GenBasket Gene Therapeutics Secures RMB 200 Million Series A Financing to Advance Three AAV-Based Gene Therapy Candidates into Clinical Trials

VCBeat (WeChat: vcbeat) learned第一时间 that Beijing Genecradle Therapeutics Co., Ltd. ("Genecradle") has completed a 200 million RMB A-round financing. This round of financing was jointly led by Huajin (Tianjin) Investment Management Co., Ltd and the specialized and refined fund under Beijing E-town Sun Fund Management Co., Ltd. Existing shareholders, including the SME Development Fund managed by Oriental Fortune and Sa Ying Capital, continued their support, with joint investments from Shenzhen Capital Group, Kangju Venture Capital and other well-known investment institutions. WinX Capital served as the exclusive financial advisor.

This round of financing will continue to be invested in the research and development of new gene therapy drugs, mainly including clinical trials of three self-developed gene drugs that have entered the IND stage, the initiation of new gene drug research and IND registration applications, the enhancement of gene drug delivery technology innovation, and the construction of CMC core capabilities. The three gene drugs for which Genecradle is about to conduct clinical trials are all AAV vector injections, with indications being hereditary hypertriglyceridemia, spinal muscular atrophy, and Pompe disease. In terms of drug registration classification, they all belong to therapeutic Class 1 biological products.

Genecradle focuses on the innovative research and development of gene therapy drugs. With the mission of "advancing rare disease gene drugs from scientific research to clinical and market applications," the company’s team starts by addressing unmet clinical needs, developing gene drugs to cure rare diseases, and expanding into other major disease areas to benefit patient populations.

Dr. Xiaobing Wu, Founder of GenecradleStated: "We thank both new and existing shareholders for their recognition and support of the company's business development. Moving forward, Genecradle will continue to focus on the development of gene therapy products, striving to transform currently untreatable diseases into permanently curable conditions, alleviating the pain and burden of lifelong medication. We remain committed to earnestly developing medicines, with a stronger focus on clinical applications and ensuring treatments bring real benefits to patients."

Huajin InvestmentStated: "Genecradle has the highest number of IND applications for its core products in China and is progressing the fastest. At the same time, it has already developed a pipeline of multiple products and completed early-stage development, making it the company with the richest product pipeline in China. We hope to continue supporting the company and the team’s product development process, helping the company become a leading enterprise in China's gene therapy new drug research and development."

Specialized and Innovative FundStated: "Genecradle's founding team has a complete structure, extensive experience in viral vectors, and in-depth research on the mechanisms of indications. The pipeline is well-structured with potential for further development, offering promise to overcome the commercialization challenges of gene therapy drugs for rare diseases. What also impressed us is that the founding team adheres to the humanistic pursuit of patient benefit. We believe that under this belief, this company, which aligns perfectly with the 'specialized, refined, distinctive, and innovative' requirements, will not only realize its own value but also achieve commercial success."

WinX Capital"It is a great honor to partner with Genecradle and all the new and existing shareholders to complete this round of financing and become a shareholder of Genecradle. The founding team of Genecradle has the most senior experience in AAV gene drug development in China and consists of the first group of scientists in the country who have been dedicated to AAV gene therapy research. The advancement of three core products into clinical stages marks that Genecradle is about to become the company with the most products entering clinical trials and the richest pipeline reserves in China. We believe Genecradle will bring more benefits to patients in China's gene therapy field."

Huajin Investment is the investment platform under Huafa Group, a state-owned enterprise in Zhuhai and one of China's top 500 enterprises. Huafa Group has total assets exceeding 570 billion yuan and is the largest comprehensive enterprise group in Zhuhai as well as a nationally renowned company. It has been consecutively listed among "China’s Top 500 Enterprises" for six years since 2016, ranking 203rd in 2021. In recent years, Huafa Group has focused on key industries such as advanced manufacturing, healthcare, and next-generation information technology. Through multiple investment platforms under its umbrella, including Huajin Capital, Infiniti, and Zhuhai Science & Technology Innovation Investment, it has invested in over 300 industry-leading enterprises and high-growth innovative companies. Among these, Huajin Capital has repeatedly been included in the list of "Top 50 Private Equity Investment Institutions in China" by Zero2IPO.

Specialized and Innovative Fund - Beijing Xinchuang Technology Phase I Venture Capital Center (Limited Partnership) is an investment fund focused on "specialized and innovative" enterprises, jointly established by Beijing Yizhuang International Investment Development Co., Ltd., the Beijing Municipal Bureau of Economy and Information Technology, and social capital. The Specialized and Innovative Fund has a scale exceeding 680 million yuan, specializing in investing in high-end industries such as integrated circuits, advanced intelligent manufacturing, new energy vehicles, and biomedicine. The investment stages cover angel, start-up, and early-to-mid-stage small and medium-sized enterprises, with a geographical focus across China, particularly in the "Beijing-Tianjin-Hebei" region. The fund prioritizes investments in high-quality projects that are already or are expected to become "specialized and innovative enterprises."

The SME Development Fund (Shenzhen Nanshan Limited Partnership) is directly invested by the National SME Development Fund Co., Ltd., and jointly established with contributions from Shenzhen Guiding Fund, Shenzhen Nanshan District Guiding Fund, SPDB, CCB Life Insurance, Vanke Co., Ltd., and other LPs. The fund's GP is managed and controlled by Shenzhen Fuhai SME Development Fund Equity Investment Management Co., Ltd., a subsidiary of Shenzhen Oriental Fortune Investment Management Co., Ltd. The fund primarily focuses on national strategic emerging industries such as biomedicine, semiconductors, artificial intelligence, information security, and enterprise-level services.

Saiying Capital is a professional private equity investment management institution focused on investments in the pharmaceutical health and life sciences fields. It was jointly initiated and established by Sesen Bio (SZ: 300485), Yizhuang Guotou, and Yizhuang Biomedical Park, with its headquarters located in Beijing's Yizhuang Development Zone. Saiying Capital is currently the Vice Chairman Unit of the Biomedical Professional Committee of the Beijing Venture Capital Alliance and an Observer Member Unit of the Asset Management Association.

The fund management team of Beijing E-town Sun Fund Management Co., Ltd. possesses a deep background in the pharmaceuticals and healthcare industry along with extensive venture capital experience. It manages three specialized pharmaceutical venture capital funds: "Beijing E-town Biopharmaceutical M&A Investment Fund (Phase I Fund)," "Beijing E-town Biopharmaceutical Industry Investment Fund (Phase II Fund)," and "Beijing E-town Small and Medium-sized Biomedical Venture Capital Fund (SME Fund)," with a total management scale exceeding 2 billion RMB. Beijing E-town Sun Fund Management Co., Ltd. has cumulatively completed investments in more than thirty medical and healthcare projects.

Shenzhen Capital Group Co., Ltd. was established in 1999. The company's mission is to discover and build great enterprises, and it is committed to being an explorer and nurturer of innovative value. It has developed into a comprehensive investment group with venture capital at its core. The current registered capital is 5.42 billion yuan, managing various funds with a total scale of approximately 421.3 billion yuan. As of the end of July 2021, Shenzhen Capital Group ranked first in the domestic venture capital industry in terms of the number of invested enterprises and the number of listed invested enterprises.

Kangju Venture Capital is an investment institution focused on the early and growth stages of the healthcare sector. The management team has experience in clinical practice, healthcare enterprise management, entrepreneurship, and angel investing, with a profound understanding of operations and investments in the healthcare field. Kangju Venture Capital is committed to becoming one of the most professional healthcare venture capital institutions in China, growing together with outstanding startups and partners, and sharing in the joy of success.

WinX Capital is a leading investment bank in China's healthcare sector. The founding team includes five global financial Ph.D. holders from Tsinghua University's PBC School of Finance, and the frontline team has an average of over 10 years of experience in management, investment, and mergers and acquisitions, with a cumulative amount of investment and M&A exceeding 30 billion yuan. Headquartered in Beijing and Shanghai, it covers more than 3,000 active investment institutions and industrial groups. In 2020 and 2021, WinX Capital was consecutively ranked as "Top 5 Most Growth-Oriented New Investment Banks in China" by 36Kr’s WISE2020 and awarded "Top 2 Best Financial Advisory Institutions in the Healthcare Field in 2021" by Qiming Technology & Xinsheng Chuangfu.