Gracell Biotechnologies Secures $85 Million Series B Financing to Advance Next-Gen CAR-T Clinical Development

VCBeat (biobeat1) has learned that on February 25, Gracell, an emerging domestic cell therapy company, announced the completion of an $85 million Series B financing round. The round was led by Temasek, with participation from Lilly Asia Ventures, Wing Pu Capital, King Star Capital, and Chengdu Miaoji. The proceeds will be used to advance clinical trials of Gracell’s next-generation CAR-T immunogene therapy candidates.

Dr. Wei Cao is the Founder, Chairman, and Chief Executive Officer of Gracell Biotechnologies (Shanghai) Co., Ltd.

Gracell Biotechnologies was founded by Dr. William Cao in 2017 as an innovative biopharmaceutical company dedicated to developing next-generation cell therapies. Shortly after its establishment, the company secured Series A financing from THTC Holdings. Gracell is primarily committed to developing high-quality, cost-effective cell therapies to address technical challenges in the field of cell and gene therapy, including complex manufacturing processes, lack of off-the-shelf products, and short duration of efficacy. To tackle these industry-wide issues, Gracell has assembled a top-tier team with expertise from both China and the United States. To date, the company has completed preclinical development of a series of low-cost CAR-T products and has sequentially initiated clinical studies. Other products under development include FasT CAR-T cell products, dual-target CAR technology, off-the-shelf CAR-T products, and CAR-T therapies for the treatment of refractory solid tumors.

“Gene therapy with immune cells is poised to become a cornerstone of modern medicine, but the industry remains in its infancy. Challenges and opportunities coexist,” said Dr. Cao Wei, Founder, Chairman, and CEO of Gracell.

Gracell Biotechnologies Co., Ltd. (“Gracell”) was founded in 2017, with its headquarters in Suzhou, China, and branch offices in Shanghai and Hong Kong. Gracell is dedicated to addressing the major challenges in the cell and gene therapy industry, including high production costs, lengthy manufacturing processes, lack of off-the-shelf products, and short duration of therapeutic effects. Gracell’s mission is to provide best-in-class and affordable cell therapies for cancer patients.

Temasek was established in 1974 as an international investment company headquartered in Singapore, with offices around the world. As of March 31, 2018, Temasek’s portfolio was valued at USD 250 billion, primarily concentrated in Singapore and other parts of Asia. Temasek’s investment activities are centered on four key investment themes: long-term trends, transforming economies, the growing middle class, significant comparative advantages, and emerging enterprise champions. For more information, please visit the company’s website at www.temasek.com.sg.

Eli Lilly Asia Ventures is a leading biopharmaceutical venture capital firm with offices in Shanghai, Hong Kong, and Palo Alto, California. Its vision is to be a trusted partner for exceptional entrepreneurs seeking smart capital, building great companies that develop breakthrough products to treat diseases and improve human health.

Kington Capital has received support from the Suzhou Municipal Government. Established in 2016, it is the first municipal-level private investment platform engaged in direct investment and fund management, focusing on four sectors: capital- and technology-intensive manufacturing, brand-driven consumer goods, high-end healthcare, and next-generation information technology.

King Star Capital is a US dollar-denominated fund managed by Kington Capital. The first phase of the fund focuses on innovative biopharmaceutical companies in China. It has invested in leading oncology-focused biopharmaceutical R&D enterprises, including CStone Pharmaceuticals, MabSpace Biosciences, JW Therapeutics, and Adagene Pharmaceutical.

Chengdu Miaoji Medical Technology, established in 2015 and headquartered in Chengdu, China, boasts a highly efficient investment team and has participated in the investment management of multiple globally leading biopharmaceutical technology companies. Leveraging its unique insights into the medical industry, Chengdu Miaoji is committed to investing in and supporting companies across various healthcare sectors.

Tonghe Yucheng is a globally leading healthcare investment firm with offices in Boston, San Francisco, Hong Kong, and Shanghai. The company focuses on investing in healthcare startups or growth-stage companies operating in the United States, Europe, China, Israel, and other countries. We assist entrepreneurs in building and scaling innovative healthcare businesses to benefit patients worldwide.