Chinese mouse-based drug testing specialist raises $143m
Biocytogen, a Chinese contract research organization (CRO) that provides genetically-modified mice for drug testing, has raised RMB970 million ($143 million) in an extended tranche of Series D funding.
The investment comes days after GemPharmatech, which has a similar business model, secured a RMB400 million ($58.6 million) Series B led by GL Ventures, the VC arm of Hillhouse Capital.
Biocytogen's latest round was led by CMB International Capital and also featured Cowin Capital, 3E Bioventures, the private equity arm of China Life, and SDIC Venture Capital, a VC arm of the State Development & Investment Corporation. The company's Series D closed at RMB543 million ($78 million) last year with China Life and SDIC in the lead. A RMB410 million Series C came in 2018.
Founded in 2008 in the US, Biocytogen is now headquartered in Beijing. The company provides antibody development, gene-editing and preclinical testing services. It claims to have completed more than 4,500 gene editing projects and worked with 500 academic and industry clients on drug R&D.
Biocytogen has developed three fully human antibody mouse models called RenMab, RenLite, and RenNano with completely independent intellectual property rights. Creating mice with human-like antibodies is intended to simplify and de-risk the testing process while providing scientists with accurate results.
Yuelei Shen, the chairman and CEO of Biocytogen, said that the new capital would support the implementation of a program to develop 1,000 different mice models. These will be used to produce 10,000 antibodies.
Reportlinker.com projects the global humanized mice model market to grow at a compound annual rate of more than 10% through 2025. While the genetic engineering of animals has increased significantly in recent years, the use of this technology brings with it ethical issues, some of which relate to animal welfare.
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