Immunochina Pharmaceuticals, a Beijing, China-based cell therapy company, closed its 140m RMB Series C financing (approximately $20.4m).
The round was led by a syndicate of Chinese and international investors including Shougang Fund, Sherpa Venture Capital, Peter Thiel, Qingzhe Capital, and China Resources Innovative Equity Investment Fund.
The company intends to use the funds to expand its GMP-grade manufacturing capabilities while continuing clinical trials for its lead IM19 product targeting B-Cell Acute Lymphoblastic Leukemia (B-ALL) and Non Hodgkin’s Lymphoma, as well as advancing the development of its pipeline targeting multiple solid and liquid tumors.
Founded by Dr. Ting He, Dr. Xin’an Lu and Dr. Feifei Qi, who graduated from School of Life Sciences, Tsinghua University, Immunochina develops CAR-T cell therapies and a lentiviral manufacturing platform for the treatment of malignant tumors.
The company expects to receive two IND approvals within China by the end of the year and is additionally accelerating construction of its new commercial-scale, GMP-grade manufacturing facility – supported by recent partnerships with German biopharmaceutical manufacturing and equipment supplier Sartorius and American biotechnology product development company Thermo Fisher Scientific.