Puxin Biopharma Secures Tens of Millions in Pre-A+ Financing to Advance Cell Therapy CQDMO Services

Jiangsu Puxin Biopharmaceutical Co., Ltd. (“Puxin Bio” or the “Company”) has continued to attract significant investor attention within two months following the completion of its Pre-A financing round, announcing the recent closure of a tens-of-millions-yuan Pre-A+ financing round. This round was participated in by Gusu Talent Fund (Phase II), Ningbo Honghou Kangrui Medical & Health, Weifang Shengwei, Suzhou Tiankai Huijin, Suzhou Dongwu Lingjun, Wuzhong Economic Development Zone Talent Investment, Suzhou Suxin Taihao, and Suzhou Xingyao Taihao, with existing shareholder Weifang Shengwei increasing its investment. WinX Capital served as the financial advisor for Puxin Bio’s current financing round and will act as the exclusive financial advisor for subsequent financing rounds.

The funds raised in this round will be further utilized for technological development and market expansion, with a focused investment in strengthening quality control and testing capabilities for viral and cellular products, thereby better meeting the growing market demand through our distinctive CQDMO services.

Puxin Biologics is a CQDMO (Contract Development, Manufacturing, and Quality Control) service provider specializing in cell-based therapies, with over 100 industrial clients. The company began independent operations in late 2020, secured RMB 120 million in orders throughout 2021, completed a Pre-A financing round of nearly RMB 100 million in March 2022, and achieved order volumes exceeding RMB 300 million in the first quarter. As one of the few domestic companies capable of offering end-to-end services for immune cell products (such as CAR-T, TCR-T, and CAR-NK) and stem cell products—including process development, quality control testing, IND filing, registered clinical trials, and commercial manufacturing—Puxin Biologics is actively expanding its service portfolio related to the industrialization of cell therapies.

Li Cha, COO of Puxin Bio: "Like traditional drugs, cell therapies must adhere to the principles of safety, efficacy, and quality control throughout their R&D and industrialization processes. For this 'new' and 'living' form of medication, companies and the industry need to establish and optimize product quality release strategies and standards that are safe, effective, cost-efficient, and rapid, based on their unique characteristics and clinical needs. As the industrialization of the cell therapy sector advances rapidly, higher requirements and challenges are continuously being raised for drug quality. While deeply cultivating CDMO services for cell therapy, Puxin Bio has built a quality control platform addressing the needs of various stages of cell therapy industrialization, focusing on industry pain points and key demands, and has officially launched a CQDMO service system centered on 'quality.' We thank our new and existing shareholders for their trust and support. Puxin Bio will continue to deepen its expertise in the cell therapy service sector, strengthening delivery capabilities and technological innovation. We aim to provide high-quality, end-to-end services to more clients, enabling patients to benefit from premium cell therapies as early as possible."

Headquartered in Wuzhong District, Suzhou, on the picturesque shores of Lake Tai, the company operates its Suzhou headquarters (featuring a 10,000㎡ GMP-compliant manufacturing facility and R&D center) along with bases in Shenzhen and Shanghai, thereby establishing an initial nationwide production network. A base in North Carolina, USA, is currently under construction, marking a simultaneous step toward global expansion. The company has established specialized platforms for nucleic acid applications in cell therapies, suspension-based serum-free viral vector production, fully closed cell process development, and quality control testing, creating an accelerated pathway from drug discovery to product delivery for cell-based therapies. These platforms have successfully supported multiple partners in incubating various CAR-T, TCR-T, and stem cell therapeutic products. Puxin Bio is committed to helping more projects reach their next milestones earlier and faster, bringing more cell therapies to market to benefit a broader patient population, and writing a new chapter in life through cell-based medicines.

CQDMO Services (Contract Development, Manufacturing, and Quality Control) represent Puxin Biologics’ unique and innovative service model, specifically focused on the field of cell therapy. Leveraging its in-depth understanding of cell therapies and the specific characteristics of their development workflows, Puxin Biologics has established a mature quality control testing framework for cell-based products. This enables the company to provide clients with comprehensive, multi-dimensional CQDMO services covering the entire cell therapy lifecycle, underpinned by stringent quality assurance. We sincerely invite biotechnology companies, pharmaceutical enterprises, and research and clinical institutions to explore business opportunities and collaborations with us.

Guided by the Suzhou Talent Office, the fund was initiated and established by multiple institutions, including Suzhou Asset Management. Driven by capital to foster innovation, the fund supports the innovative development of leading talent enterprises in Suzhou. Zhuopu Capital serves as the fund manager, focusing on pioneering industries such as next-generation information technology, biopharmaceuticals, intelligent manufacturing, and nanotechnology, thereby promoting the high-quality development of Suzhou’s industrial innovation clusters. The Gusu Talent Fund (Phase II) believes that with the successive approval and market launch of cell and gene therapy (CGT) products by Fosun Kite and WuXi Juno, CGT has emerged as a new generation of precision therapies for tumors, rare diseases, chronic conditions, and refractory diseases, following small-molecule and large-molecule targeted therapies. Consequently, the domestic CGT CDMO industry is experiencing rapid growth. Puxin Biology is the first CDMO commercialization translation assessment and service platform company in China to secure a production order for cell therapy drugs under the Marketing Authorization Holder (MAH) system. It possesses the capability to provide continuous services for CGT drugs, including CAR-T, TCR-T, and stem cell therapies.

Leveraging the infrastructure of First Industrial Park, we have pioneered a dual-engine “base + fund” model. Focusing on key sectors such as medical devices, biopharmaceuticals, CRO, and CDMO services, we provide diversified investment and financing solutions. Through our “equity investment + post-investment services” approach, we empower companies to achieve rapid growth. Shan Li, Investment Director at Xingyao Taihao Fund, stated, “As various cell technologies continue to mature, they hold the promise of delivering novel therapeutic modalities and significant clinical value.” Dr. Li Hongjian and Dr. Zhu Yi lead the Puxin Bio team, which boasts many years of relevant R&D experience. We look forward to Puxin Bio providing superior CDMO services in this field, accelerating clinical development and production scale-up, ultimately benefiting patients worldwide.

As a healthcare-focused fund affiliated with Beikeshe, China’s leading medical entrepreneurship platform, we uphold the philosophy of benevolence and support for independent innovation in the healthcare sector. We focus on niche segments such as CXO (CRO/CDMO), medical devices, high-value consumables, and vaccines, and have already invested in projects including Yidu Biopharma and Yeasen Biotechnology.Mo Lijiang, President of Honghou Asset Management: "It is an honor to participate in this round of financing for Puxin Biotherapeutics and to witness, as a shareholder, the growth of a leading domestic CDMO enterprise in cell therapy. Cell and gene therapies have developed rapidly in recent years. By targeting the fundamental cellular units of the human body to treat tumors and numerous rare diseases, these therapies are poised to bring about epoch-making transformations and leaps forward for human health. Over the years, the Puxin team has deeply cultivated the fields of cell therapy drug R&D and CDMO services, transforming the company into a star enterprise in China with core industrialization technologies and integrated solutions. This has also positioned the company as a long-term beneficiary of industry trends. This investment reflects our strong confidence in the 'long slope' track of cell therapy and its CDMO sector, as well as our high recognition of the Puxin team’s professional expertise and competitive advantages."Jiang Huixia, Founder of Beikeshe: "Dr. Li Hongjian, founder of Puxin Biotherapeutics, was a participant in the 4th cohort of the Beike Academy. Through this platform, we have conducted in-depth research on Puxin Biotherapeutics and developed a strong alignment with its vision. In the future, Beikeshe will fully leverage its industrial ecosystem foundation in the healthcare sector, the industrial cluster advantages of the Qinglan Harbor industrial park, and its reputation as the 'Whampoa Military Academy' for entrepreneurs in China's medical and health industry. We will provide Puxin Biotherapeutics with multifaceted empowerment through healthcare resources, industrial synergy, and business collaboration. We also look forward to Puxin Biotherapeutics making even more outstanding contributions to the development of China's cell therapy field under the leadership of Dr. Li."

WinX Capital is a leading investment bank in China’s healthcare sector. Headquartered in Beijing and Shanghai, it serves over 3,000 active institutional investors and industrial groups. From 2020 to 2022, WinX Capital was consecutively recognized as: “Top 2 Best Financial Advisor in Healthcare for 2021” and “Top 4 Best Financial Advisor Institution in Healthcare for 2020” by Qimingpian & Xinsheng Chuangfu; “Top 10 Most Active Financial Advisors for 2021” by Qimingpian & Xinsheng Chuangfu; “Top 5 Most Promising New-Type Investment Banks in China for WISE 2020/2021” by 36Kr; and “Top 5 Financial Advisors in Healthcare for the 2022 Pengcheng Awards” by VCBeat.