China biotech player GenFleet raises $75m
GenFleet Therapeutics, a Chinese biotech developer focused on oncology and immunology, has secured a USD 75m Series C round led by Huagai Capital.
New investors joining the round include Suxin Venture Capital, Cherami Investment Group, ABC International, Dyee Capital, Qiaojing Eastern Investment, Baidu Venture, and Wenzhou Capital. Existing backers Lake Bleu Capital, Panlin Capital, Shanjin Asset, CDH Investments, and HM Capital also participated.
GenFleet focuses on disease biology, translational medicine, biological mechanism of cancer pathways, tumour microenvironment, and human immunoregulation. It claims to have industry-leading capabilities in developing novel drugs – both small molecules and biologics – with a pipeline of 13 products.
Four products have progressed into clinical stages, including a small-molecule treatment for tumour that has begun trials at Shanghai Oriental Hospital. There are also candidates targeting hematologic cancers and autoimmune diseases in phase-one trials across China, the US, and Australia.
“GenFleet's pipeline highlights our focuses in cutting-edge therapies with novel mechanisms and global IP [intellectual property],” Jiong Lan, co-founder and CEO of GenFleet, said in a statement. “As we expect more programs to move into late-stage clinical development in 2022, GenFleet will continue to march toward commercialization and globalization.”
CDH and Shenzhen Capital Group co-led an approximately USD 50m Series B in 2020 with support from Panlin, Lake Bleu, Sinopharm Capital, CSPC Pharmaceutical Group, and HighLight Capital. Northern Light Venture Capital led a Series B extension of undisclosed size last year. Previous investors also include Huimei Capital, TF Capital, and Hidragon Capital.
Huagai, also known as HG Capital, has around CNY 20bn (USD 3.1bn) in assets under management and has raised at least seven variously sector-focused funds since its establishment in 2012. There have been three healthcare funds to date. The most recent, Huagai Medical Phase III Fund, closed on CNY 3.1bn.
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