China-based organ transplantation technology developer Qihan Biotech has received $25.5m in a series A-plus round featuring biotech product supplier Xinyi Biotechnology and Legend Star, a vehicle for conglomerate Legend Holdings, China Money Network has reported.
The round was led by CMB International Capital, a division of financial services firm China Merchants Bank, and included BC Capital Management, Sequoia Capital and North Light Venture Capital. Media reports suggest Legend Star and CMB International supplied $20m of the cash in August this year.
Founded in 2017, Qihan Biotech is working on an organ transplantation technique that would allow human patients to receive transplanted organs that have been cultivated in animals before being genetically altered using Crispr gene-editing technology: a process known as xenotransplantation.
The company had previously received $7.8m in a July 2018 series A round backed by Sequoia Capital China, Arch Venture Partners, North Light Venture Capital, Biomatics Capital Partners and Alta Partners.