Deals and Financings

Matridx Biotech of Hangzhou closed a $32 million Series B round to support its pathogen metagenomics devices, which are based on AI and CRISPR-Cas technologies (see story). So far, the company has developed two products: a SARS-CoV-2 nucleic acid detection kit, and a metagenomic next-gen sequencing (mNGS) device that diagnoses over 16,000 DNA pathogens (bacteria, DNA viruses, fungi, parasites) and 200 RNA viruses (HIV, coronaviruses, Dengue viruses etc.). Matridx says its technology offers faster speed, better accuracy and wider detection coverage than the competition.  

GenFleet Therapeutics (Shanghai) raised $16 million in a Series B+ round for clinical trials of its two lead oncology candidates in China and the US (see story). The company completed a $57 million B financing in March, 2020. Founded in 2017, GenFleet develops first-in-class large and small therapeutic molecules for oncology and immunology targets. The B+ financing was led by Northern Light Venture Capital, with participation from HM Capital, Linden Asset Group, Shanjin Capital and existing investors. The company's A round was led by Ally Bridge.  

Westlake Therapeutics of Hangzhou closed a $16 million Series A funding to develop red blood cell-based cellular medicines (see story). The company develops its candidates by extracting hematopoietic stem cells, transforming them into medicine-carriers, and then transfusing them back into human bodies. The A round was led by CD Capital and included Sequoia Capital China. One year ago, Westlake raised $16 million in a Pre-A round from the Westlake Fund and Tasly Pharma (SHA: 600535), which remains a key investor.  

Sihuan Pharma (HK: 0460) will acquire Beijing Combio Pharma for an undisclosed price (see story). An innovative biopharma, Combio is developing 12 preclinical molecules that it discovered using its two antibody platforms: Mab Edit (antibody editing) and Mebs-Ig (antibody editing for bispecific antibodies). Combio will become part of Sihuan's existing novel drug development company, Xuanzhu Biopharm. In August 2020, Xuanzhu raised $148 million in venture capital at a $700 million valuation.  

COVID-19 Pandemic 

Suzhou Kintor (HK: 9939) will start a Brazil clinical trial of proxalutamide to treat hospitalized COVID-19 patients, following positive results from several investigator-led trials in Brazil (see story). In the studies, proxalutamide reduced the incidence of progression from mild to severe COVID-19 in 100% of male and 90% of female subjects diagnosed with COVID-19. Proxalutamide is a nonsteroidal androgen receptor antagonist currently being tested to treat prostate and breast cancers. It is thought to limit the expression of ACE-2 and TMPRSS2, which reduces the ability of SARS-CoV-2 to bind and enter host cells in the lung.  

Trials and Approvals 

Beijing's BeiGene (NSDQ: BGNE; HK: 06160) reported its anti-PD-1 antibody tislelizumab extended survival, its primary endpoint, in a global Phase III trial that enrolled patients with esophageal cancer (see story). The PD-1 was compared to a chemotherapy of the investigator's choosing. Further details were not disclosed. It is the fourth positive Phase III trial of tislelizumab, which is approved in China for non-small cell lung cancer and Hodgkin’s lymphoma. It is not approved outside of China. Two weeks ago, Novartis (NYSE: NVS) acquired ex-China rights to tislelizumab in a deal worth up to $2.2 billion.  

Eucure Biopharma, the Beijing immunotherapy subsidiary of Biocytogen, started a China Phase I trial of its anti-CTLA4 mAb in patients with solid tumors (see story). In 2020, Eucure completed an Australian Phase I dose-escalation trial of the candidate, where it demonstrated acceptable safety. Eucure has developed a pipeline of more than ten candidates, two of which have been approved to start clinical trials in the US and China. Its parent, Biocytogen, is a China animal models CRO.  

BeiGene (NSDQ: BGNE; HK: 06160) and the UK's EUSA Pharma announced that their Sylvant® BLA was accepted for Priority Review in China (see story). Sylvant is a treatment for adult patients with multicentric Castleman’s disease (MCD). A rare disease, MCD is a debilitating condition of the lymph nodes and related tissues. One year ago, BeiGene acquired Greater China commercialization rights to Sylvant from EUSA as part of a $160 million two-drug in-licensing agreement.  

Gan & Lee Pharma (SHA: 603087) of Beijing announced its lead oncology candidate was granted US Fast Track Designation for glioblastoma (see story). GLR2007 is a cyclin-dependent kinase 4/6 (CDK 4/6) inhibitor. Gan & Lee, which raised $360 million in a Shanghai IPO last year, is known as the first China biopharma to develop biosynthetic human insulin products, with five recombinant insulin analogs currently commercialized in China. Gan & Lee has announced its intention to move beyond diabetes into developing products for oncology, cardiovascular and metabolic diseases.  

Junshi Bio (HK: 1877; SHA: 688180) of Shanghai was granted US Fast Track status by the FDA for its anti-PD-1, toripalimab, to treat patients with advanced mucosal melanoma (see story). The drug will be administered together with axitinib, a Pfizer VEGFR inhibitor, in a Phase III trial. In 2018, toripalimab was the first China-developed PD-1 therapy to be approved in China. The first approval was for second-line treatment of metastatic melanoma. Junshi is conducting more than thirty clinical trials of toripalimab globally for 15 indications.  

Disclosure: none.