China’s Wuxi Healthcare Ventures leads $55m Series A in US-based LifeMine Therapeutics

Chinese investment firm Wuxi Healthcare Ventures has led a $55-million series A financing for US-based biotech company LifeMine Therapeutics after earlier investing in its $5 million seed round.

Other investors participating in the financing include Foresite Capital, Google’s venture arm GV, Arch Ventures, Boyu Capital, Blue Pool Capital, MRL Ventures Fund and Alexandria Venture Investments.

LifeMine aims to combine genomics with artificial intelligence and synthetic biology to unearth new drugs from eukaryotic microbes. Its first focus is fungi.

“Despite their promise, these fundamentally innovative medicines proved difficult and time-consuming to discover by traditional means, leaving the industry in search of a technological solution,” said Gregory Verdine, co-founder, president and CEO of the company.

LifeMine was co-founded in 2016 by Verdine, WeiQing Zhou and Hingge Hsu, who are venture partner, entrepreneur-in-residence and advisor at Wuxi Healthcare Ventures.

Verdine is also Erving Professor at Harvard University and Harvard Medical School and has founded multiple NASDAQ-listed biotech companies including Variagenics, Enanta, Eleven Bio, Tokai, Wave Life Sciences, and Aileron, and a private company, Gloucester Pharmaceuticals, acquired by Celgene in 2010.

In conjunction with the series A investment, partners at WuXi Healthcare Ventures, Foresite Capital, GV and Boyu Capital; as well as Rick Klausner, founder and director of Juno Therapeutics, GRAIL, and Mindstrong, will join the company’s board of directors. Klausner will chair the board.

“LifeMine has figured out how to tap into the power of evolution and accelerate the creation of new drugs that meet the greatest medical challenges of our day and those that have frustrated industry-wide attempts at solution,” said Edward Hu, founding partner of WuXi Healthcare Ventures.

In May this year, Wuxi and Frontline BioVentures teamed up to create 6 Dimensions Capital as a Sino-American investment group specialising in healthcare and life sciences.

Also read:

China: Frontline BioVentures-WuXi Healthcare merger to create $800m fund

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.