China-based gene therapy developer Hui-Gene Therapeutics raised more than RMB100m ($14.2m) yesterday in a series A round that included pharmaceutical firm WuXi AppTec.
Venture capital firm CD Capital led the round, which included Huimei Healthcare Management – a VC partnership between clinical research firm Mayo Clinic and hedge fund manager Hillhouse Capital – and which was filled out by VC firms Sherpa Capital and Alwin Capital.
Founded in 2018, Hui-Gene is working on drugs for single-gene disorders for which the cause has been traced to coding errors within a specific gene, including treatments for unspecified ophthalmological and neurodegenerative diseases.
The company focuses on gene therapies where engineered genes supplant defective material in the patient’s cells. It recently opened a research and development hub equipped with facilities for gene editing, viral vector packaging and animal modelling.
The series A proceeds will go to upgrading the R&D centre, bolstering headcount and advancing Hui-Gene’s lead product candidates toward the clinic. Sherpa Capital had already supplied $4.3m of funding for the company in November 2018.