Private equity news china Grit Biotechnology secures £60 million in Series B financing

China’s Grit Bio secures $60mil in Series B

Grit Biotechnology, a pioneering cell therapy company focused on delivering transformative cancer treatments, has announced the completion of a $60 million Series B financing round.

The investment was led by CICC Capital, a leading internationally influential comprehensive alternative investment brand in China, with participation from Qianhai Ark, Liando Group, Yuanhe Capital, HeFangTian Venture Partnership, and existing investors Sherpa Healthcare Partners, Decheng Capital, and Matrix Partners China.

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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.

Grit Biotechnology 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.

GT101 is currently the fastest-developing TIL therapy in China and will enter a Phase II clinical trial by the end of 2023. GT201, a genetically engineered TIL product by Grit Biotechnology, boosts T cell survival and function by expressing a vital membrane-bound cytokine.

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 a 10,000 sqm GMP-level cell therapy manufacturing facility in Suzhou, China, and 100+ experienced professionals, Grit Bio is a leading player in the 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.

The financing will also support the advancement of Grit Biotechnology’s technology platforms, including the CRISPR/Cas9 screening platform ImmuT Finder®, which identifies immunoregulatory targets for gene-edited TIL products, and the StemTexp® platform, which expands stemness TIL.

The StaViral® platform is a stable virus producing cell line for the production of TIL products, and the KOReTIL® platform is a technology for the identification and enrichment of TIL cells with stemness properties.

The funding round was led by CICC Capital, which is the flagship platform of China International Capital Corporation Limited (CICC) for its global private equity businesses.

It has become a leading internationally influential comprehensive alternative investment brand in China. Qianhai Ark Asset Management Co., Ltd., Liando Group, and Yuanhe Capital also participated in the funding round.

Qianhai Ark Asset Management Co., Ltd. is one of the leading and top-tier fund managers in China, while Liando Group is an industrial conglomerate with nationwide influence, focusing on industrial services and park operations. Yuanhe Capital, on the other hand, was established in 2019 as the equity management institution for external investments of Yantai Financial Development Group Co., Ltd.

With the completion of the funding round, Grit Biotechnology is well-positioned to advance its TIL pipeline and technology platforms, with the goal of delivering potentially best-in-class next-generation TIL therapy.

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