ROC ROCK Biotechnology Completes Tens of Millions RMB Angel Financing Led by Austrim Capital and Riemann Hypothesis as Exclusive Financial Advisor

VCBeat learned第一时间 that recently, ROC ROCK Biotechnology (Shenzhen) Co., Ltd. ("ROC ROCK Biotechnology" or the "Company") — a technology platform for engineered macrophage therapies targeting solid tumors driven by gene editing, biomaterials, and synthetic biology — announced the completion of an angel round of financing worth tens of millions of RMB. This round of investment was jointly made by industry-renowned venture capital institutions such as Shenzhen ASBVentures(China) Holdings Ltd and Riemann Conjecture. Riemann Conjecture incubated the company and served as the exclusive financial advisor for this round of financing. The funds obtained will be used for laboratory platform construction, pipeline research and development, preclinical experiments, patent layout, and company operations.

ROC ROCK Biotechnology, founded in April 2021 in Shenzhen, is the first company in China to possess a gene-editing, biomaterials, and synthetic biology-driven engineered macrophage technology platform. It focuses on the development and clinical application of macrophage-based drugs for treating solid tumors. The company has pioneered the creation of the world's first closed-loop industrial chain centered on macrophages. Its core platforms include the "24H-CAR" technology platform, which enables the preparation of chimeric antigen receptor macrophages (CAR-M) within a day; the enhanced synthetic platform "ADM-CAR," based on iterative screening of macrophage activation domains; the "Del-M" macromolecule delivery platform using macrophages as carriers; and the subtype database and target database platform "M-DB," which serves as an innovative source for optimal CAR-M therapies across various tissue-specific solid tumors. Leveraging these four platforms, the company has developed the core capability to mass-produce a clinical pipeline of CAR-M therapies targeting solid tumors.

Dr. Yin Xiushan, the founder, is a senior researcher at Karolinska Institutet in Sweden, with over fifteen years of experience in cell biology research and industry background. He has conducted research and held positions at the Academy of Military Medical Sciences, European Molecular Biology Laboratory (EMBL), Medical Faculty of the University of Cologne, Max Delbrück Center for Molecular Medicine, and Karolinska Institutet in Sweden. He has led a total of 8 international and domestic funds, amounting to forty million yuan in funding. He has published more than 20 articles in journals such as Nature Cell Biology, Nature Communications Biology, Clinical Chemistry, Cell Research, and Heliyon, holds over 40 patents, and has completed the development and transformation of 4 products. He successfully advanced 2 stem cell drugs into IIT trials. He has received numerous awards, including the First Prize of Beijing Science and Technology Award, the Second Prize of Chinese Medical Association Award, and the Leading Talent Award of Liaoning Province.

Returning to China to start a business is not an easy task for any scientist, and the same is true for Dr. Yin Xiushan.

In 2004, after graduating with his bachelor's degree, Dr. Yin Xiushan chose to pursue his doctoral studies at the Academy of Military Medical Sciences under the guidance of Academician He Fuchu. At that time, the Academy of Military Medical Sciences, guided by Academician He Fuchu's development plan of "producing great masters, winning major awards, and achieving significant accomplishments," was filled with outstanding achievements and renowned mentors, which greatly influenced Dr. Yin Xiushan's future scientific research career.

Due to his excellent academic performance, after graduating in 2009, Dr. Yin Xiushan went to the European Molecular Biology Laboratory (EMBL) in Heidelberg, Germany, to conduct research on embryonic stem cells. Subsequently, following the relocation of the laboratory, he served as an independent group leader at the Medical Faculty of the University of Cologne in Cologne, Germany, engaging in clinical translational research of tissue cells. In 2011, he moved to the Max-Delbrück Center for Molecular Medicine in Berlin, Germany, to carry out systematic and in-depth research on macrophages in early embryos.

Regarding the original intention of choosing to return to China from Germany, Dr. Yin Xiushan said that it was driven by a sense of patriotism, hoping that his knowledge could serve the motherland, give back to society, and benefit humanity. Dr. Yin Xiushan, who is in China's biopharmaceutical industry—a field "thirsty for talent"—chose to give up the favorable conditions of a lifetime position at a German research center after obtaining it. Instead, he decided to bring cutting-edge technical thinking back to China, establish a cellular drug company, and contribute to the takeoff of China’s biopharmaceutical industry.

As a highly productive academic entrepreneur, Dr. Yin Xiushan, not content with the achievements made in the research and development of cell-based drugs, has led his team to challenge the biggest killer of human health—cancer. In the face of the reality that CAR-T cell therapy struggles to conquer solid malignant tumors, the emergence of CAR-M has opened up new possibilities for treating these types of cancers. As another "major player" under the umbrella of immune cells, macrophage therapy for solid tumors has an inherent excellent advantage and has long been favored by researchers. Early studies by the team have shown that macrophages modified with specific CARs (CAR-M) can achieve precise targeting of tumor cells while avoiding harm to healthy cells, and can also enhance the phagocytic activity and antigen-presenting ability of macrophages against tumors.

Unlike the current red ocean faced by CAR-T, the CAR-M track specifically targeting solid tumors has no enterprises in China that are deeply focused on macrophages. Due to high technical barriers and few对标companies abroad, China, for the first time, is presented with a rare historical opportunity to overtake in a straight line in this track, which has far greater potential and volume than hematological tumors. Against this backdrop, Dr. Yin Xiushan decided to focus on the development of macrophage drugs to target and conquer solid tumors.

However, due to the first attempt at social financing and unfamiliarity with the domestic capital and financing environment, the entire process was not as smooth as expected. They were even discouraged repeatedly, with some capital entities gently suggesting waiting until the U.S. pipeline matures before starting a business or entering the market.

In the face of unsuccessful financing, Dr. Yin Xiushan did not intend to give up. Instead, he became even more determined to bring CAR-M cell therapy to the market for the benefit of patients with solid tumors. He and his founding partners invested the funds they had accumulated over years of working in scientific innovation and resolutely embarked on the preliminary research and development work for the domestic implementation of the CAR-M project in China. At the same time, Dr. Yin Xiushan was surrounded by a group of like-minded friends who, inspired by his unwavering entrepreneurial spirit, contributed their own resources to help alleviate the urgent financial difficulties in the early stages. Relying on the funds personally provided by himself and his friends, Dr. Yin Xiushan completed the preliminary scientific research preparations and the establishment of the patent platform for CAR-M cell therapy. To date, nearly 40 patents have been filed and granted, with seven pipeline projects established. However, how to further advance the work and raise more funds needed for the project’s development remains an urgent issue, looming over everyone like the Sword of Damocles.

At this very moment, the connection between Dr. Yin Xiushan and Riemann Hypothesis began in Pingshan—a highland of Shenzhen's biopharmaceutical industry development. By a chance encounter, Dr. Yin Xiushan and Dr. Li Chaoxing, the founder of Riemann Hypothesis, met while both were visiting Shenzhen Crystal Ion Biotechnology. This meeting, one of countless "first encounters" that happen daily in Shenzhen, was rather unremarkable, yet it established an inseparable bond between Dr. Yin Xiushan, ROC ROCK Biotechnology (later born in Shenzhen), and Riemann Hypothesis. Due to time constraints, the meeting did not delve into deep discussions, but it was here that Dr. Yin Xiushan first heard many novel concepts in China, such as "institutionalization," "full托管式孵化," "co-creation incubation," and "industrial innovation complex." This left Dr. Yin Xiushan particularly surprised and excited, as if he had just seen the "dawn" of his own entrepreneurial journey and the ideal "co-creation" strategic partner in his heart. Perhaps Riemann Hypothesis was the bridge and the answer.

The early stage of entrepreneurship is full of difficulties and pain, requiring exploration through many detours to find the right path. During the entrepreneurial process, entrepreneurs face not only the scientific and technological challenges themselves but also some common problems prevalent in start-up pharmaceutical companies. Unlike other enterprises, biopharmaceutical projects are relatively dependent on rapid and continuous financing and capital development planning, which is not a strength of entrepreneurs with academic backgrounds. At the same time, there are varying degrees of shortcomings in early industry market research, industry resources, and enterprise management experience. In the face of such start-ups with various weaknesses, investment institutions generally adopt a cautious wait-and-see attitude, and few people show interest. What Dr. Yin Xiushan did not expect was that after their first meeting and subsequent farewell, Dr. Li Chaoxing and the Riemann Hypothesis team, after a period of internal discussion, proactively contacted him. They not only brought unique insights into the professionalism of the project but also provided a very detailed and specific package of start-up and development plans. According to the vision of the Riemann Hypothesis, Dr. Yin Xiushan could clearly plan out the development timeline for China's first CAR-M drug and the company’s development path, while also resolving many previously unresolved issues.

After thorough and meticulous repeated research and discussions with Riemann Conjecture, ROC ROCK Biotechnology — the company carrying Dr. Yin Xiushan's dream and hope of conquering solid tumors — was officially registered and established in April 2021. The location chosen was Pingshan, Shenzhen, where the two first met. Following the predetermined development plan agreed upon with Riemann Conjecture, ROC ROCK Biotechnology has been steadily advancing. Due to the early and comprehensive anticipation of various issues that might arise, along with corresponding preparations and solutions, the company avoided many detours during its establishment and quickly embarked on a path of formalized and institutionalized operations. The primary challenge now, amidst the ever-changing pandemic environment, is to rapidly secure the first round of funding for the enterprise. This marks the first significant challenge since Dr. Yin Xiushan began collaborating with Riemann Conjecture.

When ROC ROCK Biotechnology began its financing, it coincided with the unpredictable fluctuations of the COVID-19 pandemic and unfolded amidst a "capital winter" in the biopharmaceutical industry. Throughout the entire process, Dr. Yin Xiushan and Riemann Hypothesis worked closely together, each fulfilling their respective roles. Dr. Yin Xiushan recalled: "Riemann Hypothesis demonstrated exceptional professionalism, execution, responsibility, and teamwork in every aspect of this financing round. The seamless discussions with the Riemann Hypothesis team on technology and corporate development strategies were truly impressive."

At the same time, Riemann Hypothesis, with its profound understanding of the most challenging early-stage project financing, continuously adjusted its financing strategy, overcame numerous difficulties, and finally achieved a smooth and successful landing.

The first social financing since the establishment of ROC ROCK Biotechnology is not only a significant milestone for the company but also marks the first successful implementation of the "joint development and shared future" philosophy between ROC ROCK Biotechnology and VCBeat. Moving forward, VCBeat will stand alongside ROC ROCK Biotechnology to jointly face various challenges and uncertainties in the capital environment and the process of corporate development, forging an inseparable entrepreneurial community. VCBeat will continuously provide ROC ROCK Biotechnology with the essential resources needed at different stages of development. Under the guidance and support of VCBeat, ROC ROCK Biotechnology will be able to focus on leveraging its technical expertise in the field of CAR-M technology research and development as well as corporate management, ultimately achieving "accelerated growth," "collaborative development," and "stable progress."

Dr. Yin Xiushan said, "We are very fortunate to have met several strategic investors in this round with the help of Riemann Hypothesis. We are deeply inspired by their accurate judgment of the track and recognition of ROC ROCK Biotechnology's technology and team investment logic. We, ROC ROCK Biotechnology, are committed to becoming the leader in the international macrophage drug track."

Looking back on the experience of returning to China to start a business over the years, Dr. Yin Xiushan couldn't help but sigh. An accidental encounter in Shenzhen opened the prelude to a friendship, a collaboration, and even more, a difficult yet brilliant joint battle. It also unfolded a co-creation scroll of "seeking light in dimness" and "moving forward in the cold!"

Shenzhen ASBVentures(China) Holdings Ltd was co-founded in 2003 by four family trusts with a tradition of venture capital investment in New Zealand. Through its USD-denominated fund of funds, it focuses on venture capital opportunities in Europe and the United States. In 2009, the firm entered China and began managing RMB venture capital funds, with over 10 registered funds under management to date. Shenzhen ASBVentures(China) Holdings Ltd consistently invests in early-stage innovative enterprises with high growth potential in emerging technology sectors such as medical health, advanced manufacturing, information technology, and energy materials. It has been repeatedly featured in prominent industry rankings, including Zero2IPO, CVSource, and ChinaVenture, earning honors such as Top 50 Best Venture Capital Institutions in China, Top 30 Best Early-Stage Venture Capital Institutions in China, Top 10 Best Return-Oriented Early-Stage Venture Capital Institutions in China, and Top 50 Best Venture Capital Investors in China. Notable investment cases include listed companies such as BioKangtai (300601), New Industries Biomedical (300832), Mennova Pharmaceuticals (603538), Sunlit Spectrum Optoelectronics (002876), Haichuan Intelligence (300720), Juchuang Vision (300264), Velle Environmental (300190), Iron Han Ecology (300197), as well as high-growth companies like 52toys, Zhongsheng Full Peptide, Lan Yue Electromechanical, Starlight World Map, and Bayelock.

The Riemann Hypothesis was founded by Dr. Li Chaoxing in 2018 after returning to China from the United States. It is an industry innovation complex focused on "institutionalized" early-stage life sciences, adhering to the original intention of standing shoulder-to-shoulder with scientist entrepreneurs who possess global vision, profound insights, and ambitious aspirations to jointly plan for the future. It is committed to providing early-stage investment and industrial operation incubation for globally original and pioneering biomedical projects in their early stages. Furthermore, it aims to create an "end-to-end management model" and an "institutionalized" enabling incubation complex model, breaking the limitations of traditional industrial transformation, VC investment, and boutique investment banking.