Immunochina Raises $20.4 Million USD in Series C Financing
BEIJING--(BUSINESS WIRE)-- Beijing-based Immunochina Pharmaceuticals today announced the closing of its $140 million RMB Series C financing (approximately $20.4 million in US Dollars). This financing will enable the company 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. The financing 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.
“We are excited about the interest we received in this financing round, and believe the investors we ultimately chose are a great strategic fit for our ambitions. We are not only working toward becoming the leading CAR-T company in China, but as we are observing increasing interest from international companies in our CAR-T cell therapy products and lentiviral manufacturing platform, our Series C financing round enables us to continue growing into a stronger company with potential to enter the global market,” says Ting He, PhD, CEO and co-founder of Immunochina.
The company’s financing round was recently increased to incorporate additional investors, supported by new positive clinical results that Immunochina achieved, which were publicly announced on December 2, 2018 at the 60th American Society of Hematology (ASH) Annual Meeting in San Diego, California, United States.
At ASH, Immunochina presented results from its ongoing clinical study of its lead CD19 chimeric antigen receptor T-Cell (CAR-T) therapy, which comprised a cohort of 110 patients suffering from relapsed or refractory B-ALL. Enrolled patients included several high-risk subgroups such as patients with extramedullary disease (EMD), high leukemia burden, BCR-ABL (+), TP53 mutation, and patients with post-transplant relapse or central nervous system lymphoma (CNSL). Of the 110 subjects, 102 (93%) achieved complete tumor remission with a 1-year relapse free survival rate of 70.5%.
“The study was designed to reflect more diverse, real-world patient groups, in order to gain accurate data on safety and efficacy profiles. These considerations are important toward our mission of developing best-in-class therapies,” says Dr. Hai-feng Feng, Medical Director of Immunochina, who was formerly Director of Hematology at Xian-Janssen Pharmaceuticals, a China-based subsidiary of Johnson & Johnson.
As Immunochina expects to receive two IND approvals within China by the end of the year, the company 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.
About Immunochina Pharmaceuticals
Immunochina is committed to the development of best-in-class CAR-T cell therapies and a lentiviral manufacturing platform for the treatment of malignant tumors. The company is reported to be one of only few cell therapy companies in China developing end-to-end research and development capabilities. Founders of Immunochina, Dr. Ting He, Dr. Xin'an Lu and Dr. Feifei Qi, graduated from School of Life Sciences, Tsinghua University. They have been devoted to the basic and translational research in cancer and immunology, and have mastered multiple CAR-T core techniques. Immunochina is backed by a number of Chinese and international investors including Peter Thiel and Legend Capital. For further information, visit www.immunochina.com.