Shanghai Kangjing Bio-Pharmaceutical Completes Nearly RMB 100 Million Series A Financing Co-led by Sequoia China and Yahui Investment

Recently, Shanghai ComGen Biopharmaceutical Co., Ltd. (hereinafter referred to as “Shanghai ComGen”) completed its Series A financing round of nearly RMB 100 million. The round was co-led by Sequoia China and Yahui Investment, with participation from Fuchuang Investment and Renyou Investment.

Hejun Capital and Chenrui Capital served as financial advisors for this transaction.

This round of financing will be primarily used to fund the Phase I clinical trials of a novel complement inhibitor targeting a new mechanism under investigation, to advance other pipeline drugs, and to further strengthen the application of its innovative drug R&D platform based on the complement system.

Shanghai ComGen, established in 2017, specializes in the research and development of first-in-class therapeutics targeting the complement system.The complement system-related drug discovery platform and pharmacodynamics research platform developed by the company boast broad application prospects. Leveraging these platforms, the company has obtained clinical trial approval from the Center for Drug Evaluation (CDE) for its novel-target complement inhibitor, which is indicated for the treatment of the rare disease paroxysmal nocturnal hemoglobinuria (PNH). Moving forward, the company will continue to leverage these platforms to advance the development of therapies for a wide range of autoimmune diseases, such as atypical hemolytic uremic syndrome (aHUS), generalized myasthenia gravis (gMG), neuromyelitis optica spectrum disorder (NMOSD), age-related macular degeneration (AMD), systemic lupus erythematosus, various kidney diseases, periodontitis, and ankylosing spondylitis. Simultaneously, the company is conducting R&D on complement activators in the field of cancer immunotherapy, having established a solid foundation in preliminary theory and technology.

Dr. Hu Weiguo, Chairman and General Manager of Shanghai ComGenstated: “We extend our sincere gratitude to all top-tier investors for their recognition and support, and also thank Dr. Xu Ting and Alphamab Oncology for their assistance and companionship to ComGen. Responding to the national call, ComGen represents a perfect convergence of established university research capabilities and seasoned industrial expertise. Our globally novel complement inhibitor, CG001, features excellent target selection, a clear and well-defined mechanism of action, and cell-targeted effects. It has demonstrated superior efficacy against various hyperactivation-related diseases in animal models.”"The company will continue to actively and rigorously advance the progress of new drug development, responding to the trust of all partners with more efficient execution."

Dr. Gu Cuiping, Managing Director at Sequoia Capital Chinastated: “Sequoia China has always been committed to investing in companies with distinct technological characteristics and high growth potential in the healthcare sector. Complement therapeutics have significant application scenarios and development potential in the fields of autoimmune diseases and oncology, and Professor Hu’s rigorous scientific spirit has left a deep impression on us.”“We highly affirm ComGen Biologics’ R&D direction and look forward to its making breakthrough contributions to human health in the future.”

Dr. Li Tianqi, Project Lead at Yahui Investmentstated: “Complement therapeutics have broad application scenarios, present significant R&D challenges, and possess exceptionally high commercial value. As an expert who has deeply cultivated the complement field for many years, Professor Hu Weiguo has developed multiple global first-in-class novel complement drugs.”“We are optimistic about ComGen Biopharma’s drug development pipeline and look forward to the company providing better treatment options for patients worldwide suffering from autoimmune diseases and cancer.”

Dr. Hu Ruoyu, Head of Investment Projects at Fuchuangstated: “Since the release of the First Batch of Rare Diseases Catalogue in 2018, rare diseases and orphan drugs have ushered in an unprecedented golden era of development in China. Since its inception, Fuchuang Investment’s management team has consistently adhered to a ‘incubation + investment’ model, continuously identifying and uncovering scientific achievements from various schools and research institutes at Fudan University that possess significant commercial potential and industrial translation capabilities, with a commitment to investing in enterprises characterized by high technical barriers and strong growth value.”“We are impressed by Professor Hu Weiguo’s solid expertise and unique insights in the field of complement, and we are highly willing to support and assist ComGen Biopharmaceutical in achieving its strong long-term development.”

Cheng Zhipeng, Founder of Renyou Investmentstating: “The development of complement-targeted drugs is highly challenging, and few companies in China are engaged in this area of research. Professor Hu has devoted years to in-depth study, accumulating substantial expertise before achieving a breakthrough; his first new drug has already received approval for clinical trials.”“ComGen Biopharma is a rare and scarce investment target, and I am bullish on its development prospects.”

Lou Yining, Partner at Hejun Capital“The complement therapeutics space has seen sustained growth in interest over the past two years, and applications of complement technology platforms in immunotherapy are poised for an imminent surge. Professor Hu is a rare top-tier expert in the industry, with nearly two decades of deep engagement in the complement field. We have strong confidence in ComGen’s R&D capabilities in this area and are honored to have assisted the company in closing this round of financing.”“We believe that ComGen’s CG001 will demonstrate excellent performance in the clinical treatment of PNH, and we look forward to the company’s sustained rapid development, bringing benefits to patient health.”

Shanghai ComGen, established in 2017, was co-founded by Professor Hu Weiguo—a returnee from Harvard University, a recipient of the Ministry of Education’s “New Century Excellent Talents” award, and a Shanghai “Eastern Scholar”—and Suzhou Alphamab Oncology Co., Ltd. Leveraging the R&D and technology transfer platforms of leading domestic universities and Alphamab Oncology, the company has forged a strong industry-academia-research partnership. Built upon its proprietary complement technology platform, ComGen is developing complement inhibitors for autoimmune diseases characterized by excessive complement activation, as well as complement agonists for tumors associated with insufficient immune activity. The company has obtained clinical trial approval for a novel complement inhibitor targeting a new mechanism and is conducting clinical trials in collaboration with Peking Union Medical College Hospital. Additionally, ComGen maintains a robust pipeline of more than ten innovative drug candidates, covering oncology, autoimmune diseases, and rare diseases.

Sequoia China is committed to helping entrepreneurs build enduring, great companies by providing its portfolio companies with abundant global resources and valuable historical expertise. As “entrepreneurs behind entrepreneurs,” Sequoia China focuses on investment opportunities in three sectors: TMT (Technology, Media, and Telecom), healthcare, and consumer goods/services. Over the past 16 years, Sequoia China has invested in more than 900 enterprises characterized by distinct technological advantages, innovative business models, high growth potential, and strong development prospects.

Yahui Investment is a specialized investment fund focused on the frontiers of life sciences. Its core management team hails from the investment and research divisions of China’s top financial institutions, bringing extensive expertise in the healthcare and pharmaceutical sectors. Guided by a deep understanding of scientific research and portfolio management, Yahui Investment has established a systematic investment presence across cutting-edge areas of life sciences, nurturing leading enterprises in multiple sub-sectors.

Guangdong Fuchuang Investment Management Co., Ltd. was established in Hengqin, Zhuhai, in 2019. It is the wholly-owned investment management arm of the Zhuhai Fudan Innovation Research Institute, a new-type R&D institution jointly established by the Zhuhai Municipal People’s Government and Fudan University. Leveraging Fudan University’s advantages in disciplines, talent, technology, and alumni resources, the company primarily engages in venture capital investments at the Angel, VC, and PE (including Pre-IPO) stages. The company possesses the dual attributes of a state-owned asset management institution and a market-oriented investment firm.

Chengdu Renyou Investment Co., Ltd. was established in 2016. Its founder possesses over 30 years of experience in research and development, as well as operational management, within the biopharmaceutical industry. Renyou Investment focuses on investing in early-stage biopharmaceutical projects, combining industry-derived investment philosophies with market-oriented value assessments to identify and nurture China’s most outstanding and high-growth innovative startups. By leveraging its own industrial resources and integration capabilities, the firm provides value-added services to its portfolio companies, thereby accelerating their development and enhancing their value.

Suzhou Alphamab Co., Ltd. was established in 2008, with its core business focused on the research and industrialization of antibody and large protein therapeutics. Guided by the vision of providing Chinese patients with simultaneous access to the most advanced international treatments, and driven by technological innovation with globally advanced technologies and products as benchmarks, Alphamab has built a distinguished reputation in the field of biopharmaceutical R&D.

Chenrui Capital is a boutique investment bank and investment firm focused on the consumer, healthcare, and technology sectors. Its founding team hails from top-tier institutions such as Goldman Sachs, CITIC, China Merchants Bank, and Barings Investment. The company actively adheres to its service philosophy of “optimizing resource allocation through investment banking and connecting resource ecosystems through investment.” Its business scope covers the primary market and the pre-IPO market, serving a diverse client base that includes VC/PE firms, local government industrial guidance funds, private companies, and listed companies. To date, the team has cumulatively served over 30 projects, with total investment amounts exceeding RMB 5 billion.

Hejun Capital, established in 2009 with headquarters in Beijing, Shanghai, and Shenzhen, focuses on sectors such as healthcare, consumer goods, and technology. It advocates and practices value-added investment, managing over RMB 10 billion in equity investment funds.

The Healthcare Investment Banking Team boasts an elite group of professionals covering the entire healthcare value chain. Its founding members hail from leading domestic and international securities firms, prominent private equity/venture capital institutions, law firms, accounting firms, and large pharmaceutical companies. With an average of over 10 years of experience in investment banking and industry expertise, the team maintains relationships with more than 2,000 active institutional investors and industrial conglomerates. The cumulative value of its investment and M&A transactions exceeds RMB 30 billion. The team focuses on four key sectors: biopharmaceuticals, biotechnology and medical devices, healthcare services, and internet-based digital health.

Hejun Capital is dedicated to optimizing asset allocation for investment institutions and industrial groups. It excels in structuring and negotiating complex transactions, such as acquisitions and equity transfers, to identify and create core value. The firm provides comprehensive capital operation solutions, including equity financing, mergers and acquisitions, strategic management, and industrial implementation, to support corporate development.