SHANGHAI, March 2, 2018 /PRNewswire/ -- CARsgen Therapeutics, a leading immune-oncology company focusing on the development of CAR-T therapies, today announces it has entered into a Pre-C financing framework agreement with receiving $60M equity investment from existing and new investors. The funds will be used in support of Investigational New Drug submissions of several CAR-T therapeutics and Next-generation CAR-T research.
"CARsgen is one of the leading CAR-T companies in the world. The company has a very competitive team consisting of seasoned staffs in tumor target discovery, CMCs and antibody development, featuring an integrated capacity in CAR-T immunotherapy", said Wei Wang, founding partner of Photon Fund based in Shenzhen, China, "We are confident that CARsgen will take more initiatives to meet the huge unmet medical needs."
"Completion of the Pre-C financing marks a major milestone for CARsgen", said Dr. Zonghai Li, founder and CEO of CARsgen. "We are greatly encouraged by what we have seen of the investors' interest and trust in our CAR-T R&D pipeline and clinical programs", Dr. Li added, " I believe that the new investment will promote a smooth company restructuring, leading to a successful oversea IPO in a short future. We will submit a handful of new CAR-T INDs in 2018 to speed up the company's clinical progress."
About CARsgen Therapeutics
CARsgen Therapeutics is a clinical-stage immune-oncology company committed to the development of the best-in-class CAR-T therapeutics. The company has launched several First-in-Class CAR-T clinical trials to treat the relapsed/refractory tumors, including CAR-GPC3-T trial for HCC, CAR-EGFR/ EGFRvIII-T trial for GBM, and CAR-Claudin18.2-T trial for gastric and pancreatic cancer. CARsgen also has ongoing clinical programs of the humanized CAR-CD19-T trial for leukemia and the fully human CAR-BCMA-T trial for multiple myeloma.
For more information, please visit www.carsgen.com
SOURCE CARsgen Therapeutics Co. Ltd.