Accuredit Therapeutics Completes Tens of Millions of USD Seed Financing to Build an Industrial Platform for Gene Editing and Delivery

VCBeat (WeChat ID: VCBEAT) has learned at the earliest opportunity that RayGene (Suzhou) Co., Ltd.(Ruizheng Gene) announced today that it has completedTens of millions of US dollarsseed round of financing. This round was led byLed by renowned healthcare investment firm Legend Capital,CormorantCo-investment, which will be used to support the construction of the company's R&D platform and the rapid advancement of its pipeline.

RuiZheng Gene, established in July 2021, focuses primarily on intracellular targets, including those within the nucleus. Leveraging next-generation gene editing, RNA editing, and delivery technologies characterized by superior safety, high efficiency, and excellent targeting precision; industry-leading algorithms for off-target effect analysis; and CMC process development, GMP manufacturing, and commercialization expertise validated by the industry, the company is dedicated to providing innovative drugs and therapeutic solutions for patients worldwide suffering from severe or even life-threatening congenital genetic disorders and acquired diseases.

Dr. Wang Yongzhong, Founder, Chairman, and CEO of RayGeneWith over 20 years of proven success in the research, development, regulatory submission, market launch, commercialization, and internationalization of innovative biologics both domestically and internationally, as well as extensive experience in successfully managing and operating pharmaceutical companies on both the sponsor (client) and CMO/CDMO (service provider) sides. Previously served as CEO of Suzhou Bridge Biologics, President of Pharmaceutical Operations at Simcere Pharmaceutical, CEO of Kanghong Biologics, and Scientist at Genzyme Corporation (USA).Dr. Tao Jialin, Co-founder and Head of CMCWith 16 years of experience in global biopharmaceutical R&D and the pharmaceutical industry, previously held positions at renowned domestic and international companies such as Roche Japan, CMC Biologics (USA), Simcere Pharmaceutical, and WuXi Biologics.Other Core Team Members of the CompanyPossesses extensive industry experience in drug design, preclinical research and development, and GMP manufacturing. The company has established an advisory board composed of top-tier scientists and entrepreneurs from the industry to provide comprehensive guidance on project initiation and strategic direction. RayZhen Gene’s U.S. subsidiary has also been established and will collaborate with American partners to develop more advanced gene and RNA editing technologies.

Dr. Wang Yongzhong, Founder of the Company“We are deeply grateful for the trust and support from Legend Capital and Cormorant. In recent years, China has firmly established a development philosophy centered on the R&D of truly innovative drugs, driven by both national policy and the pharmaceutical industry as a whole. Historically, biologic drug targets have been largely confined to cell membrane proteins and secreted proteins, meaning therapeutic interventions primarily operated at the protein level. While such drugs could modulate disease progression, they mostly failed to achieve fundamental cures.Recent substantial advances in nucleic acid technologies, as well as gene and RNA editing technologies, have revealed vast future opportunities for targeting intracellular components, including nuclear targets. Addressing these intracellular targets requires intervention prior to protein production, offering the mechanistic potential to not only manage disease progression but also fundamentally cure diseases. Although gene- and RNA-editing-based therapeutics are still in their early stages within the industry, a careful analysis shows that their technical and manufacturing pathways mainly encompass plasmid development based on DNA recombination technology, cell culture, purification, gene editing, and delivery systems. Leveraging our proven track record of successfully developing multiple products through to commercialization, the RayZhen Gene team has already demonstrated validated capabilities in several of these areas. For the remaining segments, we have secured top-tier scientific talent and strategic partners. Our entire team is highly confident in making significant strides in this high-potential field.”

Mr. Hong Tan, Managing Director of Legend Capitalstated: “Therapeutic agents based on nucleic acid technologies and gene editing represent disruptive innovations in biomedical technology, with their development prospects widely recognized and validated both domestically and internationally. Legend Capital and Dr. Wang share a high degree of alignment in their strategic vision for future domains, and strongly concur that the R&D of future biopharmaceuticals needs to shift increasingly toward the direction of ‘addressing problems before protein production.’ The team at RayGene, led by Dr. Yongzhong Wang, possesses proven capabilities in the successful R&D, industrialization, and commercialization of innovative biopharmaceuticals, as well as outstanding corporate operational expertise. We are highly confident that, through joint efforts with Dr. Wang, RayGene’s products will become key components of the ‘curative era’ of gene therapy at the earliest possible stage.”

Dr. Chen Bihua, Founder of Cormorantstated, “I have known Dr. Wang Yongzhong for many years. Our formal collaboration began a little over two years ago when Dr. Wang took the helm at Suqiao Biologics, a company in which we hold an investment. Dr. Wang quickly reversed Suqiao’s unfavorable situation and led the company to become the fastest-growing biologic CDMO in China for two consecutive years. Within this two-year period, nearly 10 IND applications were successfully approved in both China and the United States. We have long been optimistic about the gene editing sector and have established extensive global investments in this field. We believe that development in this area has now reached a stage where ‘project translation’ is the primary bottleneck and driving force. We are delighted to collaborate with Dr. Wang once again and look forward to leveraging the strong translational capabilities of the RayZene Genomics team to accelerate the entry of the company’s products into clinical trials, thereby bringing benefit to patients both domestically and internationally.”

Established in July 2021, the company is dedicated to leveraging next-generation gene editing and delivery technologies characterized by high safety, efficiency, and excellent targeting specificity. By employing industry-leading algorithms for off-target effect analysis and relying on a mature CMC development and GMP manufacturing platform, the company achieves rapid translation from concept to product. It provides innovative drugs and therapeutic solutions to patients worldwide for the treatment of severe, life-threatening congenital genetic disorders and acquired diseases.

Legend Capital is an independent professional venture capital firm under Legend Holdings, established in April 2001. Its core business focuses on early-stage venture capital and growth-stage expansion investment. Currently, the total assets under management (AUM) of Legend Capital’s USD and RMB funds exceed RMB 60 billion, with a strategic emphasis on innovation and growth opportunities in China. As of 2021, Legend Capital has invested in more than 500 portfolio companies, among which over 90 have successfully listed or been quoted on domestic or overseas stock exchanges, and more than 70 have achieved exits through mergers and acquisitions. As an industry pioneer, Legend Capital began its investment layout in the healthcare sector in 2007. Over the years, it has built specialized investment capabilities across various sub-sectors of healthcare and medical services, working closely with its portfolio companies to cultivate a unique ecosystem of healthcare resources.

Cormorant Asset Management (“Cormorant”) is an investment firm focused on innovative biotechnology. Founded in 2013 and headquartered in Boston, Cormorant manages over $3 billion in assets and has invested in more than 200 companies. Since its inception, Cormorant has established itself as a leading crossover investor for companies pursuing initial public offerings (IPOs) and as a long-term investor in early-stage startups.