EdiGene Announces Completion of Pre-B Financing Round Led by Lilly Asia Ventures
Image from Edogene
Recently, VCBeat learned that Beijing-based gene editing company EdiGene Inc. has announced the completion of its Pre-B financing round, raising hundreds of millions of yuan. The round was led by Lilly Asia Ventures, with Huagai Capital participating as a co-investor. Existing investors from the company’s Series A round, including IDG Capital, United Group (WIG), and Gong Hongjia, continued their support by following on in this round.
“The company’s gene-editing therapy program holds immense potential, and this financing round will provide ample funding to support its next phase of development,” said Dr. Wei Dong, CEO of Edigene.
Founded in 2015, Edigene is headquartered in Beijing, with branch offices in Guangzhou and Cambridge, USA. Its founder and Chief Scientific Advisor, Dr. Wen Sheng Wei, is a leading figure in gene editing technology and one of the pioneers of CRISPR genetic screening technology.
The company is dedicated to translating cutting-edge gene-editing technologies into therapeutic solutions for saving lives. In September 2017, Edigene officially secured the patent license for CRISPR in research-oriented Production-as-a-Service (PaaS), becoming the first Chinese company to obtain such rights.
Image from Sequencing China
After three years of growth and development, EdiGene has accumulated more than ten patented technologies centered on platforms such as gene editing technology, T-cell and stem cell processes, and high-throughput genetic screening. The company has been certified as a National High-Tech Enterprise and received the China Patent Excellence Award. In 2017, EdiGene was listed by Nature Biotechnology, a top-tier biotechnology journal, as one of the ten capital-favored, technology-intensive startups. Notably, EdiGene was the only Asian company among them.
In early August 2018, EdiaGene welcomed its first CEO, Dr. Wei Dong. Prior to this appointment, Dr. Wei had successfully led more than ten new drug clinical programs spanning oncology, immunological disorders, neurodegenerative diseases, and orphan drugs for genetic conditions. He also accumulated many years of experience in business development and R&D at multinational corporations such as Shire, Johnson & Johnson, BioMarin, Elan, and Janssen. His arrival facilitated a smooth transition of EdiaGene’s technological development into the clinical stage.
“Gene editing technology has enabled breakthrough progress in disease treatment and drug development. We are thrilled to be able to invest in Edigene,” said Dr. Fei Chen, Managing Partner at Lilly Asia Ventures.
Lilly Asia Ventures, established in 2008, is a leading venture capital firm. The firm has consistently focused on investing in the biopharmaceutical, pharmaceutical, medical device, and diagnostics sectors in China and the United States. Beyond financial support, it provides valuable industry expertise and resources to startups and growth-stage companies.
Prior to this round of financing, EdiGene had completed a $10 million Series A financing in 2016. To date, the company has raised a cumulative total of several hundred million RMB.
Image from Edigene
“This round of financing has attracted new investors such as Lilly Asia Ventures, while existing shareholders and directors—who have the deepest understanding of the company’s operations—also participated in follow-on investments. This demonstrates the capital market’s interest in and recognition of the company, and serves as an affirmation of our work in recent years,” said Dr. Wei Wensheng.
“In addition to gene editing therapies, we will leverage our continuously accumulating technological innovations and independent intellectual property rights to develop a series of more comprehensive high-throughput genetic screening solutions, meeting customer needs in gene screening for drug sensitivity, drug resistance, and synthetic lethality,” added Dr. Wei Dong, CEO.
This funding round has attracted new capital from investors such as Lilly Asia Ventures, while existing shareholders and directors—who possess the deepest understanding of the company’s operational status—also participated in follow-on investments. This demonstrates the capital market’s interest and recognition of the company, serving as an affirmation of its work in recent years.