ICE Bioscience Completes Over RMB 100 Million Series B Financing to Advance Integrated Biology Platform for Novel Drug Discovery

VCBeat has learned that recently,ICE Bioscience InC.(abbreviated as“ICE Bioscience”) Announces CompletionOver 100 Million Yuan in Series B FinancingFinancing. As a CRO focused on drug discovery biology research, ICE Bioscience is committed to empowering new drug R&D enterprises with technology, reducing R&D risks, improving R&D efficiency, and lowering R&D costs. This round of financing was led byJifeng CapitalLead investor,CICC CapitalUnder the Flag ofCICC Qide Fund, Guojing Capital, ADDOR, Longmen Capital, and funds under Hangzhou Industrial Investment Asset ManagementCo-investment, existing shareholdersTusPark Ventures, Jinyu Maowu Investment ManagementContinue to increase investment.

Following this round of financing, ICE Bioscience will further enhance and refine its integrated biological service capabilities for innovative drug development, spanning target discovery and validation, lead compound screening and optimization, to the identification of preclinical candidate molecules.

ICE Bioscience10+Yearaccumulation, established over1,500 unitsThe Target Library is one of the leading target libraries in China and even globally, coveringKinases and Enzymology, GPCRs, Ion Channels, Nuclear Receptors, Transportersacross various fields. Following this round of financing, ICE Bioscience will continue to deepen its layout in early-stage drug discovery platforms, strengthen its methodological development capabilities, expand into new targets and new technology platforms, and comprehensively establish its presenceSmall Molecules, PROTACs, Peptides, Antibodies, ADCs, and Oligonucleotidesbiological technologies for drug discovery and evaluation in fields such as; further improve and integrateTarget validation, protein purification, biochemical enzymology, tumor cytology, immunology, neurobiology, electrophysiology, cardiac pharmacology, central nervous system (CNS) pharmacology, oncology pharmacology, off-target effect evaluation, cardiac safety assessment, and ADME/PK-PDand other platforms, providing comprehensive integrated services for innovative drug R&D.

“Undruggable” targets that regulate tumor growth, such as synthetic lethality, phosphatases, and RAS, represent both a focal point and a significant challenge in the development of novel anti-tumor drugs. A substantial number of innovative technologies are now poised to achieve breakthroughs in this field. Following this round of financing, ICE Bioscience will strengthen the service capabilities of its technology platform for “undruggable” targets, expand its presence in the protein degradation sector, and focus on cutting-edge undruggable targets. The company will enrich its PROTAC and molecular glue platforms, and improve its evaluation platforms—including protein expression and preparation, biophysical methods, enzymatic complex detection assays, cell line editing, DMPK and in vivo efficacy studies, protein crystal structure determination, and proteomics—to support the innovation-driven drug development process.

Innovative drugs for central nervous system (CNS) disorders represent the largest unmet market need. Leveraging its core strengths, ICE Bioscience has established platforms for CNS drug screening, neurobiology, neuroelectrophysiology, neurotoxicology, and neuropharmacology research. Following this round of financing, ICE Bioscience will continue to expand its specialized neuroscience research service capabilities. The company will further broaden its offerings in CNS drug target identification, iPSC-derived neuronal differentiation and brain organoid research, and in vivo and ex vivo neuroelectrophysiology platforms. By focusing on innovative technologies for pain, neurodegenerative diseases, and psychiatric disorders, ICE Bioscience aims to support and accelerate R&D projects for pharmaceutical companies developing CNS therapeutics.

Identifying the Preclinical Candidate (PCC) molecule is a critical milestone in successful new drug development. Early identification and resolution of druggability issues can significantly reduce risks in later-stage clinical trials. Following this round of financing, ICE Bioscience will strengthen its capabilities in specialized early-stage druggability assessment. As a pioneer in China for in vitro evaluation and strategic research on cardiac safety of pharmaceuticals, ICE Bioscience has also launched its off-target effect screening Safety Panel, which covers 90 safety-related targets. These services have been widely adopted by domestic and international clients and have earned a strong reputation. Leveraging its expertise in druggability research, ICE Bioscience will further increase investment in its early-stage druggability research platform, optimize and enhance existing offerings, and establish a comprehensive early-stage druggability assessment platform covering ADME and Toxicology (ADME+Tox).

Yan Li, Chairman of ICE BioscienceICE Bioscience stated: “We have successfully completed our Series B financing. We extend our gratitude to the numerous renowned pharmaceutical-focused investment institutions for their recognition, and to our existing shareholders for their continued support. With the assistance of these investment partners, ICE Bioscience will continue to accelerate the deployment of its integrated drug discovery biology service platform and sustain high-performance growth. Meanwhile, we will closely monitor the value transformation within the rapidly growing innovative drug industry under the new landscape, and reflect on the value that CROs can create for China’s innovation endeavors, basic research, and talent development. Driven by this vision, we are committed to working hand in hand with such investment partners to forge ahead, establishing a novel, innovative ‘CRO+ Explorer’ model to empower the R&D of innovative drugs.””

Jifeng Capital Managing Partner Hu Xuyustated: “ICE Bioscience is a leading domestic CRO enterprise in drug discovery biology research and represents Jifeng’s strategic investment in the new drug services sector. The company has established a comprehensive, integrated biological service platform for innovative drugs, covering target discovery and validation, lead compound screening and optimization, through to PCC selection. It provides efficient, high-quality services to numerous global pharmaceutical R&D enterprises, earning widespread acclaim from clients. We look forward to the company’s continued international expansion, contributing to innovation in global new drug development.””

Huang Xu, Managing Director of CICC Capital“The statement read: ‘ICE Bioscience has accumulated over a decade of technical expertise in the field of early-stage drug developability assessment, providing robust biological and pharmacological services that have facilitated the emergence of a series of blockbuster drugs. We remain optimistic about the market for original new drug development in China and are confident that ICE Bioscience will leverage its competitive advantages to undertake more global new drug R&D services. This investment represents another significant strategic move by the CICC Qide Biopharmaceutical Fund in the upstream sector of the pharmaceutical industry, enriching the organic elements of the entire pharmaceutical innovation ecosystem. We believe that under the leadership of its founding team, ICE Bioscience will make substantial contributions to pharmaceutical innovation in China!’”

Qiu Qing, Managing Director of TusPark Venturesstated: “ICE Bioscience is a service enterprise focused on the screening and development of innovative drugs. After years of accumulation, the company has established a comprehensive technical platform covering the entire spectrum of new drug development, and has built a strong reputation and unique competitive advantages in areas such as ion channel target drug screening, central nervous system disease drug screening, and in vitro cardiac safety assessment. TusPark Ventures highly values ICE Bioscience’s deep expertise in new drug R&D and is optimistic about the company’s future high-speed growth. Following our lead investment in 2021, we have continued to support the company in its subsequent financing round. We look forward to ICE Bioscience reaching new heights alongside the broader trend of independent innovative drug R&D in China, helping more enterprises develop innovative drugs faster and more effectively.””

Jinyu Maowu Partner Li HongsenJinyu Maowu Investment Management stated: “For many years, Jinyu Maowu has consistently identified CROs, CDMOs, and the upstream supply chain as one of its primary investment focuses. ICE Bioscience represents a strategic initiative in this sector and serves as a key entry point for our business activities in this area. ICE Bioscience boasts China’s most professional and entrepreneurially driven team, and has established the country’s most comprehensive screening platform. Amid the current trend in innovative drug development that places greater emphasis on source innovation, this round of financing will provide ICE Bioscience with powerful momentum for leapfrog growth.””

Qi Lingfeng, Investment Director at Guojing Capital“ICE Bioscience is an innovative CRO company specializing in preclinical pharmaceutical R&D outsourcing, with its drug screening target library size and experimental design capabilities ranking among the leading levels in China. The founder has over ten years of senior experience in the field of ion channels and patch-clamp techniques, and introduced an outstanding domestic team in tumor immunobiology in 2021. We look forward to the company’s vertical expansion based on its biological CRO services, establishing a comprehensive integrated platform to contribute value to new drug development both domestically and internationally.””

Wang Haining, Founding Partner of Longmen Capital“It has been stated: ‘ICE Bioscience has cultivated expertise in the fields of neurological and cardiac pharmacology for many years, establishing itself as one of the most professional CROs in China. In recent years, it has strategically focused on developing platforms for screening undruggable targets and conducting in vitro biological research. As a rare CRO that has consistently pursued a path of specialization and differentiation, it has achieved rapid growth.’””

Zhao Jie, Investment Director at ADDORIt stated: “In recent years, a significant influx of talent and capital into the innovative drug sector has propelled the development of China’s biopharmaceutical industry. However, this has also led to issues such as overheating in certain segments and clustering around homogeneous targets. With the introduction of a series of new policies, new drug development is poised for a return to value-driven principles. Pharmaceutical companies will shift their R&D focus toward drugs that offer both innovation and clinical value, which will benefit innovative CROs like ICE Bioscience that specialize in target research and services. Under the leadership of scientists Dr. Li and Dr. Yan, the company’s talent pool is rapidly expanding, and its business is experiencing rapid growth. We believe the company is well-positioned to grow into an integrated biological platform service provider in the field of drug discovery.””

Head of the Pharmaceutical Industry, Hangshi Asset ManagementIt stated: “Leveraging over a decade of technological accumulation, ICE Bioscience has established its core competitiveness in the neurocardiology field and continuously expanded its systematic evaluation capabilities for drug developability, providing efficient, high-quality services to global new drug R&D enterprises and earning widespread acclaim from clients. This investment represents another significant strategic move by Hangshi Asset Management in the healthcare sector. We believe that the founding team of ICE Bioscience will lead the company to new heights, delivering more professional, timely, and effective services for global innovative drug development.””

Jifeng Capital, established in 2015, is a premier venture capital firm dedicated to the healthcare and medical sectors. By empowering enterprises through comprehensive value-added services and a global perspective, we drive innovation with the aim of delivering long-term value to the development of the healthcare industry and human health. Remaining true to our entrepreneurial origins, we consistently uphold the spirit of “professionalism, humility, and diligence.” We are committed to serving entrepreneurs as strategic partners over the long term, helping companies establish a strong foothold in China while maintaining a global outlook, ultimately guiding them to become great enterprises.

CICC Qide (Xiamen) Innovative Biopharmaceutical Equity Investment Fund (hereinafter referred to as the “CICC Qide Fund”) is an equity investment fund under CICC Capital Management Co., Ltd. (hereinafter referred to as “CICC Capital”) that focuses on innovative pharmaceuticals, marking a significant breakthrough in CICC Capital’s strategic layout within the biopharmaceutical industry. Leveraging its strong performance, brand reputation, and investment management capabilities, the CICC Qide Fund has gained recognition and support from numerous well-known fund-of-funds, institutional investors, and listed companies. With an initial size of over RMB 4 billion, the fund is deeply committed to the healthcare sector, covering multiple segments including innovative drugs, medical devices, and in vitro diagnostics.

TusPark Ventures is a professional investment management institution affiliated with Tsinghua University, specializing in early-stage investments in technology-driven innovative enterprises. The firm focuses on key sectors such as life sciences, medical devices, information technology, and advanced manufacturing. It maintains a long-term commitment to investing in innovative companies with core hard technologies, while distinguishing itself through the incubation and investment of technological achievements generated by clinical experts at top-tier universities like Tsinghua University and leading hospitals. To date, TusPark Ventures has invested in over 60 projects, two-thirds of which hold dominant positions in their respective niche markets, delivering strong financial returns to its fund investors.

Jinyu Maowu Capital is the only venture capital firm listed on the National Equities Exchange and Quotations (NEEQ) in Jiangsu Province (stock abbreviation: “Jinyu Maowu,” stock code: 834960). It manages funds totaling over RMB 12 billion, has invested in more than 230 projects, and has nurtured over 30 companies to become publicly listed. The firm has received numerous accolades, including ranking 28th among Chinese venture capital institutions, being named one of the Top 30 Investment Institutions in China’s Semiconductor Sector, one of the Top 10 Investment Institutions in the Hard Technology Industry, and a Leading Brand Enterprise in Venture Capital in Jiangsu Province. Healthcare, pharmaceuticals, and the broader health industry constitute one of Jinyu Maowu’s core investment sectors. Notable investment cases include Botanee Group (300957), Joinn Laboratories (603127), Pharmablock Sciences (300725), Nuotai Biology (688076), Nearshore Protein, and Shenji Bio.

Guojing Capital is the equity investment fund management platform under Jiangsu Guojing Holding Group, entrusted with managing the RMB 10 billion industrial fund of funds in Wujin District, Changzhou City. Focusing on advanced manufacturing, new energy, new materials, and life health, it has built a comprehensive investment and financing service system integrating various operational models such as fund-of-funds, direct investment, and investment-loan linkage. It has formed a full-lifecycle fund cluster covering “angel-VC-PE-private placement-M&A,” providing enterprises with all-around support tailored to their development stages.

Longmen Capital is a specialized venture capital firm in the pharmaceutical industry, focusing on research and early-stage investment in innovative medicines. All team members have backgrounds in medicine or biology and possess many years of industry experience. Since its establishment in 2017, Longmen Capital has invested in more than 40 innovative pharmaceutical companies, with assets under management exceeding RMB 2 billion.

ADDOR was established through a mixed-ownership reform within the well-established and renowned venture capital institution, Jiangsu High-Tech Investment Group. It ranks among the industry leaders in terms of industry research capabilities, assets under management, and investment specialization, making it one of the most influential venture capital firms in China. As of the end of June 2022, ADDOR’s management team had cumulatively managed RMB 121.8 billion in capital, invested in and supported over 1,135 startups, and helped 223 of these companies list on domestic and international capital markets.

Hangzhou Industrial Asset Management was established in 2017 as the strategic investment platform of Hangzhou Industrial Investment Group Co., Ltd. (“Hangshi Group”). It currently manages funds totaling RMB 8.88 billion, focusing on industrial investments in healthcare, advanced manufacturing, new energy and new materials, and the digital economy. After five years of accumulation, Hangzhou Industrial Asset Management has begun to see results in its healthcare investments, with a particular focus on innovative therapies, CXO, medical imaging, in vitro diagnostics (IVD), high-value consumables, and innovative vaccines. Its portfolio companies include I-Mab Biopharma, Guobang Pharma, Zhonghui Yuantong, Yili Pharmaceutical, Sorrento Therapeutics, Meditech Technology, Mingfeng Medical, Simcere Diagnostics, Ganaiwei, Shenda Endoscopy, and Westlake Vitae.

ICE Bioscience InC., established in 2010, specializes in integrated biological services for innovative drug development, spanning target discovery and validation, lead compound screening and optimization, to the preclinical candidate molecule stage. Leveraging advanced biological and pharmacological research technologies in therapeutic areas such as oncology, immunology, cardiovascular diseases, and central nervous system disorders, the company positions itself as a pioneer of the “CRO+” model. ICE Bioscience is committed to addressing the needs of novel drug developers for speed, efficiency, and cost-effectiveness, helping clients enhance their R&D productivity through professional expertise and efficient communication.

ICE Bioscience has established over 100 ion channel, 100+ GPCR, 1,000+ kinase and enzymatic target, and 40+ nuclear receptor screening cell lines and validation methods, covering most druggable targets, with leading capabilities and competitive advantages both domestically and internationally. The company has built platforms for protein purification, biochemical enzymology, tumor cytology, immunology, electrophysiology, ex vivo cardiac studies, central nervous system pharmacology, off-target effect screening, cardiac safety assessment, and ADME/in vivo efficacy, providing comprehensive DMTA (Design, Make, Test, Analyze) integrated services to support innovative drug development. ICE Bioscience serves more than 600 new drug R&D institutions in China, completing nearly 10,000 testing projects annually, supporting IND filings for hundreds of projects, with multiple projects successfully passing on-site inspections by the NMPA.

ICE Bioscience currently operates a 11,000-square-meter laboratory, employs over 300 staff members, and has invested more than RMB 80 million in instruments and equipment. Two of its team members have been selected as overseas high-level talents under Beijing’s “Haiju Engineering” program and as Distinguished Experts of Beijing Municipality. The company is recognized as a National High-Tech Enterprise and a Zhongguancun High-Tech Enterprise.