Grit Biotechnology Announces Closing of $60 Million Series B Financing
SHANGHAI, Sept. 8, 2023 /PRNewswire/ -- On September 8, 2023, Grit Biotechnology announced the completion of a Series B financing round, raising over 60 million USD. The investment was led by CICC with participation from Qianhai Ark, Liando Group, Yuanhe Capital, HeFangTian Venture Partnership and existing investors Sherpa Healthcare Partners, Decheng Capital and Matrix Partners China.
The financing will support Grit Biotechnology's Tumor-Infiltrating Lymphocyte (TIL) pipeline development, including the pivotal Phase II trial for GT101 and the advancement of next-gen gene-edited TIL products. Founded in 2019, Grit Biotechnology is a pioneering cell therapy company focused on delivering transformative cancer treatments. GT101 is currently the fastest-developing TIL therapy in China and will enter a Phase II trial by the end of 2023.
Grit Bio has four core technology platforms central to its TIL development: StemTexp^®, StaViral^®, KOReTIL^® and ImmuT Finder^®, a genome-wide CRISPR/Cas9 screening platform. These platforms have enabled the development of next-generation gene-edited TIL products.
GT201, a genetically engineered TIL product by Grit Biotechnology, boosts T cell survival and function by expressing a vital membrane-bound cytokine. It surpasses traditional TIL therapies in proliferation, tumor-killing and persistence with reduced reliance on IL-2. GT201 IND is approved by CFDA and entered Phase I clinical trials.
GT316, Grit Biotechnology's next-gen TIL product, enhances TIL performance through knock-out of immunoregulatory targets identified via ImmuT Finder^® CRISPR/Cas9 screening. In PDX mouse models, GT316 effectively eliminates tumors supported by low-dose IL-2 support with minimal toxicity. It offers substantial clinical benefits compared to conventional TIL products and is currently in IIT clinical trials in China.
With 100+ experienced professionals and a 10,000 sqm GMP-level cell therapy manufacturing facility in Suzhou, China, Grit Bio is a leading player in cell therapy field in China aimed at expediting the development of GT101 and next-generation TIL pipelines and addressing the unmet medical needs of solid tumor patients.
*About CICC Capital*
CICC Capital is the flagship platform of China International Capital Corporation Limited (CICC) for its global private equity businesses and has become a leading internationally influential comprehensive alternative investment brand in China. Currently, CICC Capital runs various categories of RMB private equity funds, including real estate and infrastructure, fund of funds and USD private equity funds.
*About Qianhai Ark*
Qianhai Ark Asset Management Co., Ltd. is one of the leading and top-tier fund managers in China, jointly founded by Mr. Jin Haitao, a representative figure in China's venture capital industry who currently serves as the Vice Chairman of the Asset Management Association of China, and Shenzhen Capital Group (SCGC) along with leaders from the financial investment industry. The company is headquartered in Shenzhen, with branch offices in Beijing, Shanghai, Zhengzhou, Qingdao, and other cities. Qianhai Ark currently manages its funds portfolio includes FOFs, regional funds and specialized funds and manages nearly CNY 70 billion in assets. Qianhai Ark covers various sectors such as information technology, life sciences, and advanced manufacturing. Qianhai Ark possesses a vast industrial resource pool, facilitating industrial synergy, and providing substantial support to its portfolio companies.
*About Liando Group*
Liando Group was founded in 1991, focusing on industrial services and park operations. It has developed into an industrial conglomerate with nationwide influence. Its core enterprise, Liando U Valley, currently invests and operates 432 industrial parks in 83 cities across the country, providing services to over 16,000 emerging manufacturing and technology-oriented companies. Liando Group strategically directs its equity funds through direct investment and venture capital to key emerging industrial areas such as life sciences, intelligent manufacturing, and digital technology.
*About Yuanhe Capital*
Yantai Yuanhe Capital (hereinafter referred to as "Yuanhe Capital") was established in 2019 as the equity management institution for external investments of Yantai Financial Development Group Co., Ltd. (hereinafter referred to as "Yantai Financial Group"). As of 2023, Yuanhe Capital has successfully launched 17 funds, managing a total fund size exceeding 3.6 billion yuan and engaging in over 154 investment projects. Yuanhe Capital specializes in providing comprehensive entrepreneurial support and investment opportunities in various sectors, including semiconductors, biopharmaceuticals, and advanced manufacturing. As a dedicated value investor, Yuanhe Capital upholds the core principles of "trust, value, sharing, and cooperation." The firm's primary goal is to invest in and assist visionary and creative entrepreneurs in realizing their entrepreneurial aspirations with success.