China mRNA specialist Stemirna gets $200m in funding

The round was led by China Merchants Health, Sequoia Capital China, Greenwoods Asset Management, and WuXi AppTec. Additional contributions came from the likes of OrbiMed, Advantech Capital, China Reform Fund, CMB International, Kaili Yifang Capital Management, Forebright Capital, CTS Capital, and CITIC Securities Investment.

The company previously received a RMB20 million ($3.1 million) angel round in 2017 and a Series A of nearly RMB100 million in 2019. Lapam Capital, Hongyuan Capital, state-owned Spinnotec, Jiuyo Capital, Longmen Capital, and Fang Fund Partners are all listed as investors.

Stemirna was established in Zhangjiang Biotech Pharmaceutical Base, part of Shanghai’s Zhangjiang Hi-Tech Park otherwise known as pharma valley, in 2016. Its founder is Hangwen Li, a US-trained oncological biologics expert specializing in tumor immunotherapy, RNA drugs, and stem cell therapies. He is supported by a 200-strong R&D and industrial team that includes ex-employees of GlaxoSmithKline, Merck, and WuXi AppTec.

Also known as messenger RNA, mRNA is the information carrier in transcription, the cellular process whereby DNA is copied and converted into proteins that perform various physiological functions.

Sequences of mRNA can be created that instruct cells to produce proteins that fight diseases. In this sense, mRNA vaccines teach cells to trigger immune responses, whereas traditional vaccines insert a weakened or inactive germ into the body to trigger an immune response, producing antibodies, which in turn prevent infection when they encounter a real virus.

Stemirna has a mRNA synthesis platform – which relies on cloud computing technology to perform antigen analysis, prediction, and sequence optimization – as well as a nano-delivery platform used to build the core-shell structures through which mRNA enters and is gradually released into the bloodstream. The third branch of the company’s business is a drug manufacturing operation capable of producing 100 million doses a year.

It has two vaccines that initiated clinical trials last year, targeting COVID-19 and cancer, respectively. Seven more are expected to reach the trial stage between 2021 and 2022, including vaccines for tuberculosis, influenza, acute myeloid leukemia (AML), Epstein–Barr virus, and HPV.

“We are the leading mRNA vaccine company in China. We have a complete mRNA vaccine team, a complete patent system, and a rich pipeline,” Li said in a statement. He added that a next-generation COVID-19 vaccine – capable of repelling the South African, Brazilian, and Indian strains of the virus – would soon begin phase-two clinical trials domestically and phase three overseas.

Several Chinese biotech start-ups working on COVID-19 vaccines have received VC funding, among them Clover Pharmaceuticals, Suzhou Abogen Biosciences, and CanSino Biologics. Clover has filed for a Hong Kong IPO, while CanSino listed on Shanghai’s Star Market last year. Abogen is the only one with a mRNA vaccine, developed with the Academy of Military Medical Sciences (AMMS) and Walvax Biotechnology.

CEC Capital served as financial advisor on Stemirna’s latest round.

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• Topics
• Greater China
• Expansion
• Healthcare
• China
• Pharmaceuticals
• covid-19
• coronavirus
• Growth capital
• Sequoia Capital
• Greenwoods Asset Management
• OrbiMed
• Advantech Capital
• China Structural Reform Fund
• Forebright Capital