Matrix, HongShan back China's Qihan Biotech

The round was led by Zhejiang Industrial Fund, a state-run vehicle with interests in the agriculture space, and also featured Northern Light Venture Capital. It is Matrix’s second investment in the company and HongShan's third.

HongShan led a USD 7.8m Series A in 2018 with support from Northern Light, Arch Venture, Shulan Health, Biomatics Capital Partners, and Alta Partners. CMB International Capital led a Series A extension of USD 25.5m in 2019. That round also included HongShan and Northern Light, as well as BC Capital, Lilly Asia Ventures, and Legend Star.

Qihan applies genome editing technology to develop novel cell therapies and organs for transplantation. This work aims to develop therapies to treat cancer, organ failure, and other complex medical conditions. The company said its vision is to make cell and organ therapies universally available to patients.

“There are still many core challenges to be overcome in the off-the-shelf cell therapy field, but the combination of gene editing and stem cell therapy holds enormous potential to create the products serving a wide range of cancer patients,” Qihan CEO Luhan Yang said in a statement.

“We will continue leveraging Qihan's research and talent advantages, work diligently, and strive to develop off-the-shelf cell therapy products that provide long-term patient benefits.”

There are several products in various stages of development, including one that has received approval from local authorities to treat an aggressive form of non-Hodgkin lymphoma. Other products are focused on agricultural applications such as producing animals with enhanced agronomical or multi-disease resistance traits.

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• Topics
• Greater China
• Technology
• Healthcare
• Early-stage
• China
• Matrix Partners
• Northern Light Venture Capital
• Pharmaceuticals
• Agriculture
• HongShan