Milestone Biotechnologies Secures Nearly RMB 100 Million Series A+ Financing to Expand Global Footprint and Build Integrated Cell Therapy Platform

Jan 03, 2025 08:00 CST Updated 08:00

WinX Capital

Investment Institutions in the Greater Health Field

VCBeat has learned that, recently,Miaoshun (Shanghai) Biotechnology Co., Ltd. (hereinafter referred to as "Miaoshun Bio") announced the completion of its nearly RMB 100 million Series A+ financing round. This round was led by Industrial Capital Management Co., Ltd., with participation from JINAN HI-TECH FINACE INVESTMENT and Nanjing Innovation Investment Group. WinX Capital served as the exclusive financial advisor for this round, continuing its role from previous financings.This round of financing has garnered recognition and support from renowned investment institutions and local state-owned capital. The funds raised will be primarily used to accelerate the development of a series of primary cell models, supporting reagents and consumables, and scientific research services, as well as to further expand the scope and scale of overseas operations, accelerating the company’s growth into a one-stop supplier for the entire industrial chain of biomedical cell applications. In 2023, Miaoshun Biology secured over RMB 100 million in Series A financing, led by Zhongke Haichuang and followed by GL Ventures, Yida Capital, Titan Technology (688133.SH), and WinX Capital.

Enriching the Product Matrix, Successfully Expanding Overseas

Through years of research and development and operational excellence, the company has emerged as a leader in the primary cell industry, offering industry-leading services and response times. The enterprise has established a production and sales network covering China and has successfully expanded its business overseas. Since the company’s Series A financing, a significant milestone was reached at the beginning of 2024 with the official opening of Miaoshun Biotech’s R&D center located at the Zhangjiang Innovative Drug Industrialization Base. This facility provides strong support for building an integrated platform encompassing R&D, production, and process development for full-process cell models and related reagents and consumables, thereby further consolidating the company’s leading position in the field of primary cells.Building on its existing industry-leading primary immune cell business, Miaoshun Biotech has successfully developed new products such as cell cryopreservation media and cell culture media, completed the optimization of animal hepatocyte products and the development of new offerings, and successfully entered overseas markets. Notably, Kryogene™ Cell Therapy Cryopreservation Medium has been filed with the FDA DMF, and Kryogene™ Cell Preservation Solution has successfully obtained medical device registration. These two products have been adopted by numerous enterprises and academic institutions, successfully penetrating the general health and healthcare sectors, thus broadening the company’s customer base.

Building a Full Industrial Chain for Cell-Based Applications: Import Substitution

In 2025, the company will also launch more innovative products and plans to expand into broader markets, providing comprehensive primary cell-based solutions to global partners and contributing to the development of the global biopharmaceutical industry.

In the future, Miaoshun Bio will leverage its years of technological accumulation and market development to build a matrix-style product platform centered on cells, complemented by self-developed reagents and consumables. The company aims to gradually achieve import substitution and establish a comprehensive industrial chain platform for cell applications in biopharmaceuticals.

Zhang Jinbao, Founder and CEO of Miaoshun BiotechStatement: We extend our sincere gratitude to all institutions for their attention and support of Miaoshun Biotech. Since our inception, we have been committed to establishing Miaoshun as a leading enterprise serving China’s biopharmaceutical sector. Following the completion of this financing round, we will consolidate our existing core businesses while accelerating the domestic and international commercialization of our cell models, supporting reagents and consumables, and related services, as well as advancing our global strategic layout.

Xiang Jun, Vice President of Industrial CapitalMiaoshun Bio has focused on the development of primary cell models since its establishment. Through continuous accumulation and refinement in technology, product development, and sales, it has become a leading enterprise in China’s primary cell model sector. The company will continue to provide downstream customers with a more diverse range of high-quality products and services. As China’s downstream life sciences and biopharmaceutical industries develop and mature, Miaoshun Bio is poised to maintain its industry leadership in the future.

Yang Yongbo, General Manager of Jigao Finance and Economics CompanyIt was stated that Miaoshun Biotechnology, as a leading enterprise in the niche sector specializing in cell model products and supporting reagents and consumables, has broken the monopoly of overseas companies on high-quality cell products through independent research and development and continuous iteration. This achievement aligns closely with Jinan High-Tech Zone’s strategic focus on the primary track of biomedicine and its key layout in emerging productive forces such as cell and gene therapies. Relying on Jinan High-Tech Holding Group, JINAN HI-TECH FINACE INVESTMENT, in collaboration with park companies such as Jigao Dongxin and Jigao Linkong, has innovated the “Fund + Base” investment model. While providing financial support to enterprises, it has assisted in establishing production lines for new products such as cryopreservation media, aggregated biomedical industry resources within the High-Tech Zone, and continuously empowered enterprises to enhance efficiency and value.

Yan Peng’an, General Manager of Investment Department III, Nanjing Innovation Investment GroupIt is noted that, driven by the wave of domestic substitution, China’s upstream life sciences industry is experiencing rapid development, with numerous suppliers of raw materials, consumables, and instruments emerging. Miaoshun Bio has successfully established itself as a leader in its niche market, leveraging sustained innovation investment and a distinctive product portfolio. Looking ahead, we anticipate that Miaoshun Bio will further expand its business scope, achieving a leapfrog transformation into a multi-dimensional, comprehensive biomedical service platform, thereby propelling China’s life sciences industry to a higher level of advancement.

Dr. Guowen Zou, Founding Partner of WinX CapitalStatement: It is a great honor to have supported Miaoshun Biology in successfully closing two consecutive rounds of financing. The company’s founder, Mr. Zhang Jinbao, brings extensive entrepreneurial experience and has led Miaoshun Biology to become a leading enterprise in China’s primary cell sector, while successfully expanding its business scope and advancing its internationalization. We believe that under Mr. Zhang’s leadership and with the support of its shareholders, Miaoshun Biology will grow into a first-class domestic and world-leading upstream platform enterprise in the biopharmaceutical industry.

Industrial Securities Capital

Industrial Capital Management Co., Ltd. (hereinafter referred to as “Industrial Capital”), a wholly-owned subsidiary of Industrial Securities Co., Ltd. (SH601377), was established in April 2010 with a registered capital of RMB 2.5 billion and is headquartered in Fuzhou, Fujian Province. Leveraging the financial platform of its parent company, Industrial Securities, and after more than a decade of dedicated development, Industrial Capital has grown into a professional private equity investment institution offering comprehensive fund management services, including portfolio funds, funds of funds (FOFs), investment promotion funds, infrastructure funds, and M&A funds. The total committed capital of the funds currently under its management and service amounts to nearly RMB 20 billion.

Jinan Hi-Tech Finance & Investment Co., Ltd.

Jinan Hi-Tech Finance Investment Co., Ltd. was established in April 2016. Approved by the Administrative Committee of Jinan High-Tech Industrial Development Zone, it is a wholly state-owned enterprise integrating financial services such as equity investment, capital operation, leasing, guarantees, micro-lending, and factoring. The company has a registered capital of RMB 3 billion, total assets of RMB 15 billion, net assets of RMB 12 billion, and a total investment volume of approximately RMB 10 billion. It holds stakes in over 100 enterprises and has obtained an AA+ issuer credit rating. Its investment sectors include biomedicine, intelligent manufacturing, next-generation information technology, aerospace information, and quantum technology.Adhering to its original mission of “Developing Hi-Tech, Serving Hi-Tech,” Jigao Holding Group focuses on technological innovation and industrial development. It has grown into an industrial group whose parent company holds domestic dual AAA credit ratings and an international BBB issuer credit rating from Fitch Ratings, while its subsidiaries include one entity with an AAA issuer credit rating and another with an AA+ issuer credit rating. In the future, the group will continue to promote industrial transformation and upgrading, foster new quality productive forces, and make greater contributions to the “Third Entrepreneurship” of Jinan High-Tech Industrial Development Zone and the high-quality development of Jinan City.

Nanjing Innovation Investment Group

Nanjing Innovation Investment Group was established in May 2018 with a registered capital of RMB 15 billion. As a specialized venture capital platform under the Nanjing Municipal Government, it primarily aggregates various types of innovative capital and resources to support Nanjing’s focus on technology innovation oriented toward the real economy, fostering innovative industrial clusters with international competitiveness. Adhering closely to its PDSM strategy, Nanjing Innovation Investment Group boasts a comprehensive matrix of fund products, including government guidance funds, market-oriented funds of funds (FOFs), direct investment funds, S-funds, and M&A funds. The group manages approximately RMB 50 billion in fund assets, with indirectly managed assets exceeding RMB 200 billion. It has directly or indirectly invested in nearly 1,800 projects, among which 90 companies have gone public.

WinX Capital

WinX Capital is a leading investment bank in China’s healthcare industry, headquartered in Beijing and Shanghai, with offices in Shenzhen and Hangzhou. It has received numerous accolades, including being ranked “No. 1 Financial Advisor in the Healthcare Sector for 2022 and 2023” by First New Voice; “Top 2 Best Financial Advisors in the Healthcare Sector for 2021–2022” by Qimingpian & Xinsheng Chuangfu; and “Annual Healthcare Financial Advisor” as part of VCBeat’s “Future Healthcare 100” list for 2022–2024.