’s Minister for Health, and Mr. Wang Weizhong, Governor of Guangdong Province, Lion TCR, Guangzhou State-owned Development Holding Co., Ltd., Guangzhou Guoju Venture Capital Co., Ltd., and Shijiazhuang Pharmaceutical Group Nade Fund signed the investment agreement for this financing at the 13th meeting of the Singapore-Guangdong Collaboration Council.

▲ Guangzhou Laien Biological Medicine Co., Ltd. signs agreement at the 13th Meeting of the Guangdong-Singapore Cooperation Council

Guangzhou Laien Biological Medicine Co., Ltd. has obtained the IND clinical approval for an international multicenter Phase Ib/II trial granted by the U.S. Food and Drug Administration (FDA). This is the world's first FDA-approved international multicenter clinical trial utilizing TCR-T cell therapy to treat hepatitis B virus-related hepatocellular carcinoma. Multiple patient infusions have been completed so far. This TCR-T cell therapy has also received Fast Track designation and Orphan Drug status from the FDA.

Laien Bio was incubated from Singapore's Agency for Science, Technology and Research (A*STAR) in 2015. Its first product is a First-in-Class HBV-specific TCR-T cell therapy, which uses mRNA technology to encode TCR for the treatment of hepatocellular carcinoma, demonstrating good safety and significant efficacy. Currently, Laien Bio has established a TCR discovery platform and an mRNA technology platform, expanding its pipeline by targeting different antigens to treat various solid tumors. The company’s portfolio spans from autologous cell therapies to off-the-shelf products, aiming to improve patient accessibility and provide innovative solutions for unmet clinical needs.

Currently, Guangzhou Laien Biological Medicine Co., Ltd. has established a TCR discovery platform and an mRNA technology platform. Based on these two platforms, the company is expanding its product pipeline to treat various solid tumors by targeting different antigens. Laien Biological Medicine has developed a range of therapies from autologous cell therapy to off-the-shelf products to improve patient accessibility and provide innovative solutions for unmet clinical needs.

▲ Laien Biotherapeutics

Regarding this round of financing, Dr. Peng Xiaoming, CEO of Guangzhou Laien Biological Medicine Co., Ltd., stated:"This successful financing will boost Laien Biopharma to rapidly and steadily advance its product pipeline in accordance with the established technology platform development strategy. It will also help Laien Biopharma further leverage the international platform of China-Singapore cooperation to vigorously promote technological innovation, and work together with Guangzhou State-owned Development Holding Co., Ltd., Guangzhou High-tech Zone Group, and CSPC Pharmaceutical Group to build an international biotechnology ecosystem in Singapore and the Greater Bay Area, establish a model unit in the field of cell therapy, benefit patients, and give back to society."

Lion TCR officially signed a contract with the Huangpu District Government of Guangzhou at the BioIndustry Conference in June 2022, establishing its China headquarters in Guangzhou's Sino-Singapore Knowledge City to expand its international development space. Dr. Peng Xiaoming further introduced, "Guangzhou possesses top-tier hospital resources in China, and the government provides significant policy and financial support to pharmaceutical companies. We have witnessed Guangzhou’s determination and favorable ecosystem for the biopharmaceutical industry’s development, so we decided to locate our China headquarters in Guangzhou. This will be an integrated base encompassing pipeline R&D, GMP manufacturing, and clinical registration. The China headquarters’ comprehensive base covers an area of over 5,000 square meters. Once completed, it will establish end-to-end operational capabilities that form a closed-loop system compliant with GMP standards, including cell product manufacturing, release, cold chain transportation, and patient infusion, serving Chinese patients."

▲ Laien Bio China Headquarters: Guangzhou International Biomedical Innovation Center (Left) & Guangzhou Zhongxin Wisdom Park (Right)

Regarding this investment, in addition to considering the strong technical capabilities of Guangzhou Laien Biological Medicine Co., Ltd., each investor also has their own considerations.

Guangzhou State-owned Development Holding Co., Ltd. focuses on the development needs of the biopharmaceutical industry, attracting high-quality enterprises to establish operations in Guangzhou through investment, thereby strengthening and completing the biopharmaceutical industry chain in Guangzhou.Hao Bichuan, Member of the Party Committee and Chief Accountant of Guangzhou State-owned Development Holding Co., Ltd., said, Guangzhou State-owned Development Holding Co., Ltd. has invested over 1.4 billion yuan in the biomedicine and health industry sector, playing a leading role as industrial capital. It has identified and provided precise support to leading enterprises in the industry, achieving basic coverage of major investment directions in biomedicine, with an even distribution across early, mid, and late-stage projects. This investment in Guangzhou Laien Biological Medicine Co., Ltd. represents a core demand within Guangzhou's innovation and upgrading opportunities. Guided by the development philosophy of "investing today for future benefits," and leveraging resources from both central locations, it focuses on the technological innovation and scalability of Laien Bio. The fund cluster’s function of using investment to attract business is being utilized to draw leading enterprises and technology innovators to establish themselves in Guangzhou, providing robust support for technological innovation, talent exchange, and expanding domestic and international cooperation in the cell therapy field of Guangzhou's biomedicine industry.

Guangzhou Guoju Venture Capital Co., Ltd. hopes that the cooperation with Guangzhou Laien Biological Medicine Co., Ltd. will accelerate the development of the biopharmaceutical industry in Huangpu District, Guangzhou.Yang Xi, Chairman of Guangzhou Guoju Venture Capital Co., Ltd., said:Guangzhou Laien Biological Medicine Co., Ltd. owns original target technology and comprehensive intellectual property rights. Its innovative mRNA-encoded TCR-T platform technology can be continuously expanded to various solid tumors. The joining of Laien Bio will help Huangpu District promote the development of the biopharmaceutical industry, drive the growth of high-end bio-industry clusters, and enhance the innovation level of biomedicine in Guangzhou and even the Greater Bay Area.

ShiYao Nad Fund has recognized the leading technical strength and development prospects of Laien Bio in the industry, as well as the significant benefits that cooperation may bring to both parties.Sun Jumin, Managing Partner of Stone Pharmaceutical Nad Fund, stated:Laien Bio's original scientific research strength, international team background, focus on the exploration of original technology, and its deep cultivation in the mRNA and TCR-T fields have drawn our attention. CSPC Pharmaceutical Group is the only company in China to have received emergency use approval from the National Medical Products Administration (NMPA) for its mRNA-based COVID-19 vaccine. With extensive experience in the industry, CSPC has abundant resources in clinical research, market promotion, and other aspects. This investment in Laien Bio aims to further promote joint exploration and cooperation between Laien Bio and CSPC in various drug development methods based on mRNA. If breakthroughs in drug feasibility are achieved, the two parties could leverage their respective resources to create a win-win situation in clinical and commercial fields in the future.

Guangzhou State-owned Development Holding Co., Ltd. (referred to as "Guangzhou SDH") is the state-owned capital investment and operation platform of Guangzhou City. It leads the establishment and operation of a 150 billion yuan Guangzhou Industrial Investment Fund and a 50 billion yuan Guangzhou Innovation Investment Fund. The group owns four fund management companies, has invested in and established more than 50 funds in collaboration with leading institutions, and provides full-chain fund investment services. It has formed a business system encompassing "fund management + industrial investment + capital operation + park services + technology services" and an operational structure featuring "a cluster of listed companies + functional platform clusters + industrial development fund groups + innovative value-added parks." It is committed to building a first-class, market-oriented, professional, and international state-owned capital investment and operation platform.

Guangzhou Guoju Venture Capital Co., Ltd. is a wholly-owned private equity fund subsidiary of Guangzhou High-tech Zone Group, managing and participating in funds with a scale exceeding 3 billion yuan. Through the capital-leading amplification effect of the "Biomedical Industry Fund," it has participated in the establishment of the "China-Israel Phase II Fund" and the "Guangdong Traditional Chinese Medicine and Health Fund." It has successively reached cooperation agreements with well-known investment institutions such as Matrix Partners China, Pinehill Capital, and Oriza Ventures, and is committed to becoming an outstanding state-owned venture capital company in the biomedical industry in the Guangdong-Hong Kong-Macao Greater Bay Area and a well-known market-oriented mother fund management institution in China.

Nadhe Pharma is a pharmaceutical investment fund jointly established by CSPC Group and Nadhe Capital, managed by Shanghai Shifeng Xinhui Venture Capital Management Co., Ltd., a subsidiary of CSPC Group.

CSPC Group is a national innovative enterprise that integrates the research, development, production, and sales of innovative drugs. The Hong Kong-listed company (01093.HK) has joined the billion-dollar market value club. CSPC Group's products are sold in more than 100 countries and regions worldwide, with 36 varieties each generating sales of over 100 million yuan.