GenFleet Therapeutics Announces Series B Financing to Boost First-in-class Drug Development

Mar 08, 2020

March 8, 2020 (Shanghai, China) -- GenFleet Therapeutics, a clinical-stage biotechnology company focusing on cutting-edge therapies in oncology and immunology, announced to have completed its series B financing led by CDH Investments and Shenzhen Capital Group. This round of investment was also joined by new investors South China Venture Capital and Panlin Capital, and by existing investors including Sinopharm Capital, Lakebleu Capital and Highlight Capital. China eCapital was the sole financial advisor to this financing round.

Proceeds worth nearly 400 million yuan from this round of fund raising will boost the progress of GenFleet's clinical projects (including local trials and overseas IND applications), the expansion of its immunology platform, the launch of new R&D programs and the construction of its commercialization sites in the Yangtze River Delta.

GenFleet boasts a cutting-edge R&D platform upon the basis of disease biology and translational medicine, and highlights the exploration of original targets and indications without proof of concept. It was granted with the first IND approval in China for GFH018 (TGF-β R1 inhibitor) within 2 years of starting the program. Other R&D products in GenFleet's pipeline and more IND applications abroad also advance as planned.

“I truly appreciate the participation by senior investors and professional financial advisor in the latest round. I extend my gratitude to CDH Investments and Shenzhen Capital Group for their recognition, and to all investors for their continued support. Last year we performed all processes of IND application for GFH018 smoothly and our submission was approved without supplementary dossiers. GenFleet was honored to have Professor Jin Li, former president of China Society of Clinical Oncology, act as PI for GFH018’s phase I clinical trial in Shanghai Oriental Hospital. I believe 2020 and the next few years will see more of GenFleet's progress in global clinical trials, R&D platform upgrading and CMC system building.” said Dr. Qiang Lu, Cofounder and Chairman of Board of GenFleet Therapeutics.

“GenFleet follows latest scientific studies and explores potential targets thanks to its deep understanding of oncology and immunology and rich experience in molecule design and clinical pharmacology. CDH Investments is excited to co-lead this round of investment in GenFleet, a biotech with diversified and promising pipeline. We would like to join hands with other investors to boost GenFleet's drug development and look forward to more of its successes. Besides, CDH Investments is willing to expand partnership with Highlight Capital founded by CDH veterans.” said Lin Wang, founder of CDH Investments.

“GenFleet focuses on innovative targets and has established a globalized system of drug development. Shenzhen Capital Group is delighted at GenFleet's scientific expertise, rich pipeline and smooth process management of its clinical development. I hope this new round of financing will bolster its competitive advantages in future. “said Dr. Yi Zhou, Partner of Healthcare Fund under Shenzhen Capital Group.

“Highlight Capital has always been optimistic about the prospects of GenFleet steered by veteran drug developers. Also newly established, Highlight Capital would like to share our original aspiration with more biotechnology companies and make substantial contribution to public healthcare. We welcome the leading roles of CDH Investments and Shenzhen Capital Group in this round of financing, and it's a great honor to cooperate with CDH investments where I used to work and receive considerable inspiration." Said Hui Wang, founder of Highlight Capital, leading investor of GenFleet's angel financing and participant in its series A financing.