Chinese biotech startup GenFleet Therapeutics has secured nearly 400 million yuan ($58 million) in a Series B round of financing jointly led by Beijing-based alternative asset management firm CDH Investments, and a healthcare industry fund of government-led Shenzhen Capital Group.
Shenzhen-based South China Venture Capital, and Chinese venture capital firm Panlin Capital participated in the investment, according to a statement on March 8.
Existing investors including Sinopharm Capital, the private equity platform of state-owned pharmaceutical group Sinopharm, China’s Lake Bleu Capital, and HighLight Capital (HLC), which focuses on healthcare investments in China, also invested in the round.
Shanghai-based GenFleet primarily develops novel drugs for the treatment of cancer and autoimmune diseases. Established in 2017, the company is developing products like GFH018, a small molecule inhibitor for hepatocellular carcinoma (HCC) – the most common type of primary liver cancer – and other prevalent cancers in China.
The clinical trial application of GFH018 has been approved by China’s Center for Drug Evaluation (CDE), said Lu Qiang, chairman and founder of GenFleet. The company has kicked off its phase one clinical trial in a hospital in Shanghai.
Proceeds of the Series B round will be used to finance the overseas registration and clinical trials of the company’s current drug pipeline, the development of its immunological platform, and the construction of an industrial base, according to the statement.
GenFleet raised 120 million yuan ($17 million) in a Series A round led by Ally Bridge Group, a healthcare-focused investment company founded by former Goldman Sachs executive Frank Yu, in November 2018. It also closed 100 million yuan ($14 million) in an angel round led by HLC in April 2018, shows the company website.