Kaitai Capital Leads Series A Round in DartsBio to Accelerate Clinical Development of China's First Non-Addictive, Ultra-Long-Acting Analgesic DS002

VCBeat (WeChat ID: vcbeat) has learned that Dashi Pharmaceutical (Guangdong) Co., Ltd. (“Dashi Pharmaceutical”) recently announced the completion of its Series A financing round, raising nearly RMB 100 million. The round was led by Kaitai Capital, with continued participation from pre-Series A investors Share Capital and Zhongshan Xiangshang Investment Management Co., Ltd. The proceeds will be primarily used to advance the Phase I and IIa clinical development of DS002, China’s first non-addictive long-acting analgesic, as well as to enrich the company’s R&D pipeline, establish a CMC pilot-scale platform, expand its talent team, and meet other operational needs.

“Conquering pain and improving quality of life” has always been the corporate vision upheld by Dashi Pharmaceutical. Moderate-to-severe clinical pain conditions, including advanced cancer pain, chemotherapy-induced neuropathic pain, diabetic neuropathy, and chronic lower back pain, significantly impair patients’ quality of life and represent significant unmet clinical needs. DS002, an NGF antibody developed by Dashi Pharmaceutical, demonstrated analgesic efficacy comparable to morphine in preclinical studies of cancer pain, without the addiction and tolerance associated with morphine. It offers stable therapeutic effects and enables ultra-long-acting dosing once every two months, providing advantages over morphine in terms of efficacy, safety, and average daily treatment cost. Currently, Dashi Pharmaceutical is actively advancing Phase I clinical trials of DS002, with preliminary data indicating a favorable safety profile and no detectable immunogenicity. Based on these findings, Dashi’s medical and clinical teams are actively preparing for Phase IIa clinical studies, striving to bring DS002 to market as soon as possible to alleviate patient suffering. Meanwhile, the company boasts a robust preclinical pipeline, with all candidates featuring distinct differentiated designs.

Dr. Wang Chunhe, Founder and Chief Scientist of Dashi Pharmaceutical, stated, “We are delighted to have gained the recognition of Kaitai Capital, a professional investment institution in the biopharmaceutical sector, as well as the continued support from existing shareholders such as Share Capital and Xiangshang. Cancer is the leading cause of death among humans; however, cancer- and cancer treatment-related complications, including pain, vomiting, dizziness, weight loss, and diarrhea, have an even greater impact on patients’ quality of life, creating substantial unmet clinical needs both domestically and internationally. Dashi Pharmaceutical’s corporate vision is to ‘conquer suffering and improve quality of life,’ striving to extend both the length and breadth of patients’ lives. This round of financing will accelerate the advancement of Dashi Pharmaceutical’s project pipeline and expedite the market launch of urgently needed medications for patients, holding significant strategic importance for the realization of the company’s vision.”

Kaitai Capital’s Biopharmaceutical and Life Sciences Team stated, “Pain, particularly chronic pain, severely diminishes quality of life and undermines human dignity. Humanity lacks highly effective weapons to combat pain, and long-term reliance on opioid therapy for pain management is akin to quenching thirst with poison. As a rare, non-addictive analgesic target with proven efficacy emerging once every few decades, NGF holds promise despite certain limitations in the osteoarthritis indication. We believe it can deliver clinical benefits to patients across a broad spectrum of pain indications. Kaitai Capital highly commends Dashi Pharmaceutical’s efforts to improve quality of life, as well as the robustness and efficiency of its clinical development strategy and execution. We fully recognize Dashi Pharmaceutical’s corporate values and team, and we are confident that Dashi Pharmaceutical will make significant contributions to alleviating patient suffering.”

Dashi Pharmaceutical (Guangdong) Co., Ltd. is located in Cuiheng, Zhongshan, the hometown of the great Dr. Sun Yat-sen. It is an antibody drug R&D enterprise dedicated to improving the quality of human life. The company’s core team comprises preclinical and clinical R&D experts from renowned pharmaceutical companies such as Eli Lilly, Amgen, and Pfizer, including distinguished experts appointed by the Organization Department of the CPC Central Committee, the Chinese Academy of Sciences, and the Shanghai Municipal Government. The company has gradually established a closed-loop capability for antibody drug development, covering all stages from early antibody discovery, CMC, and preclinical studies to clinical R&D. Upholding Dr. Sun Yat-sen’s spirit of “the world belongs to all, never give up,” the company is committed to developing new drugs that enhance patients’ quality of life and well-being, conquering diseases, and giving back to society with rigor and professionalism.

Kaitai Capital has always remained committed to addressing unmet clinical needs and strategically investing in the life sciences and broader healthcare ecosystem. To date, its investment portfolio in the life sciences and healthcare sectors covers oncology, metabolic diseases, cardiovascular diseases, anti-infectives, autoimmune disorders, neuroscience, dermatology, and respiratory diseases, with investments in more than 80 companies. Kaitai Capital not only focuses on identifying enterprise value but also prioritizes delivering sustained value-added services to its portfolio companies, including ongoing financial support, resource integration, talent matchmaking, and post-investment management. Looking ahead, Kaitai Capital will continue to stand alongside its portfolio companies, firmly supporting their value creation and contributing to the upgrading of China’s life sciences and healthcare industries.

Share Capital, established in Shenzhen in 2007, is one of China’s earliest professional venture capital firms structured as a limited partnership. Since 2010, it has actively pursued investments in the healthcare sector. The Share Capital Healthcare Fund focuses on early-to-mid-stage investments in the healthcare industry, while also selectively participating in later-stage leading projects, striking a balance between innovation and stability. The fund boasts an independent, specialized medical investment team of 12 professionals with extensive investment experience and strong professional backgrounds. To date, it has invested in over 80 healthcare projects across three healthcare-focused funds, with a total fund size of RMB 2.8 billion. Its investment portfolio covers niche sectors such as new drug development, biotechnology, innovative medical devices, and innovative healthcare services, highlighting a distinctive investment strategy. Notable portfolio companies include BGI Genomics (300676), Meinian Onehealth (002044), Buchang Pharma (603858), Zeltis Pharma (688266), Genetron Health, iCarbonX, Tongxin Medical, Fapon Biotech, Huajin Pharmaceutical, Haichang Pharmaceutical, Gosen Pharmaceutical, Jicheng Dental, and Zhang Qiang Doctor Group.

Zhongshan Xiangshang Investment Management Co., Ltd. is a professional investment management firm specializing in equity investment and asset management, with a focus on local advantageous industries. Adhering to Chinese laws, regulations, and relevant policies, the company is headquartered in Zhongshan and prioritizes investments in the pharmaceutical and broader healthcare sector. Xiangshang Investment has established a Project Management Committee, a Risk Control Committee, and an Investment Decision Committee, composed of industry experts and investors. These bodies conduct thorough due diligence and evaluation across the pre-investment, in-process, and post-investment stages. By engaging expert teams to participate in corporate governance, the company ensures the security of fund assets, smooth operations, and steady value appreciation.