China stem cell drug developer Baylx raises $47m
Baylx, a Beijing-based drug developer that utilises stem cell technology, has raised CNY 300m （USD 47m）across two rounds - a Series B and a Series B extension.
The Series B was led by SDIC Venture Capital and DT Capital Partners, with participation from HosenCare Brothers. The extension was led by Huajin Investment, with SDIC Venture Capital and HosenCare Brothers re-upping, according to a company statement.
The proceeds will be used to accelerate drug development, advance multiple treatment pipelines, and build facilities that meet higher compliance standards.
Founded in 2015 by a team with two decades of experience in stem cell research and stem cell drug development, Baylx manufactures clinical-grade human umbilical cord mesenchymal stem cells (hUC-MSC) from the unlimited source cord tissues that are traditionally regarded as medical waste. It is able to modify the hUC-MSC by chemical or genetic means to extend the therapeutic profile.
Baylx's hUC-MSC based product candidates focus on autoimmune diseases such as rheumatoid arthritis (RA) and Crohn's disease, liver disease, and advanced cancers. Two treatments - one for RA and the other for COVID-19 - are in phase-one clinical trials. Everything else is at the preclinical stage, according to the company's website.
The statement noted that Baylx has received permission to conduct two clinical trials in China and two in the US.
RA is one of the most common chronic autoimmune diseases, causing inflamed joint lining and erosion of the cartilage and bone. The Center for Disease Control & Prevention estimates that 1.5m adults are afflicted by the condition in the US.
Baylx's hUC-MSC modulates innate and adaptive immune cells by increasing regulatory T cells and blocking the proliferation of activated T cells. Regulatory T cells suppress immune responses, thereby maintaining self-tolerance. Inhibiting T cells is critical to preventing autoimmunity.
HUC-MSC can also suppress pro-inflammatory cytokines - signalling molecules that, when produced in excess, contribute to inflammatory diseases - and directly or indirectly facilitate the repair and regeneration of damaged joints.
Baylx claims to have participated in the formulation of the first stem cell industry specifications in China. Its products have passed independent third-party reviews and received supplier certification from the China Institute for Food & Drug Control.
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