Carcell Biopharma Closes an Oversubscribed Financing Round Led by Hyfinity Investments
Carcell Biopharma announced today the close of an over-subscribed financing. The round was led by Hyfinity Investments, with participation from BioTrack Capital, Legendstar Capital and other investors.
Carcell Biopharma is a pre-clinical biotech company incubated by EVX Ventures. Following a “platform of platforms” model, Carcell’s vision is to house multiple platform technologies that will lead to next-generation cell and gene therapies. Two lead platforms have been established around engineered red blood cells for immunomodulation and non-viral gene delivery using lipid nanoparticles. The company is founded by XQ Lin, the chairman and founder of EVX Ventures and Dr. Jiahai Shi, Associate Professor at the City University of Hong Kong. Joining the founding team are Lanlin Wu, the former CEO of Dendreon China, together with other biotech industry veterans with previous work experience at marquee biotech companies in Boston and Singapore.
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Carcell is powered by a top-notch R&D team in Singapore and has plans to establish a site in Boston in the near future. The funds will also be used to construct a 6000 sqm integrated R&D and manufacturing centre in Shanghai, supporting the pre-clinical development of the drug candidates towards IND-enabling studies. Operating through the Singapore-Shanghai-Boston axis, Carcell leverages all the advantages from each region in the discovery, manufacturing, and clinical phases of drug development.
XQ Lin, Chairman and founder of Carcell Biopharma, commented, “Carcell builds on EVX Ventures’ global track record in incubating novel modality platform companies. Our innovative business model will enable us to accelerate the development of innovative medicines to address unmet medical needs.”
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Dr. Xin He, Managing Partner and founder of Hyfinity Investments, stated, “Hyfinity is glad to support Carcell financially and also in assembling a world class team in China. The company is a rare combination of a strong leadership team, with a solid foundation in engineered red blood cell technologies, and in non-viral delivery know-how. We look forward to being a long term investor, supporting the leadership team in their efforts of building a globally competitive cell and gene therapy platform company.”
Carcell is developing cell and gene therapy products with an innovative cross-border business model. With its global access to scientific and industrial resources, Carcell will bring world’s leading technologies to cancer, auto-immune and rare disease patients in China. With a broader vision of “China for Global”, Carcell will continue to grow its technology and product pipeline to bring innovative therapies to broader patient populations in the global market.
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