China-based gene therapies developer Gracell Biotechnologies obtained $85m in series B funding yesterday from investors including Lilly Asia Ventures, a regional investment subsidiary of pharmaceutical firm Eli Lilly.
Singaporean state-owned investment firm Temasek led the round, which also featured Suzhou municipal government-backed investment firm Kington Capital and its US dollar-denominated fund King Star Capital, and investment firm Chengdu Miaoji.
Founded in 2017, Gracell is working on immune cell gene therapies for cancer. It has completed preclinical development of several Car-T drug candidates and is working on additional products, including for the treatment of refractory solid tumours.
The money will allow Gracell to advance several drug candidates into clinical trials.
6 Dimensions Capital, an investment firm formed by WuXi Healthcare Ventures and venture capital firm Frontline BioVentures, previously supplied an undisclosed amount of series A funding at an unspecified date.
William Cao, founder, chairman and chief executive of Gracell, has been a venture partner at 6 Dimensions Capital since 2016.
Cao said: “Immune cell gene therapy is expected to become a pillar of modern medicine, but the industry is still in its infancy. Challenges and opportunities coexist.
“Gracell has a leading technology platform and a mission-driven team that is committed to solving industry-wide cellular gene therapy technical difficulties. The company’s goal is to develop high-quality, low-cost, easy-to-use cellular gene therapy drugs that bring hope to cancer patients.”
