Westlake Therapeutics Secures RMB 100 Million in New Funding Led by Sequoia China with Participation from Sofinnova, CDH Health and Hua Fund Capital

July 15,Westlake Therapeutics(hereinafter referred to as “Westlake Therapeutics”) secured hundreds of millions in financing, led by existing shareholdersSequoia Capital ChinaLead Investor, Existing ShareholdersSTO Capital、Chende CapitalandHuafang CapitalAdditional Investment: The proceeds from this financing round will be primarily used to advance the clinical validation of several red blood cell therapeutic products, construct the Shanghai R&D center, and recruit talent, thereby enriching and expanding the company’s existing product pipeline and fostering strategic collaborations in multi-target drug discovery.

Research on the use of red blood cells (RBCs) as drug carriers has spanned nearly half a century. RBC-based drug delivery systems have garnered significant attention in clinical translation due to their numerous advantages, including excellent biocompatibility, prolonged circulation half-life, and high safety profiles. These systems have evolved from traditional methods, such as encapsulation and surface adsorption, to next-generation technologies leveraging enzymatic engineering for covalent modification and genetic engineering for cellular modification.

Westlake Therapeutics officially commenced operations in June 2020. It is a cell therapy company built upon its proprietary technology platform, and the company has establishedRed Blood Cell Engineering Platform, producing engineered red blood cells with therapeutic functions derived from human peripheral blood stem cells or adult erythrocytes.Recently, the company’s multiple investigator-initiated clinical trial programs targeting cancer have received ethical review and approval from the Institutional Review Board, with their clinical application potential recognized by relevant clinical experts.

Company Founder, Gao Xiaofei“Since the company’s official commencement of operations, we have consistently attracted attention from established biopharmaceutical investors and strategic partners within the industry. We are delighted to have the continued companionship and support of our existing shareholders, which has enabled us to advance our unique red blood cell-based therapeutic products into clinical trials as rapidly as possible. This financing round serves as strong testament to Westlake Therapeutics’ advancements in process development and optimization, as well as its enhanced capabilities in clinical progression. We will continue to attract top talent to realize our vision and ultimately provide safe and effective medicines to patients.”

Gu Cuiping, Managing Director at Sequoia Capital Chinastated: “Westlake Therapeutics is accelerating the development of its therapeutic technologies and their industrial translation and application. We are optimistic about Westlake Therapeutics’ R&D advantages in the field of red blood cell therapy. We are delighted to once again stand with Westlake Therapeutics, and we believe that its proprietary technology holds the potential to unlock innovative cell therapies.”We believe that the team led by founder Dr. Gao Xiaofei, along with Westlake Therapeutics’ future red blood cell therapy products and technologies, will undoubtedly demonstrate superior product competitiveness and innovation.。”

Ms. Liu Xin, Partner at STOA Capitalstated: “STO Capital has long been bullish on and supportive of local innovation driven by world-class proprietary technologies. Leveraging its R&D strengths, Westlake Therapeutics is continuously advancing the technological development and clinical validation of its various engineered red blood cell technology platforms.”We believe that Westlake Therapeutics will continue to accelerate the development of proprietary technologies with independent intellectual property rights, and we are honored to join forces with the founding team led by Dr. Gao Xiaofei in supporting the company’s growth into a leading enterprise in the field of red blood cell therapy.”

Zhu Tianji, Managing Director of Chende Capitalstated: “Westlake Therapeutics’ highly innovative red blood cell technology platform exhibits remarkable novelty and significant potential for global expansion, demonstrating strong promise and exciting progress in areas such as half-life extension, cellular immunity, covalent loading of active molecules, and genetic engineering.”Chende looks forward to contributing to the company’s long-term development and anticipates that its innovative products and therapies will deliver substantial benefits to clinical patients.”

Sequoia Capital has always been committed to helping entrepreneurs build enduring, great companies by bringing its portfolio companies abundant global resources and valuable historical experience. Over the past 49 years, Sequoia Capital has invested in numerous innovative enterprises and leaders shaping industry trends. 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 nearly 600 companies characterized by distinct technological advantages, innovative business models, and high growth potential.

Chende Capital is an investment firm specializing in innovative medical technologies and cutting-edge biotechnology sectors. Managed and operated by a professional team with extensive experience in the healthcare industry, the firm oversees multiple RMB and USD-denominated funds. Adhering to the investment philosophy of “focus, excellence, and reputation,” Chende Capital leverages its deep industrial resources and years of in-depth research and engagement in the healthcare sector to promptly identify emerging global technological trends and seize investment opportunities driven by technological innovation. Committed to discovering top-tier companies with the potential to become industry leaders, Chende Capital employs an interconnected, win-win investment methodology and a precise, pragmatic post-investment value-creation system. By co-building an industrial ecosystem and growing alongside entrepreneurs, the firm aims to deliver optimal returns to its investors.

Fidelity Growth Partners is a global proprietary investment firm backed by Fidelity Investments. Leveraging its unique capital structure, Fidelity Growth Partners flexibly deploys capital to support innovative companies in disrupting or leading their markets, helping entrepreneurs realize their ambitious visions. Currently, together with affiliated funds under Fidelity Investments, Fidelity Growth Partners ranks among the top ten venture capital firms globally. With over 25 years of venture capital experience in China, Fidelity Growth Partners has invested in more than 110 companies in the healthcare and technology innovation sectors. Over the past decade, we have invested nearly $6 billion in startups worldwide.

Huafang Capital is an investment fund dedicated to the biopharmaceutical and broader healthcare sector, with a strategic focus on biopharmaceuticals, high-end medical devices, healthcare services, and healthcare informatics. The firm has already invested in leading companies across multiple niche segments. Leveraging its extensive resources in the medical industry, Huafang Capital achieves comprehensive synergy with other listed companies under the healthcare segment controlled by Hualy Group—namely Kunming Pharmaceutical Corporation (600422) and Jianmin Pharmaceutical Group (600976)—to fully empower its portfolio companies, facilitating product upgrades, channel development, and both horizontal and vertical integration within the industrial chain.