Virogin Biotech Secures Over $120 Million in Series D2 Financing to Advance Oncolytic Virus and mRNA Platforms

Vancouver, Canada / Shanghai, China, September 24, 2021 – Virogin Biotech Limited (“Virogin Biotech”) announced that it has secured over US$120 million in its Series D2 financing round.This round of financing was led by China Life Health Industry Fund, with participation from Shenzhen Capital Group, CSC Financial, and GF Qianhe, among others. Existing shareholders Panlin Capital and Lingdao Capital continued to increase their investments.. BMD Capital continues to serve as the exclusive financial advisor for this round of financingThe proceeds from this financing round will be used to accelerate the clinical development of existing oncolytic virus projects, establish and continuously invest in an mRNA technology platform, advance the R&D of subsequent innovative product pipelines, construct Virogin Biotech’s global R&D and manufacturing center in Nanxiang, Shanghai, and pursue potential strategic collaborations.

Virogin Biotech, established in 2015, leverages its team’s profound expertise in foundational sciences such as virology, immunology, and synthetic biology to dedicate itself to the independent research, development, and commercialization of next-generation cancer immunotherapies. Virogin’s first oncolytic virus product, VG161, has successfully conducted Phase I clinical trials in China and Australia. Leveraging its globally leading TTDR technology platform, the company has developed a new series of oncolytic virus products, the VG200s series, with VG201 scheduled to complete clinical trial applications in China and the United States in 2021. Additionally, several innovative oncolytic virus drugs in the subsequent pipeline, including VG301—the world’s first oncolytic virus carrying a bispecific antibody—are expected to enter clinical stages in 2022. With the continuous expansion of its oncolytic virus product pipeline, Virogin strategically expanded into the mRNA technology platform in 2021 to develop mRNA therapeutic products using various nanoparticle delivery vectors, such as lipid nanoparticles (LNPs). In the future, Virogin will uphold the R&D philosophy of “synergistic immunity” and continue to enrich its product pipeline by relying on its oncolytic virus platform based on TTDR technology and its drug development platform utilizing novel mRNA technologies.

Mr. Huang Hongwei, Co-founder and CEO of Virogin Biotech“The company completed three rounds of financing over the past year, raising a total of more than $260 million. This reflects the trust and support of professional healthcare investors and further solidifies the company’s leading position in the industry. Over the past year, the company has further strengthened and refined its global organizational management structure and embarked on a digital transformation through the implementation of SAP. The Virogin Biotech Global R&D and Manufacturing Center in Nanxiang, Shanghai, is scheduled to break ground in the coming days, with completion and operational launch planned for next year. Meanwhile, the in-depth development of our mRNA technology platform represents a crucial step in the company’s future innovation strategy. Leveraging comprehensive resources and competitive advantages, the company aims to accelerate the launch of its mRNA pipeline products and advance them into clinical trials.”

Dr. Wei Guo Jia, Co-founder and Chief Scientist of Virogin BiotechVirogin Biotech stated: “Over the past year, Virogin has made significant progress across all areas of its corporate development. Under the leadership of Dr. Zhao Ronghua, Chief Medical Officer, the company’s clinical team is steadily expanding and strengthening. The first-in-class oncolytic virus drug VG161 has progressed smoothly in clinical trials, not only fully demonstrating clinical safety but also showing promising clinical efficacy. At the R&D level, in addition to the smooth advancement of its oncolytic virus pipeline, with several candidates entering clinical stages, Virogin has built an mRNA vaccine technology innovation platform as a key strategic focus. This platform possesses unique technical advantages and characteristics, offering promising prospects for drug development. In the field of cancer immunotherapy, mRNA tumor vaccines exhibit strong synergy with oncolytic viruses, providing complementary effects and suggesting new avenues and directions for combination therapies. With dual technology platforms in oncolytic viruses and mRNA, Virogin boasts a more solid technological foundation and more flexible, diverse R&D capabilities in product innovation, enabling the continuous development of novel synergistic cancer immunotherapies to benefit cancer patients worldwide.”

Ms. Zhang Leidi, Head of China Life Equity InvestmentIt stated: “As drug therapy technologies continue to evolve, new approaches with greater target specificity, more direct cytotoxic mechanisms, and the ability to activate immune-mediated killing represent a key direction for future pharmaceutical development. As a globally innovative biopharmaceutical company, Virogin Biotech boasts strong R&D capabilities, has developed multiple series of novel viral vector-based therapeutics, and has made significant investments in its mRNA technology platform, positioning itself to become a global leader in gene and cell therapy research and development. China Life Equity Investment aims to support Virogin Biotech in sustaining innovation in the fields of novel viral vector drugs and nucleic acid therapeutics, accelerating the commercialization of innovative medicines, and providing safer and more effective therapeutic options for patients worldwide.”

Mr. Zhou Yi, General Manager of Shenzhen Capital Group’s Healthcare Industry Fund“: ‘We have been closely monitoring advancements in frontier biotechnology and are highly optimistic about the potential of oncolytic viruses to become a cornerstone of cancer immunotherapy, as well as the broad prospects of new mRNA technology platforms in oncology treatment. Virogin Biotech has accumulated extensive expertise in viral backbone engineering and cancer immunotherapy, establishing itself as a globally innovative biotechnology company. Adhering to its mission of ‘discovering and empowering great enterprises,’ Shenzhen Capital Group remains steadfast in supporting and serving portfolio companies. We look forward to Virogin Biotech emerging as a global industry leader, delivering breakthrough products for the treatment of advanced solid tumors, and bringing new hope to patients at an early date.’”

Mr. Li Yuhui, Founding Managing Partner and Chairman of Panlin Capital“With advancements in biotechnology, the unique advantages of oncolytic viruses in the field of immunotherapy are becoming increasingly prominent. Leveraging its globally leading experience in oncolytic virus development and innovative capabilities, Virogin Biotech is growing into one of the leading enterprises in this sector in China. Over the past two years, Virogin Biotech has achieved development that exceeded expectations, demonstrating remarkable performance in pipeline R&D, clinical trials, production readiness, corporate business operations, and financing capabilities. In line with our consistent investment strategy, Panlin Capital has continuously made significant additional investments across multiple rounds. We are delighted to participate in the company’s accelerated growth and look forward to Virogin Biotech continuing to lead the industry and benefit humanity, underpinned by its technological innovation capabilities.”

Mr. Qin Li, Executive Director of GF Securities, the parent company of GF Qianhestated: “We maintain a long-term bullish outlook on the development of China’s innovative drug industry and will continue to invest in cutting-edge technological pathways for novel therapeutics. Virogin Biotech boasts an outstanding global R&D team, has established a world-leading oncolytic virus technology platform, and is making strategic advances in mRNA technology. We are honored to support its growth and contribute further to the advancement of innovative drugs in China!”

Mr. Yang Hao, Founder and Managing Partner of BMD Capitalstated: “Virogin Biotech possesses a dual-vector platform based on TTDR oncolytic virus delivery technology and LNP liposome delivery technology, with in-depth strategic layout in frontier biotechnology fields such as tumor immunotherapy, therapeutic cancer vaccines, and infectious disease vaccines. The team has the capability to develop first-in-class pipelines and has gained recognition from prestigious investment institutions both domestically and internationally. Within just one year, it has completed an oversubscribed fundraising totaling over USD 260 million, ranking among the best annual financings in the biopharmaceutical sector. BMD Capital is honored to have served consecutively as the exclusive financial advisor for Virogin Biotech’s Series C, Series D1, and Series D2 financing rounds, striving to fulfill its commitment to being a long-term partner that accompanies growth, and continuing to work hand in hand with Virogin Biotech to contribute to the cause of human health.”

Virogin Biotech is a biopharmaceutical company dedicated to the research and development of original drugs, founded by an overseas Chinese team in 2015. In 2018, it established a Clinical Translation Center at the Nanxiang Precision Medicine Industrial Park in Shanghai. As a global leader in the field of oncolytic virus R&D, Virogin’s core R&D team boasts over 20 years of experience in oncolytic virus development, including clinical experience with the first approved oncolytic virus. The company’s commercial leadership team possesses extensive experience and a strong background in technology R&D strategy, clinical development advancement, and commercial operations.

Virogin Biotech’s oncolytic virus products leverage its proprietary Transcription-Translation Dual Regulation (TTDR) viral backbone and its innovative Synerlytic™ technology platform. By expressing multiple synergistic immunomodulatory factors, these products significantly enhance oncolytic activity and substantially improve the tumor microenvironment, thereby effectively activating anti-tumor immunity. Adhering to the R&D philosophy of “synergistic immunity,” Virogin Biotech has expanded beyond its oncolytic virus technology platform to deeply invest in mRNA technology, developing preventive and therapeutic cancer vaccines based on lipid nanoparticle (LNP) delivery vectors. By integrating its TTDR-based oncolytic virus platform, LNP-delivered mRNA platform, and diverse combinations of immunomodulatory factors, Virogin Biotech will continue to develop highly effective and safe innovative cancer immunotherapies.

China Life Equity Investment Company, established in June 2016, is a specialized private equity investment platform under China Life Insurance Group. Adhering to the investment philosophy of “Investing in the Future, Investing in Innovation, and Investing in Value,” the company leverages the professional advantages of insurance capital and China Life’s sense of responsibility to serve national strategies, support the real economy, and demonstrate China Life’s commitment and contributions.

China Life Health Care Fund, initiated and established by China Life Equity Investment Company in November 2016, is a leading flagship health care industry investment fund in China. It was also the first private equity investment fund funded by insurance capital to be approved following the issuance of relevant policies by the China Insurance Regulatory Commission (CIRC). Since its inception, China Life Health Care Fund has achieved extensive investment coverage across life sciences, medical technology, healthcare services, and digital health, investing in a portfolio of leading enterprises in China’s healthcare sector.

Shenzhen Capital Group Co., Ltd. is committed to its mission of discovering and empowering great enterprises, striving to be a discoverer and cultivator of innovative value. Since its establishment in 1999, SCG has managed total assets exceeding RMB 400 billion, invested in more than 1,000 innovative high-tech companies, among which 194 have gone public. Its portfolio spans industries such as information technology, internet, biotechnology/health, new energy/energy conservation and environmental protection, new materials, intelligent manufacturing, and consumer goods/modern services, covering the entire lifecycle of enterprises.

Panlin Capital is a technology-driven early-to-mid-stage venture capital firm that focuses on biotechnology and data intelligence applications, under the theme of “technology innovation leading consumption upgrading.” In the biomedical sector, leveraging biotechnology, Panlin specializes in investing in innovative biologics R&D for major diseases and companies developing high-end medical devices as import substitutes. Its early-stage portfolio includes biopharmaceutical companies such as Kangtai Biological Products (300601), Ribo Life Science, Sinocan, Apollomics, GenFleet Therapeutics, Aforce Biologics, Cothera, ABM, Virogin Biotech, and Jianxin Biologics, as well as medical device and service providers such as Hybribio (300639), Jinshi Bio, Antai Kangcheng, Touche Imaging, Langrui Medical, Omega Consulting, Beijing Kyoto Children’s Hospital, Hybribio Medical Laboratory, Yueer Gene, and 3N Technology. Today, Panlin has become a professional and influential tech-focused venture capital institution with strong expertise in both biotechnology and data intelligence applications.

GF Qianhe is a wholly-owned subsidiary of GF Securities, responsible for the firm’s proprietary direct investment business. It focuses on strategic sectors such as biomedicine and has invested in a number of well-known enterprises, including Pharmaron, Borui Medicine, Medicilon, Sunlight Novo, Nuotai Biology, and Baiyang Pharma. Its parent company, GF Securities, is among the first batch of comprehensive securities companies in China. It holds a controlling stake in GF Fund Management and a minority stake in E Fund Management, with its overall strength consistently ranking among the top in the industry.

BMD Capital is a leading financial services firm in China, specializing in the healthcare and wellness sector. Its team comprises seasoned industry experts and professional investment bankers who possess deep insights and judgment regarding the healthcare industry and business models. Addressing the complexities and structural challenges inherent in transactions, the firm provides specialized capital solutions for clients, including financing, mergers and acquisitions, and technology transfers.