Tongrui Bio Completes Over $100 Million Series A+ Financing Co-led by Shenzhen Capital Group and Tailong Investment

In November 2024, Tongrui Biopharmaceutical (Chengdu) Co., Ltd. (hereinafter referred to as “Tongrui Bio”), an innovative enterprise in the field of radiopharmaceuticals, announced the completion of its Series A+ financing round exceeding USD 100 million. This round of financing was led byThe Shenzhen Capital Group Manufacturing Transformation and Upgrading New Materials Fund (hereinafter referred to as “Shenzhen Capital Group”) and TAILONG VC jointly led the investment, with participation from GL Ventures, 3SBIO INC (01530.HK), Guanghua Wutong, and a well-known industrial investment institution, among other prominent institutions and industry players. WinX Capital served as the exclusive financial advisor for this transaction.

Against the backdrop of a global economic downturn and increasingly cautious investment in the pharmaceutical sector, this milestone further underscores C-Ray Therapeutics’ comprehensive strengths and development potential in the research and development, manufacturing, and clinical application of radiopharmaceuticals.

The primary objective of this financing round is to further enhance the company’s core technology platforms, such as targeted precursor discovery, upgrade high-throughput screening capabilities for innovative RDC drugs, and accelerate the clinical development of multiple internationally leading R&D pipelines, particularly those involving alpha-emitting radionuclide RDC drugs, thereby delivering more effective treatment options to patients worldwide.

Radiopharmaceuticals are a special class of theranostic agents that label specific molecules with radionuclides, utilizing the varying energy levels of radiation emitted by different nuclides to visualize or destroy tumors. As modern medicine increasingly demands precise diagnosis and treatment, radiopharmaceuticals have demonstrated significant application prospects in various fields, including oncology, cardiovascular diseases, and neurological disorders, owing to their unique advantages. In 2023, Novartis successfully launched two radioligand therapy drugs, achieving substantial commercial success. Meanwhile, Lilly acquired the radiopharmaceutical company Point for $1.4 billion, and Bristol Myers Squibb (BMS) spent $4.1 billion to acquire RayzeBio, further underscoring the attractiveness and promising development prospects of the radiopharmaceutical market.

C-Ray Therapeutics, established in 2021 and headquartered in Chengdu Medical City, was incubated by the internationally renowned investment firm Allist Partners. Since its inception, the company has been deeply committed to the field of radiopharmaceuticals, aiming for world-class standards. Over the past three years, it has rapidly achieved a series of milestone accomplishments in the radiopharmaceutical sector:

● Established a radiopharmaceutical R&D and production base spanning nearly 30,000 m²

● Obtained the first Class A Radiation Safety License among innovative radiopharmaceutical companies

● Establish a globally leading integrated platform for radiopharmaceutical equipment, featuring advanced technology, continuous innovation, and comprehensive functional support.

C-Ray Therapeutics has established significant advantages in the radiopharmaceutical sector:

C-Ray Therapeutics Board of Directors / Management TeamStatement: We extend our sincere gratitude to the investors in this round for their strong support of C-Ray Therapeutics, and we also thank our existing shareholders for their continued trust. C-Ray Therapeutics has entered a critical phase of rapid development. With the smooth advancement of our multi-modal businesses, including our Grade A production base, investigator-initiated trials (IITs) and clinical trials, overseas business development (BD), and contract research, development, and manufacturing organization (CRDMO) services, we are confident that, with the trust and support of all shareholders, C-Ray Therapeutics will accelerate the development of innovative radiopharmaceuticals, technologies, and service platforms that maximize benefits for patients. We aim to become a leading innovative radiopharmaceutical enterprise in China and worldwide.

Shenzhen Capital Group Investment TeamIt indicates that high-end drug carriers have become one of the key technologies driving the development of global biomedical technology in recent years. In the field of precision oncology diagnosis and treatment, next-generation Radionuclide Drug Conjugates (RDCs) utilize targeted high-end drug carrier materials to link radioactive medical isotopes, enabling precise delivery to both non-metastatic and metastatic tumor sites for diagnosis and therapy. We are optimistic about C-Ray Therapeutics’ innovation capabilities and market prospects, and we look forward to the company achieving greater breakthroughs in the life and health sector.

Liu Chunguang, Managing Partner at TAILONG VCStatement: In recent years, innovative radiopharmaceuticals have developed rapidly, with continuous breakthroughs in the basic research, clinical studies, and translational applications of novel theranostic radiopharmaceuticals. China’s radiopharmaceutical industry is constantly developing and improving, and TAILONG VC has made multiple strategic investments in this field. We are deeply honored to partner with C-Ray Therapeutics, an enterprise distinguished by its innovative spirit and comprehensive strengths. Looking ahead, we will engage in deep collaboration with C-Ray Therapeutics in areas such as radiopharmaceutical R&D and clinical trials, jointly promoting development and innovation in this field.

Head of Related Projects, GL VenturesIt was stated that C-Ray Therapeutics possesses unique advantages in the field of radiopharmaceutical R&D, with the capability to integrate nuclear medicine industry resources and connect upstream and downstream segments of the industrial chain. Its experienced and highly efficient executive team has rapidly established a comprehensive industrialization system encompassing R&D, manufacturing, and supply chain within a short period. Given the broad prospects of the radiopharmaceutical industry, we believe that under the leadership of its founding team, C-Ray Therapeutics will continue to benefit patients and create value by advancing innovative radiopharmaceutical technologies and building service platforms.

Project Lead at 3SBIOINCStatement: In recent years, with the continuous deepening of nuclear medicine research in China, radiopharmaceuticals have gradually demonstrated broad development prospects and have become a highly watched investment sector. This participation in the investment in C-Ray Therapeutics aligns with 3SBIOINC’s strategy to explore potential collaborative projects. As a domestic biopharmaceutical company, we look forward to promoting the market launch and application of innovative radiopharmaceuticals through this collaboration, helping doctors and patients across China gain new therapeutic benefits from cutting-edge treatments.

Project Lead for Guanghua WutongIt was stated that since 2021, Wenjiang has leveraged Sichuan’s advantages as a major nuclear province to proactively position itself in the radiopharmaceutical sector, striving to build a national-level hub for the radiopharmaceutical industry. C-Ray Therapeutics has emerged as one of the benchmark enterprises in Wenjiang’s radiopharmaceutical sector. It is expected that the company will continue to deepen its roots in Wenjiang and soon become a world-class R&D, manufacturing, and commercialization platform in the global radiopharmaceutical industry, thereby advancing the discipline of nuclear medicine and making greater contributions to the biopharmaceutical industry.

WinX CapitalStatement: It is a great honor for WinX Capital to serve as the exclusive financial advisor to C-Ray Therapeutics and to successfully facilitate this substantial round of financing. We extend our gratitude to the Board of Directors and management team of C-Ray Therapeutics for their trust and recognition of WinX Capital. Innovative radiopharmaceuticals represent one of the fields most likely to yield blockbuster drugs, characterized by exceptionally high barriers to entry. C-Ray Therapeutics demonstrates distinct advantages in its ability to integrate the industrial chain. We believe this financing will inject strong momentum into the company’s development and drive its strategic global expansion.

Shenzhen Capital Group was established in 1999 with capital contributions from the Shenzhen Municipal Government, which also guided social capital investment. With the mission of “Discovering and Empowering Great Enterprises,” the company is committed to identifying and nurturing innovative value. It has since evolved into a comprehensive investment group centered on venture capital, managing total assets under management exceeding RMB 480 billion. The SCG Manufacturing Transformation and Upgrading New Materials Fund serves as a dedicated investment vehicle for the National Manufacturing Transformation and Upgrading Fund, focusing primarily on investments in the new materials sector.

Tailong Investment, established in 2021, is a professional equity investment management firm specializing in biopharmaceuticals, medical devices, and the broader health sector. The Tailong Kun Fund under its management has a scale of RMB 20 billion. Tailong Investment boasts a professional and seasoned investment team, with key investment focuses on biopharmaceuticals, innovative medical devices, core CXO services and innovative segments, as well as leading biopharmaceutical industry funds. It is committed to building a value investment platform for the biopharmaceutical industry that remains faithful to science and resilient across economic cycles.

GL Ventures is one of the most active venture capital platforms in China, dedicated to discovering and creating value for innovative companies, with a particular focus on key sectors such as new technologies, new energy, new materials, and new consumption. We are committed to empowering the long-term development of early-stage innovative enterprises through our systematic DVC (Deep Value Creation) services.

3SBIO INC. is a leading biopharmaceutical enterprise integrating research and development, production, and sales. It is committed to improving patients' quality of life with high-quality medicines and contributing to human health. Currently, the company holds over 100 authorized national invention patents and has more than 40 marketed products covering various therapeutic areas, including nephrology, oncology, autoimmune diseases, ophthalmology, and dermatology. The company operates the National Engineering Research Center for Antibody Drugs and four major R&D centers based on dual platforms for biologics and chemical drugs. It has 28 products in its pipeline, 25 of which are classified as new national drugs, and owns five manufacturing bases compliant with Good Manufacturing Practice (GMP) standards. In the future, 3SBIO INC. will continue to uphold its philosophy of "Cherishing Life, Focusing on Survival, and Creating Living," striving to build itself into a globally leading Chinese biopharmaceutical enterprise.

Guanghua Wutong is a wholly-owned subsidiary of Chengdu Guanghua Kaiyuan Capital Management Co., Ltd., the state-owned capital operation platform of Wenjiang District, Chengdu. Adhering to the corporate philosophy of “Focus, Professionalism, and Sincerity,” the company is committed to intensive cultivation and efficient investment, striving to build a fund ecosystem and investment service network that is deeply rooted in the region while radiating across China, thereby creating an influential, perceptive, and industry-empowering professional investment platform. In collaboration with social investment institutions and industry leaders, it has initiated and established 13 market-oriented investment funds, with assets under management nearing RMB 10 billion. The company conducts direct project investments in key industrial sectors such as “Three Meds” (medicine, medical devices, and medical services) plus Big Data/AI, aggregating rich industrial resources in biopharmaceuticals, high-end healthcare, general health, big data, and intelligent manufacturing. The Wenjiang District Industrial Investment Guidance Fund was selected for the “Top 30 Best Government Guidance Funds (County/District Level) in China 2020.”

WinX Capital is a leading investment bank in China’s healthcare sector, headquartered in Beijing and Shanghai, with coverage of over 3,000 active institutional investors and industrial groups. 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 Advisor in the Healthcare Sector for 2021–2022 by Qimingpian & New Voice Innovation Services; and Annual Healthcare Financial Advisor at VCBeat’s “Top 100 Future Healthcare Companies” from 2022 to 2024.