Gracell Biotechnologies, Co., Ltd., a Suzhou, China-based innovative biomedical company, completed an $85m Series B funding.
The round was led by Temasek with participation from Lilly Asia Ventures, Kington Capital, King Star Capital and Chengdu Miaoji.
The company intends to use the funds to enter clinical trials with several of its next generation immune cell gene therapy drug candidates.
Founded by Dr. Wei (William) Cao in 2017, Gracell Biotechnologies is committed to developing low-cost cellular drugs. The company has completed pre-clinical development of a series of low-cost CAR-T products and entered clinical research through Institutional Review Board (IRB) studies. Other products under development include CAR-T cell products developed on its FasTTM CAR technology, Dual-CAR technology, off-the-shelf CAR-T products, and CAR-T products for the treatment of refractory solid tumors.
Over the past year, the team has advanced a series of innovative CAR-T products toward clinical research, obtaining valuable data and gaining support from international investors.
Gracell expects to develop a data package from its clinical IRB studies and advance several products to IND filing and clinical trials in the near future.
The company, which has additional locations in Shanghai and Hong Kong, was initially supported by series A financing from 6 Dimensions shortly after its establishment.