In September this year,According to incomplete statistics from Innovation View,China's Innovative Drug Sector Discloses 32 Financing Events，Total financing exceeds 500 million US dollars(Based on publicly disclosed amounts). Geographically, Shanghai (9 companies) and Zhejiang (7 companies) are the core hubs. In terms of funding rounds, there were 10 Series B/C rounds, with capital continuously flowing into companies in the mid-to-late clinical stages. Driven by global healthcare demand, cutting-edge fields such as oncology, gene editing, and radiopharmaceuticals have become investment hotspots, demonstrating that Chinese innovative pharmaceutical companies are accelerating technology transformation and global expansion.

• Gene Editing/Oligonucleotide Therapy Heavily Backed by CapitalAusperBio ($63 million Series B2), Epigenetics ($60 million Series B), and Yaotang Biotech ($45 million Series B) are all focused on gene-targeted therapies. AusperBio's antisense oligonucleotide (ASO) therapy for functional cure of hepatitis B, Epigenetics' in vivo CRISPR liver disease editing platform, and Yaotang’s rare disease gene drugs have garnered investments from prominent institutions such as OrbiMed, AstraZeneca-CICC Fund, and YuanSheng Ventures due to their clinical potential.

• Solid Tumor Cell Therapy Reaches Its Highlight Moment: Grail Bio (RMB 380 million in Series C) focuses on TIL therapy for advanced solid tumors; Enrui Kainuo (over RMB 200 million in Series A) develops multi-target CAR-T treatments for solid tumors; Hongxing Harmony (nearly RMB 100 million in Pre-A round) advances small molecule tumor inhibitors. Capital is concentrated in projects at the clinical validation stage, with Hikang Capital and Junshi Biosciences continuing to increase their investments.

• The Rise of Radiopharmaceuticals and Multifunctional Platforms: Fluence Technologies (US$50 million Series C) gains support from international investors like Prosperity7 for its integrated diagnostic and therapeutic nuclear medicine; Yifei Bio (nearly RMB 300 million Series B3) develops multispecific ADC drugs; Etern Therapeutics (over RMB 100 million Angel+ round) focuses on precise radionuclide delivery. The convergence of technologies becomes a trend, attracting the layout of investors such as Clearpine Capital and Lizi Investment.

Top 5 Financing EventsItem

TianTianjing BiotechnologyCompleted C2 Round FinancingCapital

On September 30, Tianjing Biotechnology successfully completed the C2 round of financing, with a total amount of nearly 600 million RMB. This round of financing will be used to accelerate the clinical development and global layout of innovative biologics in immunotherapy, with a focus on advancing the clinical trials of core pipeline products.The funds raised this time will be mainly used to promotePhase 3 Clinical Trials and Market Application of First-Tier Products, accelerating the development of the second-tier global innovative drug candidates.

Tianjing Biotechnology (Shanghai) Co., Ltd. is a company focused on the research and development of innovative immunological biopharmaceuticals, with its headquarters located in Shanghai, China.Since its establishment in 2016, the company has focused on innovation and rapid development, successfully going public on NASDAQ in early 2020. It has built a mature and differentiated clinical and preclinical pipeline with international competitiveness. At the beginning of 2024, after a new round of strategic reorganization and financing, the company successfully established a full industrial chain closed loop from R&D, production to cooperative sales.

AusperBio Completes B2 Round of Financing

On September 21, AusperBio (Ausperbio）Completed B2 round of financing, with a total amount of up to 63 million US dollars. The funds from this round of financing will be used to accelerate the clinical advancement of the oligonucleotide therapy pipeline, especially for the functional cure project targeting chronic hepatitis B.Proceeds from the financing will be used to advance the lead candidate product.Clinical Development of AHB-137, including ongoing pivotal trials, multiple Phase 2 combination studies, and expansion into global Phase 2 development. These funds will also support the further advancement of the company's proprietary Med-Oligo ASO platform, progress in the preclinical pipeline, expansion of commercial production partnerships, and growth of the long-term product pipeline.

AusperBio is an oligonucleotide therapy research and development company based in Zhejiang.NovaBridge Biosciences is a global, clinical-stage innovative biopharmaceutical company dedicated to transforming hepatitis B cure therapies and leading oligonucleotide technology innovation. Relying on its proprietary Med-Oligo ASO platform and highly efficient targeted delivery technology, the company focuses on revolutionary ASO therapies applied in areas such as viral infections, metabolic diseases, genetic disorders, and immune-related conditions to improve patients' lives.

Eureka Therapeutics Completes Series B Financing

On September 8, Eureka Therapeutics announced the completion of its Series B financing, with an amount of 60 million US dollars.The funds from this round of financing will be mainly used to supportEpigenetic Innovative Drug EPI-003In the chronic hepatitis B clinical cure and the ongoing clinical development of EPI-001 in the treatment of hypercholesterolemia. In addition, the funds will also be used to rapidly advance multiple preclinical projects and continuously build technical platforms, injecting strong momentum into the company's deep cultivation in the field of epigenetic drug research and development.

EpiRegene is a biotechnology company founded in Shanghai in 2021, focusing on the research and innovation of next-generation gene silencing technologies to bring revolutionary therapies to patients with chronic diseases. According to the company, EpiRegene's exclusive patented EPIREG platform continuously explores optimal CRISPR-CAS components through its own artificial intelligence (AI) algorithms, regulating target gene expression or simultaneously manipulating the expression of multiple genes without altering the DNA sequence. Among similar technologies, EPIREG does not cut DNA, thus avoiding potential risks such as off-target effects and short half-life.

Gravel BioCompleted Series C Financing

September 30,Beijing Grail Bio Completes New Round of Financing, Proposed Amount RMB 380 Million.Grail Bio is an innovative pharmaceutical company focused on tumor immunotherapy, with a research and development pipeline represented by tumor-infiltrating lymphocyte ("TIL") drugs. It aims to create groundbreaking solid tumor cell therapies, bringing new hope to cancer patients. According to the company, its self-developedGT101 InjectionIs China’s potentially first TIL drug approved for registered clinical trials, currently entering a pivotal Phase 2 clinical trial. GT201 injection, the world's potential first TIL product with a membrane-bound IL-15 complex, has completed dual IND submissions in China and the U.S. and has been approved to enter Phase I clinical trials.

Fusion Medical Completes Series C Financing

September 30, Full Link Technology (Full-Life Technologies) Successfully completed Series C financing, totaling 50 million US dollars. The funds will be used forGlobal Expansion of Radiopharmaceutical Pipelines, accelerating the clinical development of integrated diagnostic and therapeutic products. This round of financing will support the company in advancing key trials for targeted radioligand therapy (TRT) and expanding production scale. The investment institutions emphasized the advantages of Full-Life Technologies' platform technology in precise cancer treatment, highlighting its international strategy.

Fulink Technology is a radiopharmaceutical development company headquartered in Shanghai.It is a fully integrated international radiopharmaceutical company with offices in Belgium, Germany, and China. According to the company, it is committed to building a nuclear medicine company with a complete industrial chain covering the R&D, production, and commercialization of radiopharmaceuticals to benefit patients worldwide. The company plans to address the core issues currently affecting radiopharmaceutical development through innovative research focused on future treatment methods.

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