China's GenFleet Therapeutics raises $50m Series B

South China Venture Capital and Panlin Capital came in as new investors. Meanwhile, all existing investors from the previous round re-upped, including Sinopharm Capital, CSPC Pharmaceutical Group, Lake Bleu Capital, and HighLight Capital.

Shanghai-based GenFleet was established in 2017 by Qiang Lu and Jiong Lan, who previously built the new drug discovery team at Yangtze River Pharmaceutical Group. The company primarily develops novel drugs for the treatment of cancer and autoimmune diseases. It claims to target "first-in-class therapies per se" with none of the drugs in its pipeline having reached the proof-of-concept stage with a global competitor.

GenFleet's most advanced treatment is a small molecule inhibitor for tumors. It has been approved by China's Center for Drug Evaluation (CDE) and entered phase-one clinical trials at Shanghai Oriental Hospital, according to Lu. The development process has thus far taken less than two years.

The company closed a RMB100 million angel round led by HighLight in 2018 in April 2018. This was followed by a RMB120 million Series A lead by Ally Bridge Group in November of the same year. CDH subsequently led the Series B.

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• Topics
• Greater China
• Early-stage
• Healthcare
• China
• Pharmaceuticals
• CDH Investments Management
• Shenzhen Capital Group
• HighLight Capital