SHANGHAI, Dec. 31, 2021 /PRNewswire/ -- GenFleet Therapeutics, a clinical-stage biotechnology company with a focus in cutting-edge therapies in oncology and immunology, today announced the completion of $75 million (~500 million RMB) series C financing. This round of financing is led by Huagai Capital, with participation by new investors including Suxin Venture Capital, Cherami Investment Group, ABC International, DYEE Capital, Qiaojing Eastern Investment, Baidu Venture, and Wenzhou Capital. Existing investors including Lake Bleu Capital, Panlin Capital, Shanjin Asset, CDH Venture and Growth Capital, HM Capital also participated. Start Point Advisors act as the sole financial advisor.
"We are grateful to Huagai Capital and other investors for their recognition of our strategy to develop cutting-edge therapies, our innovative discovery platform, and our differentiated pipeline in both small molecules and biologics. We believe that it is our unique strategy, platform and pipeline that can not only minimize but may even eliminate the uncertainties induced by the market fluctuations or investment cycles. We can therefore provide a sound foundation for continuous growth and to distinguish ourselves from an extremely competitive environment to bring to patients globally innovative therapies from China." said Dr. Qiang Lu, Co-founder and Chairman of GenFleet Therapeutics.
"GenFleet's pipeline highlights our focuses in cutting-edge therapies with novel mechanisms and global IP. We have built a highly differentiated pipeline sustained by our proprietary discovery platform. As we expect more programs to move into late-stage clinical development in 2022, GenFleet will continue to march toward commercialization and globalization. We hope to help patients across the world through scientific breakthroughs and achieve positive financial results for our stakeholders." said Dr. Jiong Lan, Co-founder and Chief Executive Officer of GenFleet Therapeutics.
"HuaGai Capital feels honored to join GenFleet and to lead this round of financing. GenFleet is dedicated to serving unmet medical needs and we are impressed with its industry-leading progress as well as its efficient execution. Under the leadership of Dr. Lu and Dr. Lan, GenFleet truly stands out among competitors to bring life-saving treatments and better healthcare solutions to global patients." said Zhiqiang Zeng, Managing Partner of HuaGai Healthcare.
"We are pleased to lead this round of financing. GenFleet has established its proprietary R&D platform based on the deep understanding of disease biology and translational medicine. Its cutting-edge portfolio highlights innovative therapies with global IP, and we look forward to its prospects of globalization and long-term development in the industry." said Jingyang Zhu, Vice President of HuaGai Healthcare.
GenFleet is currently expanding clinical trials for various drug candidates in China, the United States and Australia. Proceeds from this round of financing will help advance the clinical research and global development of clinical-stage programs, continue to build up a more diversified portfolio of innovative programs, and accelerate the commercialization process.
About HuaGai Capital
HuaGai Capital is a private equity firm co-founded in 2012 by professionals from top investment institutions. HuaGai Capital's mission is to become a leading global asset management company, with a focus on China's equity investment market. We are committed to working together with our portfolio and assisting them in reaching their full potential as market leaders in their respective industries. HuaGai Capital is focused on investments in the Healthcare, TMT and Digital industries, currently with near 20 billion RMB assets under management.
About GenFleet Therapeutics
Dedicated to serving significant unmet medical needs, GenFleet Therapeutics established its proprietary R&D platform based on the deep understanding of disease biology, translational medicine, as well as researches into latest biological mechanism of cancer pathways, tumor microenvironment and human immunoregulation. GenFleet's rich and diversified pipeline highlights multiple cutting-edge products with novel mechanisms and global IP.
Through years of endeavor, GenFleet has set up industry-leading capabilities and expertise in developing novel drugs - both small molecules and biologics. Its cutting-edge pipeline includes over 10 products, many of which have progressed into clinical stages. As more projects move into late-stage clinical trials, GenFleet is expected to unravel its blueprint of commercialization during the next 3-5 years.
SOURCE GenFleet Therapeutics