Gene technology-focused Qihan Biotech on Monday said it has bagged as much as $67 million in its Series A++
round from a slew of investors.
Lilly Asia Ventures and Matrix Partners China were the new investors in the round while return backers Sequoia
Capital China and state-backed China Merchants Group’s Hong Kong-based arm CMB International made a follow-
on investment.
Qihan has so far raised over $100 million Series A round funding through three tranches, the investee said in a
WeChat post. Earlier in 2019 Qihan had closed $25-million Series A+ round (the second tranche) fundraising from
CMB International, Sequoia Capital China, Northern Light Venture Capital, and Legend Star.
Prior to that, in 2018, it had completed its first tranche of the Series A round from Sequoia Capital China, Northern
Light Venture Capital and other investors raising $7.8 million.
Proceeds from the fresh round will be used to facilitate its research of the investigational new drug, as well as hypo-
immunity project.
Qihan, co-founded in 2017 by Luhan Yang, leverages genome editing technology and immune shielding to produce
safe and effective cells, tissues and organs that can be used for transplantation.
“We expect to unleash the potential of allogeneic cell therapy, and we believe that it will benefit global patients who
are in need of treatment,” said co-founder Luhan Yang in the statement.
Previously, LAV had also partnered with Matrix Partners China to participate in a 400-million yuan ($62 million)
Series A round in Shanghai-listed pharmaceutical major Zhejiang Medical’s biotech subsidiary NovoCodex
Biopharmaceuticals.
South Africa Today
Read more at VolaNews
