CartMed Announces Series A Funding to Advance IND Submissions for CAR-T Therapies Targeting Solid Tumors

On March 20, 2019, Nanjing CART Medical Technologies, Ltd., an emerging Chinese company specializing in CAR-T cell therapy for solid tumors, officially announced the completion of its Series A financing round, raising tens of millions of RMB. The lead investor was YuanBio Venture Capital, a venture capital firm focused on early-to-mid-stage investments in the life sciences sector. Zero2IPO Capital served as the exclusive financial advisor.

Founded in July 2017, CART Medical Technologies specializes in cellular immunotherapy, aiming to bring hope to every cancer patient. The company’s founder, Dr. Wang Enxiu, hails from the Abramson Cancer Center at the University of Pennsylvania. As a core technical leader in the laboratory of Carl June, the pioneer of cellular immunotherapy, Dr. Wang witnessed the miraculous recovery of Emily Whitehead, the first pediatric leukemia patient worldwide to receive CAR-T therapy, who transitioned from a critical condition to complete cancer remission. He also made significant contributions to the collaboration between the University of Pennsylvania and Novartis that led to the global launch of the first CAR-T drug.

During his five years at the Abramson Cancer Center, Wang Xiuen witnessed the entire trajectory of CAR-T technology—from early-stage research and industrial translation to attracting capital attention. Following the collaboration between the Abramson Cancer Center and Novartis, Novartis’s support enabled them to continue exploring CAR-T therapy for solid tumors.

“Although both are tumors, the distinction between hematologic malignancies and solid tumors is akin to that between apples and oranges,” stated Wang Xiu’en. “We have conducted extensive research into why CAR-T therapy has not been effective in solid tumors.” He also participated in and led this highly challenging project, exploring numerous research avenues and designs ranging from CAR-T cell activation to the identification of immune cell receptors. He successfully collaborated with Carl June to file a patent for mesothelin-targeted CAR-T therapy, and with Michael Milone to file two patents related to signaling platforms for solid tumors.

These experiences also laid a solid foundation for the subsequent establishment of CART Medical. Within one year of its founding, CART Medical has filed more than eight patent applications. After a year of accumulation, CART Medical has successfully built its proprietary platform. Targeting intracellular signaling domains, it has developed a unique screening technology and established two original patented platforms: the Solid Tumor Technology Platform and the Novel Target Patent Platform.

Dr. Wang Enxiu stated, “CAR-T immune cell therapy is a promising yet entirely new industry. We will leverage the experience of the most advanced CAR-T research institutions globally, conduct rigorous research, ensure safe and high-quality production, and collaborate with top-tier domestic hospitals to steadily translate CAR-T technology into clinical practice, thereby benefiting patients and establishing a national CAR-T brand with fully independent intellectual property rights.”

“With the approval and market launch of two cell therapy products in the United States, cell therapy has attracted significant capital investment in recent years. However, CAR-T products currently suffer from serious homogenization and remain predominantly focused on mature hematologic malignancies, despite the market size for solid tumor therapies far exceeding that of hematologic malignancies,” said Lin Yi, Managing Partner at YuanBio Venture Capital. “YuanBio Venture Capital is pleased to see the founders of Nanjing CART Medical Technologies, Ltd. leverage their profound understanding of cell therapy to drive technological translation in China, establishing a robust pipeline of products targeting various solid tumors through their proprietary technology platform. We look forward to working with the company to contribute Chinese strength to the development of CAR-T therapies for solid tumors.”

Yu Jurong, Partner at Qingke Medical, stated that the CAR-T industry is still in its early stages and has a long way to go before achieving large-scale clinical application. Therefore, sustained original innovation capability is the core element enabling a company to go further. We thank YuanBio Venture Capital for its continuous exploration and professional judgment throughout the process. We look forward to working with all parties to support Nanjing CART Medical Technologies, Ltd. in becoming an internationally leading enterprise in the application of CAR-T technology for solid tumors.

It is understood that the funds raised will be used for IND filings for solid tumor pipeline products, while also advancing other cutting-edge pipelines, including novel hematologic malignancy research.

CART Medical is a high-tech company dedicated to the research, development, and application of novel immunocellular therapies. Founded in 2017, the company has established quality control technology platforms for flow cytometry, ELISA, immunofluorescence, qPCR, and CAR structural and functional validation, and has filed eight national invention patents. Its production base covers an area of 2,200 square meters and features GMP-certified cleanrooms, with multiple GMP production lines for plasmid production, viral vector production, and CAR-T cell manufacturing. Currently, CART Medical’s product pipeline encompasses CAR-T therapies targeting tumors across the circulatory, respiratory, digestive, nervous, and reproductive systems. By focusing on the research, development, and application of tumor immunotherapy technologies, synchronously translating the latest international advances in tumor immunotherapy, and actively promoting innovative therapeutic approaches, CART Medical aspires to become a leading Chinese enterprise in the global tumor immunotherapy landscape.

YuanBio Venture Capital is an investment firm focused on the early and growth stages of the healthcare sector. Based in Suzhou BioBAY, it has a global reach. Currently managing approximately RMB 3 billion in assets, YuanBio has completed investments in over 60 high-quality projects, primarily spanning new drug development, medical devices, in vitro diagnostics (IVD), and healthcare services.

Zero2IPO Capital is China’s leading new-generation boutique investment bank, dedicated to serving innovative enterprises in high-growth sectors of the new economy. It has successfully assisted companies and institutional investors in completing nearly 300 private equity financing, mergers and acquisitions, initial public offerings (IPOs), private investments in public equity (PIPE), and delisting transactions, covering all stages of corporate development.