Chinese cancer immunotherapy company Shanghai Cell Therapy Group Co. has raised RMB275 million (US$39.60 million) in series C1 round of financing from private equity firm China Industrial Asset Management Limited.
The latest round also saw the participation from Legend Capital. China Industrial Asset Management Limited has contributed RMB180 million (US$25.92 million) to the round of financing, according to an announcement.
Founded in 2000, Shanghai Cell Therapy Group provides cancer diagnosis and treatment services. In addition to the cell therapy, the company also focuses on cell cryopreservation, gene detection, cell related production, health consulting and clinical medical database.
Cooperating with 11 Nobel laureates, the company has established a medicine research centre, named Shanghai Engineering Research Center, based in Shanghai Research Center for Cell therapy and approved by Shanghai Municipal Science and Technology Commission.
It owns 114 patents in the field of cell researches and cancer curing methods, along with two research projects on blood cancer and solid tumour, according to its website.
The company has received RMB185 million (US$26.64 million) in series B round of financing led by Legend Capital in 2016.
Launched in 2013, Shanghai-based China Industrial Asset Management Limited is a subsidiary of China commercial bank Industrial Bank, which was co-launched by China Industrial International Trust Limited.
Registered with capital of RMB3.4 billion (US$489.59 million), China Industrial Asset Management Limited mainly focuses on private equity investment and asset management in the high-tech industries, such as healthcare , automotive, environmental protection and artificial intelligence.
The private equity investment vehicle of Industrial Bank has invested in Shanghai-based and US-listed smart electric vehicle maker NIO, lithium battery manufacturer Fu Fan Technology, Shenzhen-listed carmaker Zotye Automobile Co. and AI-powered facial recognition platform YITU Technology.