China's CureGenetics gets $17m Series A round

Additional participants include CTS Capital and Ascendin Investment. It follows a seed round that closed early last year provided by Sunshare Capital and Power China Fortune, a private equity firm with a strong biotech focus.

Founded in 2016, CureGenetics focuses on gene-editing and molecular diagnosis technologies aimed at treating easy-to-relapse or hard-to-treat cancers and genetic diseases. The company will use the fresh capital to develop its existing technology platform, while advancing clinical trials and diversifying its product pipeline.

"Gene editing has great potential in clinical applications and commercialization," said Song Zhang, a managing partner at CTS, said in a statement. "We are confident that CureGenetics, as one of the most competitive players in this field, will lead the cutting-edge industry worldwide."

Investment interest in China’s biotech space has escalated rapidly in recent years on the back of policy liberalizations and rising demand for advanced treatments related to widescale lifestyle changes. According to AVCJ Research, Chinese PE and VC investment in drug development increased from $306 million in 2014 to $1.3 billion last year. This figure surpassed $2.1 billion in the first half of 2018.

Qiming manages seven US dollar funds and five renminbi funds with $4 billion assets under management. Earlier this year, it closed two China-focused VC funds and a US healthcare fund with about $1.4 billion in aggregate commitments. Recent activity in Chinese biotech includes participation in a $37 million round for Alpha Biopharma.

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• Topics
• Greater China
• Healthcare
• Technology
• Early-stage
• China
• Qiming Venture Partners
• Venture
• Pharmaceuticals