CoJourney Biotech Secures Hundreds of Millions in Series A Funding to Accelerate Gene Therapy CDMO Platform Development

On June 26, 2023, Hangzhou Xingcheng Biotechnology Co., Ltd. (“Xingcheng Biotech”) announced the completion of its Series A financing, raising hundreds of millions of RMB to expand the construction and operation of its commercial-scale production facilities, accelerate the development of its gene therapy CDMO platform, and expand into both domestic and international markets. The round was co-led by Legend Capital and a renowned international investment firm, with participation from GL Ventures, Legend Star, Lianrong Zhidao, and Qingshi Capital.

Hangzhou Xingcheng Biotechnology Co., Ltd. specializes in gene therapy CDMO services. The company has established and is operating plasmid, viral vector, and mRNA production facilities that comply with GMP standards in China, the United States, and Europe. It possesses comprehensive production equipment covering the entire process from master cell bank or bacterial strain library development to final product filling, and has collaborated with multiple partners. The processes for plasmids, viral vectors, and mRNA are simple, advanced, and scalable, with both process and quality meeting future commercialization requirements. Its quality system is robust, designed with the end goal in mind, ensuring controllable costs and high cost-effectiveness. Hangzhou Xingcheng Biotechnology has successfully delivered multiple plasmid, viral vector, and mRNA projects. As of press time,Successfully assisted partners in obtaining FDA and CDE clinical trial approvals for plasmid and rAAV viral vector INDs, with zero deficiency letters.. We are confident that in the near future, we can help more partners achieve successful regulatory approvals.

Wang Lijun

CEO of Hangzhou Xingcheng Biotechnology Co., Ltd.

Ms. Wang Lijun, CEO of Xingcheng BiotechnologyDenotes:We sincerely appreciate the high recognition and trust placed in Xingcheng Biotechnology by our investors. In this era of vigorous development in gene therapy (CGT), we will seize the pulse of the times and capitalize on market opportunities. Leveraging our strong and exceptional talent team, advanced and sophisticated process technologies, a quality system adhering to high standards and strict requirements, as well as our extensive international success stories, Xingcheng Biotechnology will work hand in hand with our partners to mutually empower each other and achieve shared success. We remain committed to enhancing the production efficiency of gene therapies and mRNA drugs, expanding production scale, and reducing manufacturing costs. By providing superior customized services to global clients, we will jointly drive industry progress and realize the large-scale application of gene therapy.

Dr. Qi Fei, Executive Director at Legend CapitalIndicates:The cell and gene therapy (CGT) sector represents the next wave of biopharmaceutical development, with China accelerating rapidly along this trajectory. However, high barriers in CMC process development and manufacturing for CGT—particularly for AAV-based gene therapies—have become a significant industry bottleneck. Hangzhou Xingcheng Biotechnology Co., Ltd. possesses comprehensive CDMO capabilities covering plasmids, viruses, and mRNA, all compliant with GMP standards in China, the United States, and Europe—a rare asset within China’s CGT industry. We are further encouraged by the company’s management team, which brings an international perspective and has demonstrated expertise through the full product lifecycle from IND to NDA approval and commercialization. We look forward to Hangzhou Xingcheng Biotechnology supporting more CGT innovators and contributing to the clinical development and commercialization of innovative therapies worldwide.

Lian Leyao, Executive Director of Legend StarIndicates:Gene and Cell Therapy (CGT) is a cutting-edge hotspot for innovation, entrepreneurship, investment, and mergers and acquisitions across the entire biopharmaceutical sector, representing the future of the pharmaceutical industry. Due to the complexity of manufacturing processes, the CGT industry relies more heavily on Contract Development and Manufacturing Organizations (CDMOs) than traditional pharmaceuticals. As a large number of CGT drugs enter clinical research and commercialization stages in the future, and as Chinese CGT startups continue to grow and upgrade, both the demand for and capability requirements of CGT-CDMOs are rising. Since its establishment, Hangzhou Xingcheng Biotechnology Co., Ltd. has built its production system in accordance with the standards and objectives for new drug applications in both China and the United States. The company boasts GMP-level process capabilities and quality systems that lead domestic peers, along with extensive experience in plasmid and viral vector production and regulatory submissions, supported by Investigational New Drug (IND) approvals in both China and the U.S. It is well-positioned to become a leading enterprise in the CGT-CDMO field.

Lianrong ZhidaoDenotes:As an asset allocation and industrial fund management platform under Legend Holdings, we recognize Xingcheng Biotechnology’s leading technological advantages and professional service system in the cell and gene therapy CDMO sector, which can effectively support the diverse business needs of both Chinese and international clients. The two parties have maintained close cooperation and communication since the inception of Xingcheng Biotechnology’s founding team. Following this investment, we will continue to empower the company’s development.

CoJourney is a one-stop gene therapy CDMO integrating plasmid, viral vector, and mRNA production, preparation, and analytical testing. It has successful experience in filing Investigational New Drug (IND) applications for plasmids and viral vectors in both China and the United States, achieving zero deficiency letters. The company provides customized services including process development, cGMP manufacturing, analytical method development, and product testing and release for plasmids, viral vectors, and mRNA.

Hangzhou Xingcheng Biotechnology Co., Ltd. was co-founded by senior CMC experts with commercialization experience in the gene therapy field, alongside accomplished scientists and entrepreneurs. The company operates dual headquarters in Zhejiang, China, and Pennsylvania, USA. It has established cGMP manufacturing facilities for plasmids, viral vectors, and mRNA that comply with FDA, EU, and NMPA regulations, equipped with advanced production and testing instruments. Furthermore, its R&D and production teams possess extensive process development capabilities and practical experience. Upholding the philosophy of “Action Rooted in Sincerity,” the company leverages robust processes that exceed industry standards to provide partners with high-purity, high-yield, and cost-effective premium services for the preparation of plasmids, viral vectors, and mRNA at various production scales, ranging from R&D to cGMP levels.

Legend Capital was established in April 2001 as a leading professional investment firm in China, specializing in early-stage venture capital and growth-stage private equity. Over the past two decades, Legend has adhered to international best practices, successfully managed multiple funds through their full life cycles, and delivered outstanding and sustainable fund performance. To date, it has invested in more than 600 companies, with over 100 achieving IPO exits across various global capital markets and nearly 100 exiting through mergers and acquisitions. Staying true to its original mission, Legend Capital fosters corporate innovation and growth through capital and management support, thereby driving industrial advancement and social development. While delivering strong financial returns, the firm actively fulfills its social responsibilities, striving for sustainable and high-quality development.

As one of China’s most active venture capital platforms, we focus on value discovery and value creation for innovative companies, with particular emphasis on key sectors such as new technologies, new energy, new materials, and new consumption. Since our independent launch in 2020, we have been committed to empowering the long-term development of early-stage innovative enterprises through our systematic DVC (Deep Value Creation) services.

Legend Star is one of the earliest venture capital firms to systematically lay out its investments in the healthcare sector, having designated healthcare as a key investment focus since 2010. In this field, Legend Star has defined its strategic layout around two major segments: “Biopharmaceuticals” and “Digital-Intelligent Healthcare.” The biopharmaceutical segment includes innovative drugs, gene technologies and services, diagnostics, and high-value consumables. Digital-intelligent healthcare refers to opportunities that leverage technologies such as artificial intelligence, big data, and robotics to upgrade and empower various aspects of drug R&D, medical devices, healthcare services, insurance payment, and health management. To date, Legend Star has invested in more than 100 high-quality healthcare projects, including Kintor Pharmaceutical (9939.HK), Burning Rock Biotech (NASDAQ: BNR), Axonics (NASDAQ: AXNX), Keymed Biosciences (2162.HK), PegBio, Cayody, Qihan Bio, Gaocheng Bio, Deepwise Healthcare, Jingfeng Surgical Robot, and Jiayin Bio.

Lianrong Zhidao is an asset allocation and industrial fund management platform under Legend Holdings, dedicated to long-term investments in S-funds, technology, and healthcare equity projects.