China-based GRIT Biotechnology has announced the completion of a Series B financing round, raising RMB 400 million (USD 54.8 million). The round 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.
Funding Allocation for TIL Pipeline and Clinical Trials
The proceeds from the financing will be utilized to support the development of Grit Bio’s Tumor-Infiltrating Lymphocyte (TIL) pipeline, including the pivotal Phase II trial for its lead candidate, GT101. The company also plans to advance its next-generation gene-edited TIL products, marking a significant step in the evolution of cancer treatments.
GRIT Biotechnology’s Core Technologies and Pipeline Progress
Founded in 2019, GRIT Biotechnology is a pioneering cell therapy company focused on delivering transformative cancer treatments. GT101, the company’s fastest-developing TIL therapy in China, is set to enter a Phase II trial by the end of 2023. Grit Biotechnology boasts four core technology platforms that are central to its TIL development: StemTexp, StaViral, KOReTIL, and ImmuT Finder, a genome-wide CRISPR/Cas9 screening platform.-Fineline Info & Tech
