BinHui Bio Secures RMB 600 Million in New Funding to Advance Oncolytic Virus Pipeline and Lead Niche Sector

As we bid farewell to the old and welcome the new, Binhui Biopharmaceutical Co., Ltd. announces:The company secured RMB 600 million in financing, led by Fenxiang Investment and co-led by funds under CICC Capital, Vertex Ventures, and Qianhai Fund of Funds. Existing shareholder Beijing Longpan continued to participate in the round.Other prominent investment firms participating in this round include Infinity, Zhangjiang Haoheng, Huiding Investment, Huafang Capital, Chongqing Qihou, and Hongqiao Investment.The funds raised will be primarily used to advance the Phase II and Phase III clinical studies of the company’s core product, OH2 Injection (Recombinant Oncolytic Herpes Simplex Virus Type 2), as well as to support the development of other product pipelines and platforms.

For many years, BINHUI BIOPHARM has been deeply engaged in the field of oncolytic virus research. Its flagship product, OH2 injection, leads this niche sector and has entered Phase II clinical trials. Following monotherapy clinical trials, the company has initiated clinical studies combining OH2 with multiple monoclonal antibody products. BINHUI BIOPHARM is currently at a critical stage of leapfrog development. The participation of multiple investment institutions in this round of financing has further optimized its shareholder structure and strengthened its financial reserves for new drug R&D. This will effectively enhance the company’s core competitiveness in the field of tumor immunotherapy and accelerate the R&D progress of its oncolytic virus products as well as its multi-platform layout.

Huang Fanzhi, Co-Founder and Managing Partner of the Healthcare Fund at Lead Investor VCBeat, stated, “We have long been optimistic about the broad future prospects of the oncolytic virus industry. As one of the leading startups in this niche sector, BINHUI BIOPHARM holds a competitive edge in terms of its founder’s profound professional background, the leadership and progress of its project development strategy, and its differentiated layout of indications. Building on the company’s existing platform technology and independent production capabilities, we look forward to BINHUI BIOPHARM’s sustained rapid growth in the future.”

CICC Capital’s investment team stated: “The R&D and industrial accumulation of oncolytic viruses have gradually matured, with broad development prospects in this niche sector. The management team led by Professor Liu Binlei, founder of BINHUI BIOPHARM, possesses exceptional innovative capabilities and extensive managerial experience. Leveraging unparalleled industry expertise and a global perspective, the company has built a diversified product portfolio based on platform technologies, establishing itself as a leading enterprise in its domestic niche market. Multiple pipelines under development are advancing rapidly through clinical trials, holding promise to address significant unmet clinical needs. CICC Capital will concentrate its superior resources to support the growth of both the company and the broader industry, ultimately benefiting a wide range of cancer patients.”

Zheng Juncong, Managing Partner at Vertex Ventures, stated, “Combination immunotherapy for oncology has become a consensus within the medical community and is one of the key sectors focused on by Vertex Ventures. We believe that oncolytic viruses represent a highly promising platform tool in combination cancer immunotherapy, with high barriers to entry in both manufacturing and clinical development. Binhui Biopharm’s oncolytic virus has demonstrated relatively positive efficacy in multiple clinical trials and has received strong recognition from clinicians. The company’s founder, Dr. Liu Binlei, has dedicated decades to mastering oncolytic virus technology and possesses profound scientific expertise. We are confident that under Dr. Liu’s leadership, Binhui Biopharm will bring greater benefits to cancer patients in China and around the world.”

Li Shengnan, Managing Director of Qianhai Fund of Funds, stated, “Oncolytic viruses target multiple stages of tumor immunity and possess broad-spectrum antitumor activity. Their combination with chemotherapy and other cancer immunotherapies significantly enhances the efficacy of tumor treatment. We are firmly optimistic about the growth potential of this niche sector. BINHUI BIOPHARM holds strong advantages in technological leadership, clinical development progress, and manufacturing capabilities. We look forward to BINHUI BIOPHARM being the first to launch a new generation of anticancer drugs.”

As the saying goes, “With a grand vision in mind, one can shake the mountains and rivers.” Dr. Liu Binlei, Founder of BINHUI BIOPHARM, stated: “Remaining true to our original aspiration, we are committed to becoming a leading enterprise in the niche field of tumor immunotherapy.”

FenXiang Investment, established in Shenzhen in 2007, is one of China’s earliest professional venture capital firms structured as a limited partnership. It has invested in over 200 companies and currently manages assets exceeding RMB 8 billion. Since 2010, FenXiang Investment has strategically expanded into the healthcare sector, focusing on precision medicine. Aligning with global R&D standards while catering to the demands of China’s emerging market, it concentrates on four key areas: biotechnology, new drug development, innovative medical services, and cutting-edge medical devices. The firm currently manages four healthcare-themed funds and boasts an independent, specialized medical investment team of 12 professionals with extensive investment experience and deep expertise. To date, it has invested in more than 80 healthcare projects, with the total size of its healthcare funds nearing RMB 3 billion. Notable portfolio companies include BGI Genomics (300676.SZ), Meinian Onehealth Healthcare (002044.SZ), Buchang Pharmaceuticals (603858.SH), Zeltis Pharma (688266.SH), Genetron Health (GTH.US), Tianshen Medical (688013.SH), Haiyou New Materials (688680.SH), iCarbonX, Tongxin Medical, Fapon Biotech, Huajin Pharmaceutical, Haichang Pharmaceutical, Gosen Pharmaceutical, Jicheng Dental, and Zhang Qiang Doctor Group.

CICC Capital is a wholly-owned private equity investment management subsidiary of CICC. As the sole private equity fund business platform of CICC, it centrally manages the company’s domestic and overseas private equity fund businesses, undertaking functions such as formulating strategic development plans for private equity investment, promoting business growth, allocating resources, and managing risk control. By the end of 2020, CICC Capital had total assets under management exceeding RMB 350 billion, with a professional investment management team of over 300 members. Managing numerous funds, CICC Capital is one of China’s leading private equity investment management platforms.

Vertex Ventures, established in 1988, is one of the earliest venture capital firms in Asia and a member of Singapore’s Temasek Holdings. Vertex Ventures China commenced its operations in China in 2008, with assets under management exceeding RMB 10 billion. Vertex China is dedicated to investing in high-growth innovative enterprises, with a strategic focus on three key sectors: innovative technology, the new digital economy, and healthcare.

Established in 2016 with a fund size of RMB 28.5 billion, Qianhai Fund of Funds is currently the largest commercially raised fund of funds and a leading private equity investment fund in China. It places equal emphasis on fund investments and direct equity investments, and is managed by Qianhai Ark Asset Management Co., Ltd., led by Jin Haitao, a pioneering figure in China’s venture capital industry. Since its inception, Qianhai Fund of Funds has cumulatively invested in 1,094 direct and indirect equity projects, with more than 20 portfolio companies listed on stock exchanges both domestically and internationally.