Therorna Inc. Secures Over RMB 280 Million in Series A Financing to Accelerate circRNA-Based Pipeline Development and Clinical Translation
On June 21, 2022, Therorna Inc., a company dedicated to developing novel vaccines and multiple new therapeutic areas using cutting-edge international circular RNA technology, announced the successful completion of its Series A financing round, raising over RMB 280 million. The round was co-led by a renowned industrial investment institution and Mayfield Capital (HeYu Capital), with participation from Sherpa Investments and Sanzheng Health Investment. Existing shareholders Quanchuang Capital and Qianji Capital also made additional investments, providing strong support for the company’s development. Following this financing round, Therorna will accelerate the advancement of its technology platform, pipeline product development, clinical trials, regulatory submissions, and international collaborations.
Yuanyin Biotechnology was founded in Beijing in April 2021. The company focuses on leveraging circular RNA technology to develop novel vaccines and innovative therapies, having established a robust pipeline of preventive and therapeutic drug candidates dedicated to addressing unmet clinical needs. Previously, the company completed its angel and Pre-A financing rounds, with cumulative funding across three rounds exceeding RMB 400 million.
“We extend our sincere gratitude to all investors for their strong support.”CircleProfessor Wei Wensheng, Founder of BioSciencestated, “At this time of recurring pandemic outbreaks, scientific researchers bear social responsibility and mission. We will accelerate the clinical application of circular RNA COVID-19 vaccines.”
Dr. Tang Xiaodong, CEO of Yuanyin Biotechnologystated: “We extend our sincere gratitude to the new institutional investors for their enthusiastic participation and to our existing investors for their continued support. The successful completion of this financing round will significantly accelerate Yuanyin Biotechnology’s development of novel broad-spectrum COVID-19 vaccines and its research into therapeutic approaches across multiple disease areas. Our team will continue to spare no effort in advancing circular RNA as a platform technology for next-generation breakthrough therapies, aiming to generate substantial social benefits as soon as possible.”
Zeng Yu, Founder and Managing Partner of Heyu CapitalHe stated, “We are highly optimistic about the prospects of circular RNA in drug development for protein expression and regulation. Compared with linear RNA, circular RNA offers breakthrough advantages in expression levels, stability, controllable immunogenicity, and manufacturing. In this innovative field, Chinese scientists demonstrate internationally leading capabilities in original innovation and efficient translation. Yuanyin Biotechnology represents a typical paradigm of startups founded by ‘scientist + entrepreneur’ golden teams, which HeYu Capital targets. As a serial entrepreneur, Professor Wei Wensheng has extensive expertise in gene editing and circular RNA applications; the management team of Yuanyin Biotechnology possesses rich experience in drug R&D and industrial management. HeYu Capital will leverage its resource advantages to spare no effort in supporting the international development of Yuanyin Biotechnology.”
Dr. Cai Changzu, Vice President of Investment at Sherpa Capital“He noted: ‘While mRNA drugs have achieved tremendous success in the application of COVID-19 vaccines, there is still room for improvement in areas such as side effects. Furthermore, due to the susceptibility of linear RNA to degradation, applications beyond vaccines require further exploration. Circular RNA, owing to its structural characteristics, has been proven to sustain longer-lasting and relatively stable protein expression levels in vivo as a protein expression tool, holding promise for further expanding the reach of mRNA therapies. Leveraging their accumulated expertise in applying circular RNA as a gene-editing tool, Professor Wei’s team rapidly entered the development of circular RNA expression tools. They developed a cyclization method with independent intellectual property rights and used COVID-19 vaccines as an entry point, initially demonstrating advantages in dosage and cellular immune activation. We are delighted to have the opportunity to continue supporting the translational work of the Wei Lab and look forward to collaborating to build Yuanyin Biotechnology into a platform-based, international enterprise grounded in circular RNA tools.’”
Dr. Wang Minchuan, Partner at Sanzheng Health Investment“Circular RNAs offer advantages such as high stability and sustained expression, holding immense potential to evolve into a novel RNA therapeutic platform. Professor Wei Wensheng’s team has amassed substantial technical expertise in the field of circular RNA. Following its establishment, the company rapidly assembled a management team with extensive experience in commercialization, which will significantly accelerate the clinical translation of circular RNA therapeutics. We are honored to participate in this financing round of Yuanyin Biotechnology, working alongside the company’s team and both new and existing investors to help position Yuanyin as a leader in the circular RNA sector, delivering groundbreaking therapies to patients and addressing unmet clinical needs.”
As the exclusive financial advisor for this transaction,Zhang Liang, Managing Director at China Renaissance“Circular RNA has garnered significant attention as a rising star in the field of nucleic acid therapeutics. Yuanyin Biotechnology is well-positioned to be the first to advance circular RNA technology into clinical applications. The iCapital team is honored to have assisted Yuanyin Biotechnology in completing this round of financing, and we look forward to Yuanyin Biotechnology continuing to lead the global development of the circular RNA industry.”
MSA Capital is a private equity investment firm deeply rooted in China with a global perspective, focusing on early-stage and growth-stage investments in key sectors such as healthcare, frontier technologies, the internet, and consumer industries. Headquartered in Beijing and Singapore, the firm maintains resident teams in the United States, the Middle East and North Africa, and other regions. Leveraging its broad global vision and profound insights into international markets, the team excels at identifying high-quality investment opportunities while helping portfolio companies rapidly expand into overseas markets by leveraging local resources. Currently, MSA Capital manages over USD 2 billion in assets. Its investment portfolio includes BGI Genomics (SZ:300676), Yidu Tech (2158.HK), NIO (NYSE: NIO, 9866.HK, SGX:NIO), BOSS Zhipin (NASDAQ: BZ), Meituan Dianping (3690.HK), Uber (NYSE: UBER), Nubank (NYSE: NU), Swvl (NASDAQ:SWVL), Zhiyun Health, Suikun Intelligence, Yanming Biologics, Anxuyuan, Aistekang, Menluo Biologics, Diying Biologics, PAQ Therapeutics, Kaideni, Andu Biologics, Wujiang Technology, Danxu Biologics, Black Sesame Technologies, Biren Technology, SpeedBot Robotics, Feibu Technology, Piaoyitong, Orient Space, Yachuang Group, Cider, T11 Fresh Supermarket, and Youshiyan.
Sherpa Capital is a specialized fund focused on healthcare and medical investments. Adhering to an investment philosophy centered on building industry ecosystems, the firm constructs its portfolio around rigid, unmet medical needs, leveraging deep expertise in the treatment of major diseases, and strategically positioning itself across the industrial value chain, both upstream and downstream. By actively sharing operational experience and forward-looking perspectives across the entire industry chain with its portfolio companies, the team proactively fosters internal and external synergies. This approach helps companies achieve rapid growth in business performance and valuation, securing leading positions in their respective niche markets. Sherpa Capital has invested in industry leaders within key sectors such as medical services, pharmaceuticals, gene technology, and medical devices, thereby establishing comprehensive resource advantages in deal sourcing, post-investment value-added services, and exit strategies. From 2011 to 2021, spanning four fund vintages and over 100 healthcare projects, the firm has had the privilege of partnering with numerous outstanding entrepreneurs, growing together through shared journeys.
Sanzheng Health Investment is a private equity fund dedicated to the healthcare industry. Focusing on unmet clinical needs, it invests in innovative healthcare technologies to drive their clinical translation and industrialization, thereby saving more lives while improving patients’ quality of life. Leveraging deep resources in clinical practice, industry, and policy, Sanzheng Health Investment collaborates with partners to build great health technology enterprises. Please visit our official website: www.3hhinvestment.com
Quanchuang Capital is a venture capital fund focused on early-stage and growth-stage companies in the life sciences sector. Driven by innovation and guided by unique scientific and commercial insights, Quanchuang Capital identifies, builds, and invests in leading life science enterprises with high-growth potential worldwide. Its portfolio includes companies developing cutting-edge innovative therapies, advanced technology platforms, and industry leaders that fill critical gaps in the ecosystem. Quanchuang Capital currently maintains offices in Shanghai, San Francisco, and Boston.
Qianji Capital, established in 2010, is one of the earliest professional investment funds in China dedicated to the healthcare and life sciences sectors, committed to promoting the transformation, upgrading, and innovation of China’s medical industry. Qianji Capital currently manages six healthcare-focused funds, with limited partners comprising renowned international and domestic institutional investors, including prominent Asian sovereign wealth funds, government agencies, insurance and financial institutions both at home and abroad, and multinational corporations.
China Renaissance is a leading new-economy investment bank in China, focusing on three core sectors globally: TMT, consumer, and healthcare. Beyond its investment banking services, China Renaissance manages one RMB-denominated fund and one USD-denominated fund. The firm maintains offices in Beijing, Shanghai, Los Angeles, and San Francisco, and holds licenses to operate in the U.S. securities markets. Healthcare is a key focus area where China Renaissance possesses deep expertise; it has ranked as the new-economy investment bank with the highest number of healthcare industry transactions in China for five consecutive years. Furthermore, China Renaissance boasts the largest, most professional, and most comprehensively integrated healthcare investment banking team in the country.