Zhonghui Pharma Secures RMB 50 Million in Seed and Angel Funding to Accelerate Industrialization of 3D-Printed Hollow Microneedles and Exosome Therapeutics

VCBeat has learned at the earliest opportunity that,Shaanxi Yungu Zhonghui Biopharmaceutical Co., Ltd. (hereinafter referred to as “Zhonghui Pharma”) has completed its seed and angel financing rounds, raising nearly RMB 50 million. The seed round was jointly invested by Xincheng Investment and iKang Chuangtan, while the angel round was jointly invested by Shaanxi Growth Enterprise Leading Fund, CASSTAR, and Shaanxi Jinzi Fund Management Co., Ltd.Meanwhile, Zhonghui Pharmaceutical announced the completion of its merger and acquisition restructuring of Shanghai Lanwei Medical Devices Co., Ltd. (hereinafter referred to as “Lanwei Medical”).

The new round of financing will be used forChina's First Hollow Microneedle Medical Device Production BaseThe construction and Class III medical device certification applications, the establishment of a pilot-scale workshop for cells and exosomes, the development of the first automated biological tissue sample bank in Northwest China, and the enhancement of its talent pool have injected strong momentum into its industrial layout in the innovative sectors of medical devices, new drugs, and medical aesthetics.

Hollow microneedles are microscale needle-like structures featuring hollow channels, widely used in drug delivery, vaccine administration, medical aesthetics injections, and biosensing. Their core advantages include painlessness, minimal invasiveness, high drug-loading capacity, and strong controllability. Through structural design and material innovation, hollow microneedles are overcoming the limitations of traditional injections and transdermal drug delivery.

Currently, only the microneedle products from Israel’s Nanopass Technologies Ltd. have been approved as Class III medical devices globally, and no similar products are yet available in the Chinese domestic market. Zhonghui Pharmaceutical’s hollow microneedles have reached an internationally advanced level in terms of design, fabrication, and material characterization.

Zhonghui Pharmaceutical isChina's First R&D and Manufacturing Enterprise with Independent Intellectual Property Rights for Hollow Microneedles, having cultivated deep expertise in needle design and manufacturing for many years, we have developed a full-chain, mass-producible production platform through the refinement of core processes such as proprietary microneedle design, micro-nano 3D printing, and photocuring. This achievement has broken foreign monopolies and realized the leap from laboratory technology to industrial-scale production. We have accumulated extensive technologies and patents related to mass-production processes and engineering equipment. The construction of China’s first automated production line is expected to be completed by September 2025, laying a solid foundation for the regulatory submission of the first Class III medical device certification for hollow microneedles.

Zhonghui Pharmaceutical has established a product portfolio featuring hollow microneedles for intradermal, suprachoroidal, and scalp injections. The intradermal hollow microneedle system has achieved and surpassed the international technological benchmarks represented by Nanopass in terms of biocompatibility and skin biomechanics, thereby resolving critical technological bottlenecks and incorporating proprietary patented technologies. It provides an easy-to-use and highly efficient solution for painless injection. In practical applications, this product is compatible with various standard syringes, enabling the painless delivery of therapeutic agents and cosmetic products into the skin. Its applications span vaccines, pharmaceuticals, botulinum toxin, PDRN, dermal fillers, and skin boosters.

The wound created by hollow microneedles for suprachoroidal injection is comparable to that of advanced U.S. products, yet costs only one-tenth as much, enabling broad application in ocular injections of antibody drugs, protein therapeutics, and gene therapies. Hollow microneedles for scalp injection offer significantly higher efficacy in anti-hair loss and hair growth treatments than traditional methods and can be used in combination with exosome-based hair regrowth drugs currently under development.

Leveraging its multi-sector product portfolio, Zhonghui Pharmaceutical has partnered with leading domestic research institutes to advance innovation in novel microneedle materials. The company plans to further collaborate with pharmaceutical and medical aesthetics enterprises possessing unique active ingredients to jointly file for combination drug-device products or Class II new drugs, thereby enhancing the global influence of hollow microneedles. In the future, as manufacturing processes are optimized and intelligent functionalities are integrated, the application potential of hollow microneedles in the fields of pharmaceuticals, vaccines, and medical aesthetics will be further unlocked.

Leveraging the “First Automated Biobank for Biological Tissue Samples in Northwest China” currently under construction, Zhonghui Pharmaceutical can achieve long-term preservation and scientific research of biological resources such as cells and genes. By integrating information systems and artificial intelligence, it provides foundational support for the discovery of drug targets and mechanisms of action, tumor neoantigens, and biomarkers, as well as for organoid construction, while extending its capabilities to the preservation of germplasm resources of traditional Chinese medicine and microbial strains.

Professor Li Ding, Researcher at the National Protein Drug Engineering Research Center, Foreign Academician of the Russian Academy of Natural Sciences, and Chairman and President of Zhonghui PharmaceuticalIt stated that the company’s pioneering “high-efficiency exosomal encapsulation technology for target proteins” increases the exosomal packaging efficiency by nearly tenfold compared with conventional methods, laying a critical foundation for protein-based drug delivery via exosomes. Meanwhile, the company has established an independently developed, proprietary gene-editing platform capable of performing genetic editing and modification of stem cells, thereby providing robust data support for future regulatory approvals and filings.

Leveraging a core team with a decade of R&D experience in cell and gene therapy, Zhonghui Pharma overcomes physiological barrier limitations through engineered exosome modification and efficient protein encapsulation, enabling therapeutic cargo to precisely reach target organs. By integrating valuable biological resources from biobanks with large-scale cell culture, gene editing, cell engineering, and exosome preparation technologies, the company drives the commercialization of innovative bio-related products in the pharmaceutical and medical aesthetics sectors.

In terms of pipeline layout, Zhonghui Pharmaceutical has already“Gene-Edited Engineered Stem Cells” with Hair-Regenerating CapabilitiesThe company has completed foundational research in the field and obtained multiple sets of core data. It can achieve high expression of two specific active proteins and has demonstrated significant hair regrowth efficacy in human clinical trials. This round of financing will accelerate the process development of exosomes derived from gene-edited engineered stem cells, aiming to develop products that can reactivate dormant hair follicle stem cells and restore the body’s hair growth capacity. The company is developing an exosome-encapsulated drug targeted delivery technology, which can treat various types of hair loss, including androgenetic alopecia, alopecia areata, and chemotherapy-induced alopecia.

Furthermore, Zhonghui Pharmaceutical is exploring exosomes and gene-edited engineered stem cells in the fields of type 2 diabetes and ophthalmology, while strengthening collaborations with top-tier global research and medical institutions to build an innovative, shared ecosystem that jointly accelerates the rapid development of applied exosome science.

Looking ahead, the industrial application of microneedles and exosomes will reshape the ecosystem of the pharmaceutical and medical aesthetics industries. Zhonghui Pharmaceutical will continue to adhere to the path of “globalizing technology and localizing industry,” achieving continuous breakthroughs in the dual sectors of microneedles and exosomes. By contributing “Chinese solutions” to the global biopharmaceutical and medical aesthetics industries, we aim to provide more breakthrough options for patients and aesthetics enthusiasts worldwide, while unlocking value potential for investors through the dual growth curves of “innovative drugs and devices + consumer healthcare.”

Shaanxi Growth Enterprise Leading Fund Co., Ltd. (hereinafter referred to as “Shaanxi Investment Growth Fund”) is a professional private equity investment management institution jointly established by Shaanxi Investment Group and other renowned investment institutions. It has initiated the establishment of 17 specialized funds, with investment directions covering biopharmaceuticals, new materials, new energy, high-end manufacturing, and other fields. The total registered scale amounts to RMB 6 billion, with over 60 investment projects.

Shaanxi Growth Fund has always adhered to the investment philosophy of “discovering value, enhancing value, and realizing value.” By seizing opportunities and taking proactive initiatives, it firmly grasps the scientific connotation and development priorities of new quality productive forces. Aligning with the development trends in key national sectors, the fund has intensified its investment layout and empowerment efforts for “original disruptive” sci-tech innovation enterprises that possess prominent technological advantages and significant growth potential, thereby continuously contributing to the optimization of regional industrial structure and upgrading development.

CASSTAR is an early-stage investment institution focused on the “hard tech” sector. As the originator of the “hard tech” concept and a pioneer in hard tech investment, CASSTAR is committed to building an integrated hard tech entrepreneurship ecosystem that combines “research institutions + early-stage investment + entrepreneurship platforms + post-investment services.” It provides professional, in-depth, and comprehensive investment, incubation, and financing solutions for technology entrepreneurs. Through long-term practice, CASSTAR has developed and proposed the ESK value investment framework, which integrates “Economic Value (E),” “Social Value (S),” and “Knowledge Value (K).” CASSTAR primarily invests in start-up and early-stage technological small and medium-sized enterprises (SMEs) with growth potential and independent innovation capabilities. The total cumulative size of its multiple funds exceeds RMB 12 billion.

Shaanxi Jinzi Fund Management Co., Ltd. (hereinafter referred to as “Jinzi Fund”) was established in December 2016. It is a wholly-owned subsidiary of Shaanxi Financial Asset Management Co., Ltd. and the group’s sole private equity fund manager. Since its inception, Jinzi Fund has adhered to the core philosophy of “investment research + investment banking + investment,” establishing a “3+2” business framework centered on three core pillars—“Special Support Funds for Listed Companies, Private Equity (PE) Funds, and Modern Industry Collective Funds”—with S funds and real estate private equity funds serving as innovative supplements. Upholding the investment principles of “investing early, investing in small enterprises, investing for the long term, and investing in hard technology,” Jinzi Fund focuses on accelerating the formation of innovation capital and broadening equity financing channels for sci-tech enterprises. By promoting the deep integration of innovation chains, industrial chains, and capital chains, it provides full-cycle, end-to-end sequential financial services for technology-based enterprises, spanning “angel investment–venture capital (VC)–private equity (PE)–M&A funds–S funds.”

As of 2024, the company has established a total of 52 funds, with cumulative assets under management exceeding RMB 40 billion. It has invested in more than 100 projects, over half of which have been recognized as national or provincial-level specialized, refined, distinctive, and innovative “Little Giant” enterprises. The company has successfully invested in and nurtured multiple listed companies, including Kaili New Materials, Meichang Shares, Huada Shares, and Tianrun Technology. Shaanxi Jinzi Fund has been ranked as the “Most Active Investment Institution” in Shaanxi’s venture capital industry for consecutive years and has received numerous national awards from platforms such as the “Rongzhong List,” “China Venture List,” 21st Century Business Herald, and 36Kr.

Hainan Xincheng Investment Group Co., Ltd. (hereinafter referred to as “Xincheng Investment”) is an incubation-focused investment institution dedicated to the bioeconomy industry. It provides early-stage investment and professional think tank support to startups in “hardcore biotechnology,” helping entrepreneurs take their first steps from zero to one. Xincheng Investment has established a collaborative innovation investment strategy integrating “technology incubation, market expansion, and financial support” to empower its portfolio companies and assist startups in growing into industry leaders. The company is committed to building an innovative ecosystem for the bioeconomy industry, with primary investments focused on biomaterials, medical devices, biomanufacturing, consumer healthcare, innovative drugs, bioinformatics, biological agriculture, and bioenergy.