Westlake Therapeutics Secures Nearly RMB 100 Million in Pre-A+ Financing to Advance REDx Platform for Engineered Erythrocyte Therapeutics

VCBeat (WeChat ID: vcbeat) has learned that Westlake Therapeutics (Hangzhou) Co., Ltd. (hereinafter referred to as “Westlake Therapeutics”) recently announced the completion of its Pre-A+ financing round, raising nearly RMB 100 million. The round was led by Chende Capital, with Sequoia Capital China Fund participating as a follow-on investor.

This financing round marks another strategic investment in Westlake Therapeutics, following its Pre-A round completed last June. The funds will be primarily allocated to enhancing the company’s technology platform, advancing its preclinical pipeline, and constructing GMP-compliant manufacturing facilities. Westlake Therapeutics will continue to innovate in red blood cell (RBC) drug-loading technologies and develop RBC-based drug manufacturing processes, while accelerating product development in immunology, metabolism, and oncology. The lead candidate is expected to enter clinical trials and submit an Investigational New Drug (IND) application in the near term. Additionally, the company plans to leverage its existing platform to continuously expand its product pipeline.

Red blood cell (RBC)-based drug development is a highly innovative and challenging frontier technology. Westlake Therapeutics is the first company in China to focus primarily on RBC-based therapies. The company currently possesses the REDx platform, an internationally leading RBC drug technology platform. Leveraging the natural advantages of red blood cells—including high drug-loading capacity, excellent biocompatibility, low immunogenicity, complete biodegradability, and a prolonged circulation half-life of approximately 120 days—the company has developed multiple innovative therapeutic solutions targeting rare diseases, cancer, and immune and metabolic disorders.

Meanwhile, therapeutic red blood cells have not only been demonstrated to modulate the immune system by acting on antigen-presenting cells, but also enable multi-strategy combinatorial approaches through the delivery of single or multiple drugs for the treatment of single or multiple diseases, featuring high safety and low side effects.

Regarding the completion of this round of financing,Dr. Gao Xiaofei, Founder of Westlake Therapeuticsstated, “We are delighted to have highly sophisticated investors such as Chende Capital and Sequoia Capital participate in this financing round of Westlake Therapeutics. We thank both new and existing investors for their recognition and support of our innovative red blood cell drug-delivery platform. The completion of this financing round will enable us to accelerate efforts to further optimize and upgrade our novel REDx drug-delivery platform, with the aim of overcoming certain technical challenges currently faced in clinical practice. Westlake Therapeutics will continue to innovate and optimize its R&D pipeline, maintaining the team’s strong momentum for innovation in the field of cell therapy, and facilitating the development of high-efficacy, cost-effective cell therapy drugs to benefit more patients.”

Zhu Tianji, Managing Director at Chende Capitalstated: “We believe that Westlake Therapeutics’ unique red blood cell (RBC) drug platform represents a new generation of highly innovative therapeutic technologies with global leadership. The founding team possesses profound understanding and substantial technical expertise in RBC-based drug platforms, along with mature strategies for addressing challenges in RBC drug development. We are optimistic about Westlake Therapeutics’ innovative platform and exceptional team, and we look forward to helping the company bring its highly promising RBC-based therapeutics to market as early as possible, thereby benefiting patients worldwide.”

Cui Ping Gu, Managing Director at Sequoia China“Westlake Therapeutics, as an innovative red blood cell therapy company, possesses significant growth potential and broad application prospects. Red blood cell-based drug delivery can transport single or multiple therapeutics, and we believe its clinical applications hold diverse possibilities. We are delighted to join both new and existing shareholders in supporting Westlake Therapeutics, helping it deliver better and more optimized therapies to patients.”

Westlake Therapeutics (Hangzhou) Co., Ltd. (Westlake Therapeutics), established in 2019 in the Xihu District of Hangzhou, is the first industrialization project for independent technological achievements following the establishment of Westlake University. The company focuses on the research and development of innovative red blood cell-based therapeutics and has successfully built REDx, an engineered red blood cell drug technology platform. This platform involves extracting patient blood, modifying it ex vivo to generate large quantities of drug-loaded engineered red blood cells, and reinfusing them into the patient to treat various serious diseases.

Chende Capital is an investment firm focused on the life sciences and medical technology sectors, managing multiple USD and RMB funds. Led by a professional team with extensive experience in the healthcare industry, Chende Capital is committed to building top-tier companies in the medical field and delivering optimal returns to its investors.

Sequoia Capital has always been committed to helping entrepreneurs build enduring, great companies by bringing its portfolio firms abundant global resources and valuable historical expertise. Over the past 49 years, Sequoia Capital has invested in numerous innovative enterprises and leaders shaping industry trends. As “entrepreneurs behind entrepreneurs,” Sequoia Capital China focuses on investment opportunities in three sectors: technology/media, healthcare, and consumer goods/services. Over the past 16 years, Sequoia Capital China has invested in nearly 600 companies characterized by distinct technological advantages, innovative business models, and high growth potential.