Eluminex Biosciences Secures Over $40 Million in Series B Financing to Advance Ophthalmic Innovations and Recombinant Human Collagen Platform

Suzhou, China/San Francisco, USA, February 28, 2023 – Eluminex Biosciences (Suzhou) Limited (Eluminex Biosciences) announced the completion of a Series B financing round exceeding 40 million US dollars to advance clinical research on biosynthetic corneas and multiple ophthalmic innovative drugs. This round of financing was led by Cenova Capital, with participation from Yuexiu Industrial Fund, 3E Bioventures Capital, and Oriza Holdings, along with continued support from existing shareholders. ARK Zhoudu Capital served as the exclusive financial advisor to Eluminex Biosciences in this transaction.

Eluminex Biosciences was founded in early 2020 as a clinical-stage biotechnology company. The company's headquarters and research and development center are located in the Biomedical Industrial Park of Suzhou Industrial Park, with an international clinical and registration center in the San Francisco Bay Area of the United States. Dr. Jinzhong Zhang, founder, chairman, and chief executive officer of Eluminex Biosciences, previously served as an assistant professor of ophthalmology at a well-known American university and held senior leadership positions at Bausch & Lomb in the United States, Santen Pharmaceutical in Japan, and two U.S. biotechnology companies listed on NASDAQ. Members of Eluminex Biosciences' core management team have an average of over 20 years of experience in innovative drug and medical device development at globally renowned biopharmaceutical companies. They have led and participated in the development and commercialization of dozens of products, including blockbuster products with annual sales reaching billions of dollars.

One of Eluminex Biosciences' focus areas is the globally leading recombinant human collagen technology. The company expresses full-length type III human collagen with a triple-helix structure through synthetic biology technology and has mastered large-scale production processes. The biosynthetic cornea made from this material can treat vision defects related to corneal blindness, addressing the severe shortage of donated corneas. Currently, the world's first biosynthetic cornea Class III medical device registration clinical trial has been initiated. In addition to the biosynthetic cornea, recombinant type III human collagen with a triple-helix structure also has broad application prospects in other tissue regeneration medicine fields.

Eluminex Biosciences completed a Series A financing round of 50 million US dollars at the end of 2020, jointly led by Lilly Asia Ventures, Hillhouse Venture Capital, and Quan Capital. Over the past two years, the company has achieved remarkable success in team building and pipeline development. The proceeds from the Series B financing will be used to further develop its globally innovative ophthalmology pipeline and internationally leading recombinant human collagen technology platform, addressing the needs of patients in China and worldwide for ocular disease treatments and medical collagen products. The company expresses deep gratitude to the four renowned investment institutions and existing shareholders for their recognition and support of Eluminex Biosciences.

Cenova Capital Executive Director Zhang Chunyan"We are very optimistic about the R&D and execution capabilities of the team. The Eluminex team has, in just over two years, built two major technology platforms based on their deep accumulation and experience in innovative ophthalmic therapies — a full-length human collagen protein biosynthesis platform and a multi-target bispecific antibody development platform — and advanced relevant pipelines to the clinical stage. We hope this round of investment will help the company accelerate product development and bring better solutions to patients."

Eluminex Biosciences (Suzhou) Limited was founded in February 2020 as a biopharmaceutical company focused on ophthalmic diseases and recombinant human collagen technology. Led by an experienced team, Eluminex aims to build an innovative and sustainable product pipeline to address unmet clinical needs, benefiting patients with eye diseases and other conditions in China and globally. The company's headquarters and R&D center are located in Suzhou Industrial Park, with an international clinical and registration center in the San Francisco Bay Area of the United States.

Cenova Capital, established in 2010, is one of the earliest professional funds in China dedicated to investment in the healthcare and life sciences sectors, committed to promoting the transformation, upgrading, and innovation of China's healthcare industry. Cenova Capital currently manages seven healthcare industry funds, with fund contributors including internationally and domestically renowned institutional investors such as Asian sovereign wealth funds, government institutions, domestic and international insurance and financial institutions, and multinational corporations.

Guangzhou Yuexiu Industrial Investment Fund Management Co., Ltd. ("Yuexiu Industrial Fund" for short), established in 2011, is a private equity investment fund management platform under Yuexiu Capital. To date, the company has accumulated a fund management scale of over 100 billion yuan. After years of market-oriented and professional development, the company has formed a business layout of "one core (fund-of-funds investment) and two wings (equity investment, mezzanine investment)," growing into a leading industrial capital operator in the Guangdong-Hong Kong-Macao Greater Bay Area.

VCBeat is a professional fund dedicated to investing in leading global life science and healthcare companies, focusing on two major investment areas: innovative pharmaceuticals and cross-innovative medical devices and diagnostic technologies. The core founding team members are all overseas Ph.D.s in biopharmaceutical-related fields, with years of practical experience in the pharmaceutical biotechnology industry and over a decade of successful investment and entrepreneurial experience both domestically and internationally, combining professional expertise, industry experience, and an international perspective. VCBeat is a dual-currency (RMB and USD) fund manager, having invested in and incubated more than 90 medical innovation companies within and outside of China, with offices in Beijing, Shanghai, and Silicon Valley. Adhering to the vision of "Building Great Healthcare Companies and Establishing an International Professional Investment Brand," VCBeat empowers outstanding entrepreneurial teams, driving their success while delivering excellent returns for investors.

Suzhou Oriza Holdings Co., Ltd. (hereinafter referred to as "Oriza Holdings") has been focusing on the equity investment field since its establishment in 2001, managing funds with a scale of over 100 billion yuan, and is one of the leading equity investment institutions in China. Since its inception, it has focused on investment opportunities in emerging industries such as integrated circuits, biomedicine, artificial intelligence, and nanotechnology applications, adhering to the support of the real economy and promoting industrial transformation and upgrading. Currently, it has directly invested in more than 1,250 projects, and Oriza's mother fund has invested in 153 sub-funds.