Gritgen Therapeutics, a leading gene therapy drug developer based in Suzhou, has announced the successful completion of a A-round financing round worth several hundred million yuan. The financing was led by Sequoia China, with participation from Sunlight Insurance, Qingsong Capital, and Beijing Life Science Park Venture Fund. Existing shareholders including China Everbright Limited, Fruitful Harvest, and Huarong Xingyu continued their support in this round.
Funding Allocation and Company Goals
The proceeds from this round will be primarily directed towards advancing the production, registration, clinical trials, and research of the company’s lead gene therapy products. Additionally, the funds will accelerate the development of other products targeting liver and neurological applications.
Company Background and Vision
Established in 2019, Gritgen Therapeutics is committed to “standing strong for China and the joy and health of its people.” With a core focus on independent innovation, the company aims to become a globally leading biotechnology company based in China, contributing to global health and well-being.
Leading Gene Delivery Platform and Pipeline
Gritgen Therapeutics has developed a globally leading efficient vector platform for liver gene delivery. Its lead product targets the vast and underserved market of hemophilia A, being the first in China to enter the exploratory clinical trial phase. The product has demonstrated promising safety and efficacy data.
Future Directions and Partnerships
The company plans to extend its scientific expertise into therapeutic products for neurological diseases, balancing rare diseases with common disease pipelines, and steadily advancing towards clinical trials. COO Wu Fenglan expressed her excitement about the company’s strong AAV gene therapy platform and the support from investors like Sequoia China, enabling the development of innovative therapies that meet unmet clinical needs.
Investor Perspectives
Gu Cuiping, Managing Director at Sequoia China, highlighted the focus on gene therapy’s industrial development, especially in the treatment of rare diseases and neurodegenerative disorders, where gene therapy offers effective and durable solutions. Wang Wei, Investment Director at China Everbright Limited, praised Gritgen Therapeutics’ forward-thinking and innovative nature, noting the company’s rapid development since their initial investment in 2021. Xie Yijing, Managing Director at Huarong Capital, emphasized the clinical benefits of successful gene therapy and the company’s leading innovation and execution capabilities in the field.
Conclusion
With this significant A-round financing, Gritgen Therapeutics is well-positioned to advance its gene therapy pipeline and contribute to the global development of gene therapy treatments, aiming to improve patient quality of life and reduce the long-term healthcare burden.-Fineline Info & Tech
