China-based PackGene Biotech has announced the successful completion of a Series C financing round, securing hundreds of millions of renminbi. The round was led by a consortium of investors including GDD Industry Fund, Guangzhou Xinxing Industry Development Fund, Yuegang Capital, Sanmei Investment, and Guangzhou Guoju Venture Capital, along with an additional RMB 100 million (USD 14.5 million) in bank credit. The proceeds from this funding will be directed towards accelerating AAV (Adeno-Associated Virus) carrier innovation and manufacturing, expanding global development efforts, and advancing gene therapy filing and commercialization.
PackGene’s Commitment to Recombinant AAV Vector Packaging
PackGene Biotech, a Contract Research Organization (CRO) and Contract Testing and Development Manufacturing Organization (CTDMO), specializes in recombinant adeno-associated virus (rAAV) vector packaging. The company’s focus on rAAV vectors positions it at the forefront of gene therapy research and development, with the potential to revolutionize treatments for a wide range of genetic disorders.
Global Development and Commercialization Goals
The significant investment received by PackGene will bolster its capabilities in AAV carrier innovation, a critical component in the development of gene therapies. The funds will also support the company’s global development initiatives and the filing and commercialization of gene therapies, enhancing PackGene’s position in the global gene therapy landscape.-Fineline Info & Tech
