Raining Biotech Secures Nearly RMB 100 Million Series B Financing to Advance Pioneering Hydrogel Platform and Clinical Pipeline

On January 24, 2024, REUNION announced the successful completion of its Series B financing round, raising nearly RMB 100 million. This round of financing was led byDingxin CapitalLead investment, with participation from existing shareholdersQiming Venture Partners、Guoxin Innovation Equityoversubscription,China RenaissanceServe as the exclusive financial advisor.The proceeds from this financing round will be primarily used to advance the regulatory registration and marketing of the company’s first product, accelerate clinical trials across multiple product lines, and expand into new innovative product pipelines.。

REUNION is an internationally leading medical hydrogel technology platform, building a robust pipeline of global First/Best-in-Class products. It provides systematic solutions for urgent clinical needs, including radiation protection in oncology, tumor embolization, and tissue filling, serving multiple departments such as radiation oncology, gynecology, urology, and gastrointestinal surgery with the most advanced clinical progress.

REUNION's Respacio, China's First Radiotherapy Protection Hydrogel^®Registration Clinical Trial for Cervical Cancer Indication Has Completed Clinical Follow-up, ranking first globally. This also marks the company’s product officially entering a new phase of regulatory submission and commercialization, with the potential to become the world’s first radiotherapy protection product in the field of cervical cancer treatment. Meanwhile,Respacio^®Prostate cancer indication has completed enrollment of dozens of patients, and pancreatic cancer indication has officially launched clinical trials., the product will help make radiotherapy more effective and precise in treating malignant tumors.

In the field of tumor embolization therapy, innovative materials are emerging continuously, and novel liquid embolic agents have become an international frontier trend.The Company’s independently developed PEG hydrogel tumor embolization product, the first of its kind in China, features significant clinical differentiation. It has currently entered the clinical stage for liver cancer treatment and is being accelerated, marking another blockbuster innovative medical device product for the Company’s medical hydrogel technology platform.。

Furthermore, leveraging its innovative hydrogel technology platform and driven by a dual-engine model of in-house R&D and external collaborations, the company has developed a portfolio of highly differentiated innovative products targeting high-potential markets in gynecology, urology, orthopedics, and medical aesthetics.

The company has assembled a team of top-tier international technical and marketing talents, backed by strong execution capabilities. Following the completion of this financing round, the team will continue to expand its innovation platform, leveraging proprietary technologies and processes to address significant unmet clinical needs, with the aim of becoming an industry leader in the field of biomedical materials. In recent years, numerous policy documents issued by various Chinese ministries and commissions have positively influenced the development of medical hydrogels, ranging from support for biomaterial innovation to strategic扶持 for the innovative medical device industry. As a result, the Chinese market for medical hydrogel materials is expected to outpace global growth rates in the foreseeable future.

Regarding this round of financing,Dr. Pan Zhen, Founder of REUNIONstated: “We extend our sincere gratitude to both new and existing shareholders for their recognition and support of the company, and we also thank China Renaissance for its invaluable assistance in this round of financing. Over the years, the company has been deeply engaged in the research and development and industrial translation of medical hydrogels, developing multiple medical device products that are first-of-their-kind globally and domestically. It is gratifying to see our products gradually benefiting a growing number of cancer patients in clinical practice, including those with cervical, prostate, pancreatic, and liver cancers. We have always prioritized the genuine clinical needs of patients, which serves as the driving force behind the REUNION team’s relentless efforts through all challenges. We hope that REUNION’s innovative biomaterial technologies will continue to contribute significantly to the prevention and treatment of cancer in China.”

Mr. Deng Ning, Partner at Dingxin CapitalDingxin Capital stated: “Dingxin Capital has consistently focused on ‘significant unmet clinical needs,’ continuously supporting independently innovative, platform-based medical enterprises. Radiation-induced rectal injury is the most common complication following radiotherapy for pelvic tumors, severely impacting patients’ quality of life, with no effective solutions previously available. Radioprotective hydrogels offer a new solution for the prevention of radiation-induced rectal injury, holding substantial market potential. REUNION’s globally first radioprotective isolation hydrogel for cervical cancer radiotherapy fills a gap in China’s radioprotective hydrogel sector. We are pleased to lead the investment in REUNION, given our confidence in the company’s biomaterials platform technology developed over years of accumulation, as well as the founding team’s clear strategic vision and strong execution capabilities. We look forward to the early market launch of REUNION’s products to benefit a broad patient population.”

Mr. Mao Shuo, Executive Director of Qiming Venture Partnersstated: “REUNION has taken a unique approach by developing its proprietary, globally innovative PEG hydrogel platform. Leveraging this technological platform, the company has developed multiple innovative Class III medical devices and expanded its robust product pipeline. The company’s team demonstrates strong execution capabilities, efficiently achieving various milestone targets, and is committed to advancing the application of innovative biomaterial technologies in clinical and medical settings. We are highly optimistic about the development prospects of biomedical materials and are pleased to collaborate with the company’s team to drive industry progress.”

Guoxin Innovation Equitystated: “As a cutting-edge platform enterprise specializing in biomedical materials, REUNION’s core team has cultivated deep expertise in the field of medical hydrogels for many years. Possessing proprietary core technologies and high execution efficiency, the company’s products demonstrate strong innovativeness and maintain a globally leading development pace. The Chinese biomaterials industry represents a blue-ocean market with immense potential. We look forward to REUNION making its own contributions to the advancement of China’s biomaterials sector and are confident in the company’s future growth. We will continue to empower outstanding enterprises like REUNION, addressing unmet clinical needs and benefiting patient populations.”

Ms. Jiang Jiajia, Managing Director of the Healthcare and Life Sciences Division at China Renaissancestated: “REUNION is a pioneer in medical-grade hydrogels and biomaterials in China. It has established a highly differentiated, innovative materials platform and continues to develop innovative device products targeting refractory cancers in China and worldwide, thereby addressing current unmet clinical needs. As a partner of REUNION, China Renaissance is honored to have participated in the company’s milestone developments and will continue to support the company in achieving further success.”

Dingxin Capital was established in 2014. Its core team members possess extensive composite backgrounds in finance and industry. Guided by the corporate mission of driving social progress through investment, Dingxin Capital focuses on early-stage, specialized investments in healthcare and hard technology. It has led or participated in the early-stage financing of over 40 high-quality projects and has been ranked among prominent industry lists, including “China’s Best Early-Stage Venture Capital Firms,” “Best Healthcare Investment Firms,” and “China’s Best Early-Stage Investment Firms in Semiconductors and Integrated Circuits.” Currently, Dingxin Capital’s total assets under management exceed RMB 10 billion. Its limited partners include institutional investors such as government guidance funds, insurance companies, listed companies and their shareholders, large enterprise groups, and market-oriented fund-of-funds. In 2021 and 2022, Dingxin Capital was consecutively rated as a Class A equity fund manager for insurance capital investment, the highest annual rating category.

Qiming Venture Partners, established in 2006, has successively set up offices in Shanghai, Beijing, Suzhou, Hong Kong, and Singapore. Currently, Qiming Venture Partners manages 11 US dollar funds and 7 RMB funds, with total assets under management reaching $9.5 billion. Since its inception, the firm has focused on investing in outstanding early-stage and growth-stage companies in the Technology and Consumer (T&C) and Healthcare sectors. To date, Qiming Venture Partners has invested in more than 530 high-growth innovative enterprises, among which over 200 have gone public on exchanges such as the NYSE, NASDAQ, HKEX, SSE, and SZSE, or exited through mergers and acquisitions. More than 70 of these portfolio companies have become industry-recognized unicorns or super unicorns.

Qingdao Guoxin Innovation Equity Investment Management Co., Ltd. was established in August 2016. Leveraging the shareholder resource advantages of Qingdao Guoxin Development (Group) Co., Ltd., and serving as a key sub-brand within the Guoxin financial sector, the company has always adhered to the mission of “providing high-quality financial services to the real economy.” It upholds the core operational principles of “market-oriented operations, industry-driven development, and forward-looking layout.” Using diversified equity investment funds as its operational platform, the company deepens industry-finance synergy, focusing primarily on shareholder and regional advantageous industries such as modern marine economy, information technology, healthcare, and advanced manufacturing. By cultivating deep expertise across upstream and downstream segments of the industrial chain, it proactively invests in high-quality projects characterized by industry leadership, innovation, breakthrough potential, and high growth. Covering the entire lifecycle of enterprise development, its project portfolio spans across China. Through financial linkages, the company facilitates industry incubation, introduction, and value enhancement, thereby empowering the long-term sustainable development of industries with capital, and building an open industry-finance ecosystem based on “co-creation, sharing, and win-win cooperation.”