January 27, 2021 (Shanghai, China) -- GenFleet Therapeutics, a clinical-stage biotechnology company focusing on first-in-class therapies in oncology and immunology, today announced the completion of its Series B+ financing worth hundreds of millions in RMB. Proceeds from this new round will support the R&D and clinical advances in GenFleet’s innovative portfolio of products, as the company progresses to strengthen its cutting-edge R&D platform and achieve more milestones of global multi-center clinical trials while unraveling its blueprint of commercialization.
GenFleet extended its financing in Series B+ round of investment led by Northern Light Venture Capital and joined by new investors including HM Capital, Linden Asset Group and Shanjin Capital. This new round of fund raising was also honored with participation from existing investors including CDH Investments and Panlin Capital. Start Point Advisors was the sole financial advisor to GenFleet in the latest financing round.
“We would like to express our heartfelt gratitude to Northern Light and other new & existing investors, who share recognition of GenFleet’s performance and prospects. With clinical trials expanding in China, America and Australia, our global multi-center clinical development plan will evolve and accelerate as expected. We will reinforce our R&D platform upon the basis of disease biology and translational medicine to advance GenFleet’s diversified pipeline, deliver more innovative therapies to patients, and make substantial contribution to global healthcare.” said Dr. Qiang Lu, Co-founder and Chairman of Board of GenFleet Therapeutics.
“We are grateful for all investments since the angel financing that was led by Highlight Capital in 2017. From small molecules to a variety of advanced therapies, GenFleet’s first-in-class pipeline always highlights the exploration of targets and indications without proof of concept while integrating a diversified portfolio of R&D models on the company’s grand platform. Powered by scientific expertise and efficient execution, GenFleet aspires to shape up a robust engine of novel drug development and a balanced matrix of industry-leading products.” said Dr. Jiong Lan, Co-founder and Chief Executive Officer of GenFleet Therapeutics.
“Steered by veteran drug developers, GenFleet has built promising pipeline and achieved encouraging clinical milestones thanks to the team’s expertise in innovative drug discovery and original molecule design. We look forward to more breakthroughs from GenFleet and the entire industry. Northern Light attaches great importance to investment in healthcare and innovative medicines, and our common vision is to bring more life-transforming treatments for patients worldwide.” said Mr. Feng Deng, founding managing partner of Northern Light Venture Capital.
“We are amazed with GenFleet’s efficient project execution and remarkable competence in the development of innovative medicines, as the company’s rich pipeline highlights multiple industry-leading products entering clinical trials in different countries. We are anticipating the advancement of its competitive pipeline and better healthcare solutions for patients in future.” said Dr. Gaoguang Song, new member of GenFleet’s board of directors and partner of Northern Light Venture Capital.
About Northern Light Venture Capital
Founded by Mr. Feng Deng in 2005, Northern Light is a venture capital firm targeting early-stage opportunities of innovation and disruptive technology. Since inception, it has backed up nearly 400 enterprises in TMT, advanced technology and healthcare industries, seeking to provide capital, guidance, network and other resources that entrepreneurs need for success.
Northern Light entered the healthcare field in 2009 and its investment has spanned across medical devices, in-vitro diagnosis, biologics, healthcare services, e-health, etc. Within a decade, it has invested in over 60 healthcare enterprises including CITIC Pharmaceutical, BGI, Zelgen Biopharmaceuticals, iRay Tech, Taimei Tech, Cytek, Burning Rock Biotech, etc.
About GenFleet Therapeutics
Dedicated to serving significant unmet medical needs, GenFleet constructs its R&D platform on the basis of disease biology and translational medicine, and researches into latest biological mechanism of cancer pathways, tumor microenvironment and human immunoregulation. GenFleet's rich and diversified pipeline highlights multiple first-in-class products with novel mechanisms and global intellectual property rights.
Through years of endeavor, GenFleet has set up industry-leading capabilities and expertise in developing novel drugs - both small molecules and biologics. Its cutting-edge pipeline includes over 10 first-in-class products, many of which have progressed into clinical stages. Among them, the TGF-β R1 (transforming growth factor-β receptor 1) inhibitor is entering phase-2 clinical trial and boasts broad prospects of treating various solid tumors; besides, the CDK9（cyclin-dependent kinase 9） inhibitor has been granted IND approval in China and US, marking the beginning of the company's global multi-center clinical trial strategy. As more projects move into late-stage clinical trials, GenFleet is expected to unravel its blueprint of commercialization during the next 3-5 years.
