Furong Bio Completes Over RMB 100 Million Series A Financing to Advance Cytokine-Based Protein Therapeutics

VCBeat has learned that,Recently, Forlong, a biotechnology company driven by synthetic immunology and focused on the development of protein-based drugs such as cytokines, announced the completion of its Series A private financing round, raising over RMB 100 million. The round was led by Puhua Capital, with participation from Renhe Capital, Fangfu Venture Capital, Suzhou New District Venture Capital, Suzhou New District Sci-Tech Innovation Angel Fund, and Huangpu Medical Fund. Existing shareholder Kaifeng Venture Capital continued to support the company. Joywise Capital served as the exclusive financial advisor for this financing round.

Forlong is an innovative R&D enterprise driven by synthetic immunology, focusing on the development of protein drugs such as cytokines. Backed by internationally renowned protein drug discovery laboratories, its founding team possesses strong capabilities in scientific research translation, while its core team has decades of experience in innovative drug development and extensive industrialization expertise.

The company has established an internationally leading integrated synthetic immunology technology system, from which four core platforms have been derived: the F-body long-acting technology platform, the synthetic novel cytokine platform, the Fc engineering platform, and the biomolecular artificial evolution platform. These four core technologies enable multi-dimensional optimization of protein therapeutics, represented by cytokines, to yield optimal product candidates. Preclinical data for the lead pipeline candidate FL115 (IL-15) demonstrate significantly superior safety and efficacy compared with representative products in the field.

Cytokines play a pivotal role in key steps of immunotherapy, exhibiting pleiotropic biological functions such as regulating innate and adaptive immune responses, mediating inflammatory reactions, promoting hematopoiesis, and stimulating cell activation, proliferation, and differentiation. Due to their pleiotropy, they can be used in combination with immune checkpoint inhibitors or other therapeutic agents. The approval of high-dose IL-2 therapy in 1992 for the treatment of metastatic renal cell carcinoma, and subsequently in 1998 for metastatic melanoma, marked a milestone by demonstrating that immunotherapy (specifically through enhanced T-cell activity) could effectively treat tumors. However, the use of cytokines as therapeutic agents is limited by unfavorable pharmacokinetic properties (such as short half-life), broad systemic effects, and pleiotropy, which lead to severe adverse reactions and constrain efficacy. Consequently, very few cytokine-based drugs are currently marketed. Thanks to advances in structural biology and cytokine engineering, the development of next-generation cytokine therapies for cancer has ushered in new opportunities.

The development of next-generation cytokine-based therapeutics is primarily focused on several key directions: 1) combination therapy with PD-1/PD-L1 inhibitors and similar agents; 2) engineering cytokines to improve pharmacokinetic and other properties through various strategies, such as albumin fusion, Fc domain fusion, and polymer conjugation; and 3) local administration, involving the direct injection of recombinant cytokine proteins or gene therapy vectors encoding cytokines into the tumor microenvironment. We anticipate that the development of next-generation cytokine drugs will achieve superior clinical outcomes, bringing new breakthroughs to cancer immunotherapy.

With the support of this round of financing, Forlong will continue to increase its R&D investment, accelerate the regulatory filings and clinical development of its pipeline, and continuously expand its presence in the field of protein therapeutics such as cytokines.

Dr. Yu Xiaoxu, CEO of ForlongHe expressed his sincere gratitude to all investors for their trust and recognition of Forlong. With advancements in protein engineering technology, the development of cytokine drugs is rapidly gaining momentum. The future of tumor immunotherapy will undoubtedly lie in combination therapies involving multiple agents, aiming to achieve optimal clinical efficacy. Leveraging its integrated synthetic immunology technology platform, Forlong will continue to focus on the development of protein-based therapeutics, including cytokines, to provide patients with superior products as soon as possible.

Ms. Zhu Baolin, Vice President of Puhua CapitalIt was stated that after years of research, more than 200 cytokines have been discovered. Apart from a few such as G-CSF and GM-CSF, which have multiple recombinant products on the market, the development of other cytokine-based therapies has been hindered by challenges including short half-lives and high toxicity. Since the first high-dose recombinant IL-2 was approved for tumor treatment in the 1990s, no outstanding products have gained approval despite extensive research over the years. Leveraging its years of accumulated expertise in synthetic immunology and its F-body technology platform, the Forlong team has successfully overcome these challenges in preclinical studies, as demonstrated with IL-15, with potential applications extending to other cytokine-based products. As scientific research advances, we look forward to the team providing patients with more safe and effective cytokine-based therapies.

Mr. Zhang Hui, Managing Partner of Fangfu Venture CapitalIt was stated that the interleukin class of cytokines has seen no major breakthroughs in the industry for many years. Forlong, leveraging synthetic immunology as its technological foundation, has built a core technology platform that has achieved significant pioneering breakthroughs in the long-acting modification and toxicity reduction of interleukins. Fangfu Venture Capital is optimistic about the prospects of Forlong’s innovative cytokines and looks forward to future opportunities in combination with antibodies and collaboration with cell therapies. We expect Forlong to blaze a new trail for innovative cytokine-based drugs in China, accelerate the advancement of products incubated on its platform into clinical stages, and further enable patients to benefit at an earlier date.

Mr. Yu Siyang, Partner at Renhe Capital ManagementIt was stated that cytokines are a critical component of the tumor microenvironment and play a pivotal role in tumor immunity. The clinical application of earlier approved cytokine drugs has been limited by issues such as toxicity and short half-life. However, with continuous technological breakthroughs, the next generation of cytokine therapeutics holds broad prospects. Forlong has established a unique technology platform based on synthetic immunology and successfully applied it to the development of cytokine drugs, achieving remarkable results. Renhe Capital is honored to participate in this round of financing at a crucial stage of the company’s development. We believe that the company’s team will seize this opportunity, steadily advance its pipeline, and drive continuous innovation leveraging its existing technology platform. We will also provide long-term support to grow alongside the company.

Mr. Liu Fei, General Manager of Huangpu Medical Industry InvestmentHe stated that the difficulty in developing cytokine-based therapeutics has long plagued the pharmaceutical industry, with expanding the therapeutic window and extending half-life being core challenges. Leveraging Fudan University’s synthetic immune engineering technology platform, Forlong Biotechnology, under the leadership of its founding team, has innovatively identified several solutions. We are delighted to observe promising preclinical data, and with the IND application for the FL115 pipeline imminent, we believe it will bring more surprises to the industry in future clinical applications. I am pleased to join the Forlong Biotechnology family and look forward to the team delivering more outstanding products to the industry in the future.

Mr. Miao Lü, Founding Partner of Su Gaoxin RongshengIt was stated that the complex mechanisms of tumors currently greatly constrain the long-term efficacy of tumor immunotherapy, while cytokines, due to their potent immunomodulatory effects, can theoretically significantly enhance the effectiveness of existing immunotherapy regimens. Forlong possesses mature and unique fusion protein engineering technologies, enabling its pipeline of drug candidates to effectively address the druggability limitations of wild-type cytokines, thereby holding substantial development potential. By participating in this investment in Forlong, we aim to grow alongside the team and look forward to seeing several of its products demonstrate significant efficacy across various fields of immunotherapy.

Dr. Huang Xin, Managing Partner at Kaifeng Venture CapitalIt was stated that cytokine-based immune agonists represent a cutting-edge translational direction in tumor immunotherapy; however, their druggability has long been a persistent challenge for the global industry. Leveraging its macromolecular drug engineering platform developed over many years, the Forlong team has proposed an innovative solution that has demonstrated breakthrough efficacy in preclinical studies. The company expects this round of financing to accelerate the clinical development of its pipeline, further validate the translational potential of its technology platform, and ultimately provide cancer patients with more effective weapons against the disease.

Dr. Li Yishi, Senior Partner at Haoyue Capital“We are honored to have served as the exclusive financial advisor for Forlong’s current round of financing, assisting the company in successfully closing this transaction. With the comprehensive advancement of tumor immunotherapy, cytokine drugs have entered a new era of development and have become a key therapeutic area within cancer immunotherapy. The founding team of Forlong has been deeply engaged in the cytokine field for many years, and its leading pipeline candidates have demonstrated superior preclinical safety and efficacy profiles compared to international benchmark products. We remain bullish on Forlong’s growth trajectory and look forward to seeing the company accelerate its pipeline development with capital support, thereby providing patients with better treatment options.”

Forlong is an innovative R&D enterprise driven by synthetic immunology, focusing on the development of protein-based therapeutics such as cytokines. Backed by a renowned international laboratory for protein drug discovery, its founding team possesses strong capabilities in scientific translation, while its core team has decades of deep expertise in innovative drug development and extensive industrialization experience.

PuHua Capital was founded in 2004, with its headquarters in Hangzhou and investment offices in Beijing, Shenzhen, and London, UK. Since its inception, PuHua Capital has adhered to the vision of “Upholding a Universal Heart, Pursuing Substantive Actions,” investing in startups and innovative enterprises at early, growth, and mature stages. Guided by the core investment philosophy of deep industry engagement, PuHua Capital focuses on venture capital in the fields of new technology, healthcare, and cultural consumption. It is committed to building industrial ecosystems and empowering its portfolio companies.

Fangfu Venture Capital (Stock Code: 833962) was established in 2012, primarily focusing on the healthcare industry and advanced manufacturing, with an emphasis on early- to mid-stage projects. Its cumulative assets under management amount to nearly RMB 7 billion. To date, it has invested in multiple companies, including Yiming Cell, Diluo Medical, Shiguang Technology, Saifu Pharma, Jingyi Equipment, and Jiaxuan Intelligence.

Shenzhen Renhe Capital Management Co., Ltd. was established in 2012, focusing on equity investments in private companies within the healthcare and advanced manufacturing sectors. In 2014, Renhe Capital partnered with Nomura Asset Management Co., Ltd., Japan’s largest asset management firm, to establish Shenzhen Dongfang Renhe Equity Investment Fund Management Co., Ltd., obtaining qualification to conduct Qualified Foreign Limited Partner (QFLP) business. Its first QFLP fund was launched in 2018. Since its inception, Renhe Capital has consistently focused on industry leaders that align with national development strategies and possess key core technological innovations. The firm has conducted in-depth exploration in the healthcare and advanced manufacturing sectors, successfully making strategic investments in MediciBio (688202), Snibe (300832), Kaiyin Technology (688687), Mingde Biology (002932), United Winners Laser (688518), Inno Laser (301021), as well as Abogen Biosciences, Anrui Medical, Huaxian Pharmaceutical, Haijinge Pharmaceutical, and Zezheng Pharmaceutical.

The Huangpu Medical Fund is an equity investment fund focused on high-growth healthcare sectors, including biopharmaceuticals and medical devices. It is the first equity fund in which BeiGene, a leading biopharmaceutical company listed on NASDAQ, the Hong Kong Stock Exchange, and the STAR Market, serves as a cornerstone investor. Its limited partners (LPs) primarily include large state-owned enterprises from the Guangzhou Development District, as well as national and local government guidance funds. The fund manager is Huangpu Medical Industry Investment, established in 2019 as a joint venture by Guangzhou Development District Holding Group, Leading Capital, BeiGene, and Guangzhou High-Tech Industrial Development Zone Investment Group, among others. Leveraging BeiGene’s professional resources in biologics, Leading Capital’s extensive investment management expertise (with 13 years of history in equity investment and over RMB 20 billion in assets under management), and the resource advantages of state-owned enterprises, Huangpu Medical Industry Investment aims to build a top-tier biopharmaceutical specialized fund in China.

Suzhou New District Hi-Tech Venture Capital Group, as a professional equity investment institution, boasts a specialized investment team with expertise across the entire lifecycle of private equity funds—fundraising, investing, managing, and exiting. The Group has established a venture capital fund system covering various stages of corporate growth, including angel investment, venture capital (VC), private equity (PE), industrial investment, and M&A investment, thereby forming an equity investment chain and financial service chain that meets the diversified financing needs of enterprises. In recent years, Suzhou New District Hi-Tech Venture Capital has deeply cultivated frontier economic sectors such as biopharmaceuticals (medical devices), next-generation information technology, integrated circuits, high-end equipment manufacturing, green low-carbon industries, and the digital economy. It has set up more than 70 funds with a total subscribed capital reaching RMB 100 billion, and has cumulatively invested in over 700 high-quality projects, including GoodWe (688390), Hillstone Networks (688030), Sunlord Electronics (300975), Huatong Cable (605196), and Hwasheng Lithium Battery (688353).

Kaifeng Ventures is a dual-currency (RMB and USD) venture capital firm focused on investing in early-stage technology companies, advocating a team culture of equality, transparency, sharing, and innovation. Established in 2009, the firm focuses on the healthcare and IT hard-tech sectors, with cumulative assets under management exceeding RMB 5 billion. It has provided funding and resource support to more than 100 outstanding teams and projects. Kaifeng Ventures has helped over ten high-tech enterprises successfully go public, including Cytek (NASDAQ: CTKB), Conatus Pharmaceuticals (NASDAQ: CNTB), Thrive (NASDAQ: EXAS), InnoLight Technology (300308), Memsmic Inc. (688286), Huaxing Zhiyuan (000008), and Aolian Electronics (300585). Meanwhile, it has empowered a large number of companies, such as Taimei Medical Technology, Zenith Tech, HuaKe Precision, and Maxphotonics, to stand out in their respective niche markets.

Haoyue Capital, established in January 2014, is a leading industry-focused investment bank in China specializing in the healthcare sector. Headquartered in Shanghai, the firm maintains regional offices in Beijing and Shenzhen. Committed to empowering clients through capital support and research-driven insights, Haoyue Capital facilitates the successful connection of outstanding Chinese healthcare enterprises with capital markets, thereby creating value-added benefits for its clients. The partnership team comprises senior investment bankers with extensive experience in China’s healthcare sector, supported by a professional team of over 70 members. Haoyue Capital closely monitors dynamics and trends in the healthcare investment market, with its research coverage and transaction scope spanning multiple sub-sectors, including innovative pharmaceuticals, innovative medical devices, IVD and life sciences, health services, and smart healthcare. In 2022, Haoyue Capital completed more than 50 complex transactions involving private financing, M&A integration, and spin-offs of listed companies, with a total transaction value amounting to tens of billions of RMB, achieving comprehensive leadership across various healthcare sub-sectors.