BioMice Completes RMB 543 Million Series D Financing to Build a World-Class Preclinical One-Stop Drug Discovery Platform

On August 8, Biocytogen (Beijing) Gene Biotechnology Co., Ltd. (“Biocytogen”) announced the completion of its Series D financing round, raising a total of RMB 543 million. The round was co-led by China Life Health Industry Fund and SDIC Venture Capital, with participation from existing Series C investors China Merchants International and Bencao Capital, as well as Biocytogen’s management team. This milestone follows Biocytogen’s Series D financing completed in early 2018. The funds raised will be primarily used for market expansion, product research and development, service upgrades, and the construction of antibody production service facilities.

Biocytogen’s Subsidiaries and Branches Across Various Locations

To meet the demands of pharmaceutical companies accelerating new drug development, CROs worldwide have begun to actively penetrate core areas of drug discovery and development, extending vertically along the industry chain to strengthen open, integrated drug R&D service capabilities.

Dr. Shen Yuelei, Founder and Chairman of Biocytogen, stated: “Meeting and even exceeding customer needs is a fundamental attribute of the CRO industry. Biocytogen is dedicated to building a one-stop new drug R&D service platform, providing comprehensive and integrated R&D services to global biopharmaceutical companies, thereby helping them realize their dreams of innovative drug development. Over the past 11 years, Biocytogen started with customized development services for gene-edited model animals, and gradually expanded into disease animal model breeding and supply, preclinical services such as pharmacology, efficacy, and PK/PD studies, as well as antibody drug R&D services. Starting this year, we will further extend our capabilities into antibody production process development and CMC services, achieving full coverage of the antibody drug R&D workflow. This enables us to help customers accelerate drug development to the greatest extent and achieve win-win outcomes through collaboration. Biocytogen will never compete with its customers.”

Development Models of Biocytogen's Major Business Platforms

Biocytogen’s one-stop new drug R&D service platform supports clients from the early conceptual stage of drug development through to the clinical trial phase. Leveraging its unique, independently owned intellectual property service platform, Biocytogen helps clients address and strengthen weaknesses in their R&D processes while delivering services.

Dr. Shen Yuelei stated, “We are committed to investing a significant proportion of our annual sales revenue into the research and development of new technologies, new products, and new service offerings. In recent years, we have filed more than 100 invention patent applications annually. All animal models we provide to our customers are backed by independent intellectual property rights. We firmly believe that sustained R&D investment is the key to Biocytogen’s ability to consistently deliver differentiated, high-quality products and services to our customers. At the American Association for Cancer Research (AACR) Annual Meeting in April 2019, we unveiled Renmab, our fully human antibody mouse platform with independent intellectual property rights, which was successfully developed over five years. Renmab represents one of Biocytogen’s major achievements through continuous R&D efforts. It carries complete human antibody gene sequences and can be used to generate fully human therapeutic antibodies. Renmab is poised for commercialization, which will have a profound impact on the entire industry and significantly elevate the level of biopharmaceutical R&D in China.”

Biocytogen has consistently positioned itself as a company “rooted in China, serving the world.” The company has established subsidiaries and branches in Beijing, Shanghai, Haimen (Jiangsu), and Boston, USA. Over the past two years, Biocytogen’s overseas business has achieved substantial growth, elevating its R&D service capabilities to new heights through close collaborations with multinational pharmaceutical companies such as Merck, Takeda, EMD, and Sanofi.

Commenting on this round of financing, Dr. Shen Yuelei stated, “We extend our sincere gratitude and warm welcome to China Life Health Industry Fund for joining the Biocytogen family, and we are deeply appreciative of the continued support from existing investors such as SDIC Venture Capital, CMB International, and Bencao Capital. The support and assistance from our shareholders serve as a crucial guarantee for Biocytogen’s rapid development. We believe that the completion of the Series D financing will propel Biocytogen to new heights.”

Biocytogen Beijing Daxing Base (Under Construction)

As the lead investor in the Series D financing round, Zhang Leidi, Managing Director of China Life Equity Investment Co., Ltd., stated: “Global pharmaceutical R&D expenditure is expected to continue rising, and the global CRO industry will maintain its rapid growth. As a leading enterprise in China’s biopharmaceutical CRO sector, Biocytogen has consistently invested in R&D over the years, focusing on building a one-stop R&D service platform and developing its globally leading fully human antibody mouse platform. This enables the company to provide comprehensive R&D services to biopharmaceutical companies worldwide. We strongly agree with this strategic direction and are delighted to participate in supporting Biocytogen’s further development and promoting the advancement of China’s biopharmaceutical CRO industry.”

Gao Aimin, General Manager of SDIC Venture Capital, co-lead investor in the Series D financing round, stated regarding his firm’s participation: “SDIC Venture Capital has continuously participated in Biocytogen’s Series B, C, and D funding rounds, witnessing its evolution from a provider of customized gene-editing services to a comprehensive one-stop preclinical R&D service platform. Given the current domestic and international landscape, investors must uphold a sense of historical mission and embrace their responsibilities in this era. We will continue to support Biocytogen in building a CRO company with global influence, thereby driving the development of China’s biopharmaceutical industry.”

CMB International, the lead investor in Biocytogen’s Series C financing, continued to participate in its Series D round. Zhou Kexiang, Managing Director, stated, “It is an inevitable trend for Chinese CRO companies to actively engage in the global division of labor in drug R&D. As the lead investor in Biocytogen’s Series C round, we made the investment decision in 2017, shortly after the company completed its business restructuring. Over the following two years, Biocytogen achieved encouragingly rapid growth in its overseas operations. As China Merchants Bank’s investment platform both domestically and internationally, CMB International will continue to leverage its global operational capabilities to accelerate Biocytogen’s internationalization.”

Dr. Liu Qianye, Partner at Bencao Capital, an existing investor, stated, “Model organisms are the foundation of innovative biopharmaceutical R&D. As a highly influential provider of model organisms, Biocytogen will become a significant force in serving the development of innovative biologics in China and worldwide. Biocytogen places great emphasis on the development and continuous investment in independent intellectual property rights. We look forward to the company’s fully humanized antibody mouse platform, RenMab, becoming a new growth driver for its business.”