Xiyan Biologics Completes RMB 150 Million Series A Financing Led by Daoyuan Capital, WinX Capital as Exclusive Financial Advisor

VCBeat learned that recently, Leaderna Therapeutics Ltd. (hereinafter referred to as "Leaderna" or "the Company") announced the completion of a 150-million-yuan Series A round of financing. This round of financing was led by KinghandCapital Management (Beijing) CO., Ltd., with co-leading investment from Hainan Qishen Venture Capital Partnership (Limited Partnership). Other investors include Nantong Caleb Investment Management Center (Limited Partnership), CDIG, Sichuan Pilot R&D Co., Ltd., Xiamen Hi-tech Angel Investment Co., Ltd., and Zengrui Minghe, among others. Existing shareholders such as HitGen Inc. (stock code: 688222.SH), Beijing Yinman Private Equity Fund Management Co., Ltd., Hygeia Capital, Juntian Venture Capital Co., Ltd., Cao Jiaming, and Lhasa Huabo Health Development Co., Ltd. continued to invest. WinX Capital served as the exclusive financial advisor and will continue to be responsible for subsequent financing.

This round of financing will mainly be used to promote the clinical development of core small nucleic acid product pipelines, accelerate the continuous optimization of key technology platforms such as extrahepatic delivery, and further expand the preclinical product layout and core team construction.

Leaderna focuses on the research and development of oligonucleotide drugs and has successfully established three core technology platforms for small nucleic acid drug R&D with independent intellectual property rights: NEATL (Novel Delivery and Nucleic Acid Enhancement Modification Technology), LOCATED (Lipid-Conjugated Extrahepatic Delivery Technology), and DIRECT (Single-Molecule Dual-Target Interference Technology). Leveraging its core technological advantages, the company has achieved significant expansion in delivery technologies from liver-targeting to extrahepatic tissues and made key breakthroughs in multiple critical technological directions. The company is comprehensively deploying its product pipeline around major chronic disease areas such as metabolic diseases and cardiovascular and cerebrovascular diseases, continuously advancing differentiated pipeline development. Its goal is to develop small nucleic acid drugs with potential Best-in-Class or First-in-Class status, positioning itself as a leader in this niche field.

Currently, the company's core pipeline has entered a critical clinical stage. Among them, the AGT-targeted siRNA drug for hypertension treatment can achieve dosing once every six months and has now entered Phase II clinical trials. It is the first pipeline of its kind in China to enter Phase II clinical trials and also the world’s first long-acting antihypertensive siRNA drug based on this mechanism to be tested in Chinese patients with mild to moderate hypertension. The INHBE-targeted siRNA drug for the treatment of metabolic diseases has the potential for "fat reduction without muscle loss" and is advancing in Phase I clinical trials, placing it in a leading position in China. Additionally, the company has multiple preclinical pipelines, including dual-target siRNA drugs, which are also being advanced simultaneously, covering areas such as hyperlipidemia, hyperglycemia, and the central nervous system.

Dr. JinQiao Wan, Chairman and General Manager of Leaderna, stated:Small nucleic acid drugs are gradually expanding from the rare disease field to broader chronic disease areas such as metabolic diseases and cardiovascular diseases, indicating vast development potential for the industry. Leaderna Therapeutics Ltd. focuses on the research and development of oligonucleotide drugs, continuously advancing its R&D efforts around innovations in delivery technology and a differentiated pipeline layout. The completion of this round of financing is inseparable from the long-term support and trust of our shareholders and investment institutions, fully reflecting the capital market's recognition of the innovative drug sector, small nucleic acid technology pathways, and the company’s development strategy. This round of financing will further accelerate the clinical progress of core pipelines and the optimization and upgrading of the technology platform. In the future, the company will continue to focus on the research and development of globally competitive small nucleic acid innovative drugs, providing patients with safer, more effective, and advantageous long-term treatment solutions, while anticipating continuous breakthroughs in this rapidly evolving field.

Dr. Li Jin, Chairman of HitGen Inc., stated:Since its establishment, Leaderna has demonstrated solid R&D capabilities and efficient execution in the construction of a small nucleic acid technology platform and pipeline advancement. The rapid progression of its core pipeline into the clinical stage fully validates the team's professional depth. Leaderna represents an important extension and strategic layout for HitGen Inc. along the industry chain. As a partner who has been with them from the early stages, we remain highly optimistic about Leaderna’s potential to further innovate in the small nucleic acid field. We will continue to empower the company’s development through multi-dimensional support in technology, resources, and more, pushing forward innovative therapies with clinical differentiation to benefit patients as soon as possible.

Zhang Dafeng, founding partner of Kinghand Capital, said:Small nucleic acid drugs are characterized by high safety and long-acting administration, thus offering good compliance and significantly expanding the range of innovative drug targets. They have transformed the treatment paradigm for chronic diseases and are becoming the molecular type with the most growth potential. Leaderna has been deeply engaged in this field for many years, possessing mature technical expertise and a clear product pipeline layout. Its core pipeline AGT has entered the critical clinical stage, while INHBE is currently in Phase I clinical trials. Additionally, the company holds innovative advantages in key technology areas such as dual-target interference and extrahepatic delivery. Kinghand Capital Management (Beijing) Co., Ltd. is optimistic about and continues to invest in the small nucleic acid drug sector, expressing strong confidence in the company’s development potential.

Shen Hongquan, partner of Qishen Venture Capital, stated:Small nucleic acid drugs are expanding from the rare disease field to chronic disease markets such as metabolic diseases and cardiovascular diseases, showing broad development prospects. Leaderna has a clear technical roadmap and product layout in the field of small nucleic acid drug research and development, with strong R&D capabilities in delivery technology innovation and differentiated pipeline development. The company's core pipeline, AGT, has entered a critical clinical stage, demonstrating the team’s efficient R&D execution ability. Qishen Venture Capital is optimistic about the company's development potential and looks forward to collaborating with the company and all shareholders to continuously advance its innovative pipeline.

Gao Du, Vice President of Nantong Caleb Investment Management Center (Limited Partnership), said:Small nucleic acid drugs have continued to gain attention in the global innovative drug field in recent years. With advancements in delivery technology and chemical modification techniques, their application prospects in chronic disease areas are becoming increasingly broad. Leaderna Therapeutics Ltd. has a clear technical roadmap and systematic product layout in small nucleic acid drug research and development, with core technology platforms and a highly competitive R&D team. Nantong Caleb Investment Management Center (Limited Partnership) has made comprehensive investments from upstream core raw materials to pipelines. Caleb is optimistic about the company's future development potential and looks forward to collaborating with the company and all shareholders to advance innovative pipelines and achieve greater clinical and commercial value.

Shi Cunyi, Partner of WinX Capital, stated:Small nucleic acid drugs are moving from the rare disease field toward larger indications such as metabolic and cardiovascular markets, with chronic diseases becoming a key growth direction in the next phase. Leaderna has completed the systematic layout of relevant technology platforms and advanced its core pipelines into critical clinical stages, demonstrating its efficient clinical development capabilities and sustainable growth momentum. WinX Capital is honored to serve as the exclusive financial advisor for this round of financing and will continue to support the company’s future development.

HitGen Inc. (Stock Code: 688222.SH, Stock Name: HitGen), is committed to building a world-leading innovative biopharmaceutical enterprise. Headquartered in Chengdu, China, the company has subsidiaries in Cambridge, UK, and Houston, USA. The company focuses on the discovery and optimization of small molecule and nucleic acid drugs, establishing an internationally leading DNA Encoded Library (DEL) technology platform. Additionally, it has expanded its core technology platforms to include Fragment-Based Drug Discovery/Structure-Based Drug Design (FBDD/SBDD), Oligonucleotide-Based Therapeutics (OBT), and Targeted Protein Degradation (TPD). Meanwhile, the company is developing a DEL+AI+automation DMTA (Design-Make-Test-Analyze) molecular optimization capability platform to accelerate the discovery and optimization process for preclinical drug candidates. Through diversified business models such as new drug R&D services, transfer of projects at various stages of development, and future drug commercialization, HitGen has established collaborations with hundreds of pharmaceutical companies, biotechnology firms, chemical companies, foundations, and research institutions worldwide. Currently, the company has multiple internal new drug projects at different clinical and preclinical stages.

Kinghand Capital Management (Beijing) Co., Ltd. is a leading private equity investment institution focused on the healthcare sector, dedicated to helping outstanding healthcare companies grow rapidly through the power of capital and industry resources, providing better medical products and services to society, and enhancing human health.

Currently, Kinghand Capital Management (Beijing) Co., Ltd. manages 20 RMB funds and 4 USD funds, with a total of 95 outstanding projects invested, including 16 IPO projects (one of which has obtained the CSRC registration approval), such as Aier Eye Hospital (301239), Jinxin Fertility (HK.1951), Sino Medical (688108), Innovax (688253), Tinavi Medical Technologies (688277), Viva Biotech (HK.1873), BioPerfectus Technologies (688393), and AgsMed (688581). In the next three years, more than 10 invested companies are expected to enter the IPO process.

Qishen Venture Capital is a cutting-edge investment fund focused on "innovative drugs and innovative medical devices," with the vision of "helping Chinese pharmaceutical innovation enterprises go global and give back to society." The core team members have over 26 years of industry background and have led investments totaling tens of billions of yuan. Historically, they have invested in numerous high-quality companies such as BrightGene Bio-Medical (688166), HaiChuang Pharma (688302), Jingjie Biotechnology, Calibrum, Stemirna Therapeutics, Changfeng Pharmaceuticals, Xiantong Pharmaceuticals, Weimai Medical, Tongxin Medical, Ligand Pharmaceuticals, Suzhou Alphamab, Shanghai Koku Healthcare, and Guotong Pharmaceuticals.

Nantong Caleb Investment Management Center (Limited Partnership) is a professional investment management institution that focuses on the healthcare and related fields. Its mission is to "invest in entrepreneurs who can become global industry leaders, and contribute to the advancement of human healthcare through capital and specialized services," with a focus on providing "the best value-added services." It realizes value discovery and value enhancement for invested enterprises through the highly professional value-added service capabilities of its investment management team.

Nantong Caleb Investment Management Center (Limited Partnership) mainly focuses on innovative drugs, cutting-edge biotechnology, and medical devices for investment. Many of the companies it has invested in have grown into leaders in their respective fields. Additionally, with its team's extensive experience in mergers and acquisitions as well as transactions, it can effectively serve the invested enterprises.

The contributors of Caleb Capital include Chinese and overseas listed companies, market-oriented Fund of Funds (FOF), international investment bankers, top 500 enterprises in China, outstanding entrepreneurs, professional investors, etc. They will form good industrial interaction and experience sharing with the invested enterprises and provide a global vision and resources.

WinX Capital is a leading healthcare investment bank in China, with headquarters in Beijing and Shanghai, and offices in Shenzhen and Hangzhou. It has been honored with numerous awards, including "Top 1 Best Financial Advisor in the Healthcare Sector for 2024-2025" by Qimingpian, "Top 1 Financial Advisory Firm in the Healthcare Sector for 2022-2025" by First Sound, and "Future Healthcare 100 Strong · Annual Healthcare Financial Advisor" by VCBeat for 2022-2024.