Grit Biotechnology Completes Series A+ Financing to Advance TIL Therapy for Solid Tumors

VCBeat (WeChat: vcbeat) has learned that on July 15, 2021, Grit Biotechnology completed its Series A+ financing round. The round was led by GL Ventures, and co-invested by Junshi Biosciences (1877.HK, 688180.SH), Apricot Capital, and existing investors Decheng Capital and Matrix Partners China.

Founded in 2019, Shali Biotech specializes in the research, development, and clinical application of innovative Tumor Infiltrating Lymphocyte (TIL) therapies targeting solid tumors. TIL therapy represents the most cutting-edge, highly competitive, and commercially promising technological frontier in the current landscape of solid tumor immunotherapy. The company's founding team comprises highly specialized and experienced overseas-educated PhDs, backed by an academician-level scientific advisory board. It has already established strategic partnerships with several top-tier hospitals across China. Additionally, Shali Biotech has assembled a core team spanning early-stage R&D, cell manufacturing processes, clinical operations, and drug registration, which will accelerate the development and clinical translation of its first-generation product, GT101.

Within a year and a half of its establishment, Sali Biotech has established multiple core technology platforms to support the research and development of its cell therapy pipeline, including: the StaViral platform for highly efficient T cell editing, the ImmuT Finder platform for high-throughput screening and optimization of T cell targets, and a proprietary TIL cell culture system. This round of financing will enable the company to continue advancing clinical trials of its first-generation pipeline across multiple solid tumor indications, while also supporting the research and development of other pipeline candidates. The company expects to submit the Investigational New Drug (IND) application for GT101 in early 2022 and aims to develop best-in-class next-generation TIL therapies in the future.

“We are delighted to receive the support and recognition from leading investment institutions in the industry. We will accelerate the clinical development of our lead pipeline, GT101, and expedite its commercialization,” said Dr. Liu Yarong, Co-founder and CEO of Grail Therapeutics. “Grail Therapeutics consistently upholds the values of perseverance, integrity, dedication, and care, guided by our vision of enabling cancer patients to rediscover the joy of life. We remain committed to continuously providing world-class cell therapy products to patients worldwide.”

GL Ventures remarked, "Owing to its superior clinical efficacy, cell therapy has emerged as one of the most promising anti-cancer treatments globally, serving as a beacon of hope for cancer patients. It is now gaining broader recognition and is poised to become a mainstream oncology therapy. We believe that Granulight Biotech will seize this opportunity to benefit solid tumor patients with TIL therapy as soon as possible."

GL Ventures is Hillhouse’s venture capital fund dedicated to early-stage innovative companies, covering key sectors such as software and hard technology, biopharmaceuticals and medical devices, consumer internet and technology, and emerging consumer brands. Biopharmaceuticals and medical devices have consistently been a core investment focus for Hillhouse. Over the past decade, Hillhouse has invested in more than 200 outstanding enterprises across the biopharmaceutical, medical device, and healthcare service sectors. We aim to partner with these companies over the long term, jointly driving innovation and development in the healthcare sector to ultimately benefit more patients.

Junshi Biosciences (1877.HK, 688180.SH) was founded in December 2012 as an innovation-driven biopharmaceutical company dedicated to the discovery, development, and commercialization of innovative therapies. The company's development pipeline comprises 26 innovative drugs and 2 biosimilars, covering five major therapeutic areas: oncology, autoimmune diseases, chronic metabolic diseases, neurological diseases, and infectious diseases. Leveraging its core protein engineering platform technology, Junshi Biosciences has secured the NMPA marketing approval for China's first domestically developed anti-PD-1 monoclonal antibody, NMPA clinical trial application approval for a domestically developed anti-PCSK9 monoclonal antibody, and both Chinese NMPA and U.S. FDA clinical trial application approvals for the world's first anti-BTLA blocking antibody for cancer treatment, with Phase I clinical trials being conducted in both China and the United States. The company currently employs nearly 2,000 professionals globally, with locations in San Francisco and Maryland, USA, and Shanghai, Suzhou, Beijing, and Guangzhou, China.

Apricot Capital was founded in 2015. The name "Apricot Capital" embodies the firm's mission to leverage investment capital to integrate healthcare industry resources, drive sector development, and benefit humanity. The firm currently manages assets totaling nearly RMB 4 billion. Its investment team comprises over 20 professionals and advisors worldwide with extensive experience in the healthcare sector, possessing diverse expertise in life sciences, pharmaceuticals, finance, and law. Apricot Capital remains steadfast in its mission to foster the innovation and growth of Chinese enterprises and advance broader industrial progress. By leveraging the team’s profound industry experience, global resource network, and distinguished reputation, the firm spares no effort in assisting entrepreneurs in realizing their startup aspirations.