AB-RayBio Therapeutics Secures Tens of Millions in RMB in Angel Funding to Advance Novel Targeted Radiopharmaceuticals

VCBeat has learned that Hangzhou AB-RayBio Therapeutics Co., Ltd. (“AB-RayBio”) has recently completed an angel round of financing amounting to tens of millions of RMB. This round of financing was led byHangzhou Industrial Asset ManagementLead investor,Zhengjing CapitalandBinjiang 5050Co-investment,G&G CapitalServing as financial advisor. The funds raised will be primarily used for the preclinical and early-stage clinical development of the company’s existing pipeline.

AB-RayBio, established in May 2024, is an innovative pharmaceutical company in the clinical research stage, focusing on the development of novel targeted radiopharmaceuticals. The company has assembled a core team comprising industry experts and technical specialists with extensive experience in R&D, non-clinical studies, and clinical trials, providing robust talent support for the smooth advancement of its projects. Guided by the vision of “illuminating the battlefield of life with the light of nuclear medicine,” AB-RayBio is dedicated to tackling major diseases such as cancer. Leveraging cutting-edge radiopharmaceutical technologies, the company aims to provide integrated theranostic solutions for precise diagnosis and targeted therapy, thereby reshaping the new paradigm of healthcare.

AB-RayBio was co-founded by Dr. Gao Limei, a seasoned expert in the radiopharmaceutical industry, and Dr. Lai Jianliang, Chairman of Jingye Intelligent. Dr. Gao earned her degree from Peking Union Medical College and has accumulated over ten years of experience at world-renowned research institutions and radiopharmaceutical companies, including the Singapore Bioimaging Consortium (A*STAR), GE Healthcare, and Curium Pharma. She has extensive expertise in radionuclide production, radiopharmaceutical discovery, pharmaceutical research, contract manufacturing, radiopharmaceutical registration, radiation safety management, industry development, and entrepreneurship. Dr. Gao has led her team to successfully complete the development of multiple diagnostic radiopharmaceuticals (involving radionuclides including:¹⁸F，⁸⁹Zr，⁶⁴Cu，⁶⁸Ga，⁹⁹mTc, etc.) and therapeutic radiopharmaceuticals (the radionuclides involved include:¹⁷⁷Lu，¹³¹I，²²⁵Ac，²²³Ra, etc.), and has extensive experience with multiple IND applications and NDA approvals. During her tenure at Curium Pharma, she served as the Head of Regulatory Affairs for the Asia-Pacific region, participating in the registration of various radiopharmaceuticals in China, South Korea, Japan, and other countries, thereby accumulating rich experience in domestic and international radiopharmaceutical registrations and cross-industry chain collaboration. Dr. Gao Limei is an Executive Council Member of the Radiopharmaceutical Professional Committee of the Chinese Pharmaceutical Association and the First Executive Council Member of the Radiopharmaceutical Branch of the Chinese Nuclear Society. She participated in the formulation of the Technical Guidelines for Pharmaceutical Studies of Radiochemical Generic Drugs and the Fluorine [^18F] Guidelines for Pharmaceutical Research on Generic Deoxyglucose.

AB-RayBio boasts an innovative small-molecule ligand discovery platform, an AI-driven peptide discovery and optimization platform, a radiolabeling and quality research platform, a non-clinical evaluation technology platform, and a rapid clinical translation platform, enabling efficient translation from ligand discovery to clinical trials. The company currently has eight pipelines under development, among which the JJH002 pipeline has demonstrated outstanding data and is in the Investigator-Initiated Trial (IIT) stage and preparing for an Investigational New Drug (IND) application. This therapeutic pipeline is poised to become Best-in-Class. For detailed information on the pipelines, please visit the company’s official website at www.abraybio.com. AB-RayBio is strategically positioned in the research and development of radiopharmaceuticals utilizing alpha and beta nuclides. It has signed a supply agreement with Xi’an Mestop to secure priority and stable access to Actinium-225 (²²⁵Ac), and entered into a strategic cooperation agreement with CNNC Qintong to further safeguard the supply of radionuclides for radiopharmaceutical R&D, laying a solid foundation for the future industrialization of radiopharmaceuticals.

Jiaxing Jingjiahang Pharmaceutical Co., Ltd., a subsidiary of AB-RayBio, has established its presence in the Jingrong Nuclear Industrial Park, Qinshan Subdistrict, Haiyan County. With a total investment of RMB 200 million and a building area of 45,779.56 m², the company is constructing approximately 1,500 square meters of facility space. Classified as a Grade B unsealed radioactive material workplace, the site features multiple core functional areas, including radiopharmaceutical labeling laboratories, radiopharmaceutical testing laboratories, GMP production workshops, animal facilities, and cell culture rooms. Focusing on the research, development, and translation of radiopharmaceuticals, the facility is expected to become operational by the end of 2025.AB-RayBio is deeply integrated into the park’s full industrial chain ecosystem of “isotopes–radiopharmaceuticals–nuclear medicine,” accelerating breakthroughs in radioisotope extraction, radiopharmaceutical preparation, and targeted therapy technologies. By promoting collaborative innovation across the entire “R&D–pilot scale-up–industrialization” chain, the company aims to support Haiyan County in establishing China’s largest demonstration base for medical isotopes and a leading hub for nuclear technology applications.

Dr. Gao Limei, Founder, Chairman, and CEO of AB-RayBioStatement: We extend our sincere gratitude to all investors for their trust and recognition of AB-RayBio. During this critical period of rapid development in China’s biopharmaceutical industry, the strong support from our investors serves as a vital driving force for AB-RayBio’s progress. Although AB-RayBio has just completed its first year, our team’s extensive industry expertise, efficient execution capabilities, and abundant domestic and international resources have enabled us to achieve rapid growth. AB-RayBio will accelerate the advancement of its existing high-potential pipeline toward clinical development milestones, build an innovative radiopharmaceutical pipeline with international competitiveness, strive for breakthroughs in frontier science, and benefit more cancer patients.

Dr. Lai Jianliang, Co-founder of AB-RayBioIt is widely recognized that radiopharmaceuticals have been proven as the fourth effective modality for cancer treatment. They represent a new frontier in innovative drug development, with countries around the world competing to invest in R&D, currently progressing at a largely synchronous pace. AB-RayBio boasts an exceptional team that has integrated key advantageous resources, including radionuclides for radiopharmaceuticals. Our ongoing R&D efforts are progressing well, exceeding expectations and yielding outstanding results. We are confident that with the support of investors, AB-RayBio will continue to thrive and make its due contribution to human health.

Teng Yue, Investor at Hangshi Asset ManagementStatement: As an emerging niche within the biopharmaceutical sector, radiopharmaceuticals have entered a new phase marked by technological breakthroughs and intense capital focus in recent years. The development momentum demonstrated by the AB-RayBio team within just one year is inspiring, underpinned by its profound industrial expertise, efficient execution capabilities, and global resource integration strengths. We firmly believe that AB-RayBio, leveraging its rare dual-engine advantage of "technology + resources," is poised to become a leading innovator in the radiopharmaceutical field. We look forward to the company’s continued breakthroughs in frontier technologies, driving a new era of therapeutic innovation, benefiting cancer patients worldwide, and scaling the summit of innovation in the pharmaceutical industry.

Partner, Zhengjing CapitalStatement: In recent years, novel radiopharmaceuticals have been proven to deliver effective tumor treatment outcomes, triggering significant innovations in the field. Consequently, China’s radiopharmaceutical industry is receiving strong policy support and industrial development. AB-RayBio boasts a team with rare experience in successfully launching radiopharmaceuticals to market, possessing extensive expertise in R&D, synthesis, regulatory compliance submissions, radiation safety, and clinical trials. Moreover, the company secures a stable supply of radionuclides—a high-barrier segment. Based on its advantages in R&D capabilities, team experience, and supply chain, we remain firmly bullish on the company’s breakthroughs and growth in the radiopharmaceutical sector.

Chen Yichao, Investor at 5050 FundStatement: AB-RayBio is an outstanding radiopharmaceutical R&D enterprise under the Hangzhou High-Tech Zone’s “5050 Plan.” Its founding team boasts extensive international experience and robust technical R&D capabilities. The company’s pipeline has demonstrated favorable safety profiles and significant clinical efficacy in early-stage clinical trials. As a local state-owned fund in the Hangzhou High-Tech Zone, the 5050 Fund will continue to support AB-RayBio’s development, leverage the zone’s diverse resources, and help establish AB-RayBio as a premier brand in Hangzhou’s radiopharmaceutical sector.

Hangzhou Industrial Asset Management (Hangzhou) Co., Ltd. is a strategic investment platform established by Hangzhou Industrial Investment Group Co., Ltd. (hereinafter referred to as “Hangshi Group”) to achieve goals such as transforming toward high-end manufacturing, investing in strategic emerging industries, and building Hangshi Group into an international investment group integrating industry and finance.

Zhengjing Capital is a private equity and venture capital fund manager registered with the Asset Management Association of China (AMAC), under the supervision of the China Securities Regulatory Commission (CSRC). With teams based in Beijing, Shanghai, and Hangzhou, the firm specializes in equity investments. Its core team has nearly two decades of deep expertise in the investment industry, having navigated multiple market cycles with a global perspective. By fostering close collaboration with industrial partners, Zhengjing Capital builds a capital platform that connects industry ecosystems and empowers industrial development. The firm’s funds focus on strategic emerging industries, with core investment sectors encompassing advanced manufacturing, new energy, next-generation information technology, and life sciences.

The 5050 Fund is the first equity investment fund in Binjiang District with a fund management company under the High-Tech Financial Investment Group serving directly as the fund manager. With an initial scale of RMB 100 million, the fund focuses on providing investment and financing services to talent-led enterprises in the seed and start-up stages, thereby further broadening financing channels for early-stage companies. Adhering to the principle of “investing early, investing small, and investing in hard technology,” the “5050” Talent Fund extensively leverages social capital and gives full play to the leveraging effect of government industrial funds, jointly supporting the early development of biopharmaceutical enterprises in Binjiang District.