Starna Therapeutics Secures RMB 150 Million Series A Financing to Advance Extrahepatic Delivery Platform for mRNA Therapeutics

VCBeat (WeChat: vcbeat) has learned that Starna Therapeutics, a company focused on the R&D of mRNA-based novel drugs, recently announced the completion of its RMB 150 million Series A financing round. The round was led by LYFE Capital, with participation from Source Code Capital, Hony Capital, and Chunhua Ventures. Existing investors GL Ventures and Sherpa Healthcare Partners continued to increase their stakes. This marks the company’s second new financing round within one year, following its angel strategic financing completed in December 2021. The funds raised will be used to expand the R&D center, build pilot-scale production facilities, advance the pipeline of drugs under development, further improve extrahepatic delivery technology, and broaden the application prospects of mRNA therapeutics.

StarRay Therapeutics was founded in August 2021 by a team of experts with extensive industrial, technical, and managerial experience in delivery technologies and nucleic acid therapeutics, both in China and abroad. The company has established an independently owned mRNA design and synthesis platform as well as a lipid nanoparticle (LNP) delivery technology platform, enabling tissue-specific mRNA drug delivery. Guided by unmet clinical needs, StarRay Therapeutics is developing innovative mRNA therapies with international competitiveness.

Dr. Hu Rongkuan, Chairman and CEO of Xingrui Pharmastated, “We are deeply honored to have earned the recognition and support of numerous renowned investment partners, and we extend our gratitude to our team for their innovation and execution capabilities. Looking ahead, StarRay Pharma will continue to build a core platform with international competitiveness centered on ‘RNA and delivery technologies,’ further accelerate the development of its product pipeline, and actively promote domestic and international collaborations, striving to grow into an international RNA-focused innovative pharmaceutical company.”

Dr. Jing Xu, Vice President of Investment at LYFE Capital, the lead investor in this roundThe statement read: “During its rapid development in recent years, mRNA therapeutics have increasingly demonstrated the technology’s significant advantages in disease prevention and treatment, with greater potential expected to be unlocked as industrialization advances. The founding team of Starry Pharma possesses profound scientific expertise and extensive industrialization experience in mRNA drug development and targeted delivery technologies. They have rapidly established a novel tissue-targeted delivery system with independent intellectual property rights and have gradually built a differentiated pipeline of mRNA therapeutics tailored to their platform’s unique features and clinical needs. LYFE Capital focuses on global healthcare innovation and is committed to creating value for outstanding healthcare enterprises with globally differentiated offerings. It highly recognizes the potential of Starry Pharma’s international innovation platform. LYFE Capital is pleased to establish this collaboration with the Starry Pharma team and will leverage its international network and industry resources to assist Starry Pharma in building and expanding its international platform and partnerships.”

Dr. Zhang Yuhao, Executive Director of Source Code Capitalstating: “As a new generation of efficient, broad-spectrum, and safe drug development modality, mRNA therapeutics have been validated during the COVID-19 pandemic. The team at Xingrui Pharmaceuticals possesses globally leading technological advantages in non-hepatic tissue-targeted delivery. Within a short period, the company has established a comprehensive system for mRNA design and synthesis, LNP delivery, and CMC R&D, demonstrating strong technical R&D capabilities and effective execution in translational implementation. We look forward to the company continuously breaking through the application boundaries of mRNA therapeutics, bringing more innovative drugs into clinical trials at an early stage, and benefiting a broad patient population. Source Code Capital will continue to support scientists and entrepreneurs driving original technological innovation in the biotechnology sector.”

Zou Ling, Co-Head of Chunhua VenturesStated: “Since the onset of the COVID-19 pandemic in 2020, mRNA therapeutics have garnered widespread global attention. We recognize that while mRNA technology holds the potential to transform the discovery, development, and manufacturing of existing drugs, it presents exceptionally high technical barriers. Currently, Starry Biopharma has established a truly differentiated STAR LNP delivery technology platform, with a R&D pipeline spanning infectious disease vaccines, tumor immunology, metabolic disorders, and other areas. Moreover, Starry Biopharma boasts a robust and complementary management team whose professional expertise covers multiple stages, including preclinical development, LNP formulation, and CMC—a rarity in the industry. Chunhua Capital is honored to become a new investor in Starry Biopharma. Looking ahead, we will support Starry Biopharma in achieving greater breakthroughs in RNA drug R&D and building an internationalized platform, working hand in hand with the company to fulfill our shared mission of ‘Serving Life and Health.’”

Li Yihao, Vice President of Investment at Hony CapitalStatement: RNA technology represents a new paradigm for drug development, having already demonstrated its agility and efficacy in infectious disease vaccines. It holds immense potential for future applications in therapeutic vaccines and protein replacement therapies. Driven by a long-term vision, the Xingrui team possesses extensive expertise in sequence design and modification, as well as proprietary carrier technology capable of independently developing vectors that specifically target extrahepatic organs. Hony Capital looks forward to continuing its support for Xingrui, bringing hope to more patients.

Dr. Daqing Cai, Partner at Sherpa“LNP, as a highly efficient, safe, and controllable delivery vehicle, has been validated in both siRNA and mRNA therapeutics. However, the inherent liver-targeting property of LNPs has somewhat limited the scope of nucleic acid drug applications. Building on a relatively mature LNP platform, Starry Pharma has innovatively developed a non-liver-targeted delivery system, which is expected to enable efficient delivery to multiple tissues and organs, thereby significantly expanding the application landscape of nucleic acid therapeutics. Within six months after the angel round financing, Starry Pharma rapidly completed team building, pipeline development, and preclinical validation in animal models, while actively exploring collaborations with renowned domestic and international enterprises. The three founders have impressed stakeholders with their high R&D and operational efficiency. We extend our gratitude to the new investors for their support of Starry Pharma and look forward to working together to build a nucleic acid drug platform based on proprietary innovative delivery technologies.”

LYFE Capital is a globally leading healthcare investment platform, currently managing over $2 billion in global assets. We firmly believe that “healthcare knows no borders,” and every investment decision we make is dedicated to advancing biomedical progress and addressing unmet clinical needs worldwide. Leveraging our platform’s extensive investment management expertise and global industry resources, LYFE Capital creates value for its portfolio companies. Our integrated international investment team provides comprehensive support to cutting-edge enterprises at all stages, helping entrepreneurs fully realize their growth potential in the global market.

Source Code Capital is a venture capital firm with an entrepreneurial spirit. Since its establishment in the spring of 2014, Source Code has remained committed to investing in technology-driven innovation and the creation of enduring, tangible value. It has invested in more than 300 startups (such as ByteDance, Meituan (3690.HK), Ke Holdings (NYSE:BEKE), and Li Auto (NASDAQ:LI, 2015.HK)), spanning seed, early, and growth stages, and covering sectors including life sciences, industrial digitalization, intelligent manufacturing, green development, consumer technology, and global expansion. In the life sciences sector, Source Code has invested in companies such as Weimai, Woniu Insurance Hospital, Weiyi, METiS Pharmaceuticals, Jianhai Technology, Bota, Silicon-Based Bionics, Yuanbao, and Yudao Biology.

Source Code Capital manages a total of RMB and USD funds with assets under management equivalent to approximately RMB 35 billion, and maintains offices in Beijing, Shanghai, and Shenzhen.

Hony Ventures, the early-stage venture capital arm of Hony Capital, primarily focuses on frontier technologies and digital consumption. Hony Ventures seeks to partner with visionary and innovative entrepreneurs to explore the unknown and achieve the impossible.

Primavera Venture Partners is an early-stage investment fund under Primavera Capital Group, focusing on frontier technology sectors. It primarily invests in artificial intelligence and its related vertical applications, next-generation information technology, intelligent manufacturing, and medical technology. Its portfolio companies include Enflame Technology, MetaMed Health, BioMap, Calcite Tech, Xbiome, Brighture, Zap Surgical, and Accession Therapeutics.

Chunhua Ventures aspires to partner with and support entrepreneurs who are truly driven by innovation and disruptive technologies. Leveraging our accumulated resources and investment ecosystem, we aim to empower technological breakthroughs that address humanity’s most pressing challenges, thereby creating value for the sustainable development of the economy, society, and the environment.

Sherpa Capital is a specialized fund focused on healthcare and medical investments, adhering to an investment philosophy centered on building industry ecosystems. Based on deep expertise in the treatment of major diseases, Sherpa constructs its portfolio around critical, unmet medical needs, with strategic layouts across the industrial value chain, both upstream and downstream. By actively sharing operational experience and forward-looking perspectives across the entire industry chain with 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 has invested in industry-leading enterprises within sub-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, Sherpa has been privileged to partner with numerous outstanding entrepreneurs, growing together along the journey.

GL Ventures is Hillhouse’s venture capital platform dedicated to early-stage innovative companies, covering key sectors such as hard technology, software, biotechnology, new materials, emerging brands, and consumer technology. GL Ventures seeks out all founders who are passionate about technology and believe in innovation. We aim to be the first call for entrepreneurs seeking financing, and we look forward to accompanying them throughout their entrepreneurial journey.