Hillhouse Leads $60M Series B Funding Round In Chinese IASO Biotherapeutics

IASO Biotherapeutics recently announced the completion of US$60 million in series B financing led by GL Ventures, a venture capital fund of Hillhouse Capital focusing on early-stage innovative companies.

This new funding will mainly go toward expanding the company’s product pipeline, promoting the progress of current projects (including regulatory applications and clinical trials in China and the United States), improving the technology of fully human antibody development platform, expanding cooperation with leading international research and development institutions, and accelerating the construction of commercial facilities.

Founded in March 2017, IASO Biotherapeutics (IASO BIO) is a Nanjing-based biopharmaceutical company focused on the discovery and development of cell therapies in the field of oncology. The company is developing over 10 pipeline products, focusing on autologous and universal CAR-T products for hematological tumors. All products are based on fully human sequence. Additional development efforts include unique TCR-like CAR-T cell therapy products for solid tumor indications such as viral infection related gastric cancer and nasopharyngeal carcinoma.

IASO BIO owns a proprietary phage display library(>2×1011)that supports the demand for fully human antibodies required for CAR-T and lays the foundation for the development of antibody drug pipelines as well.Its in-house plasmid, lentivirus and CAR-T production technology platforms can meet the requirements of IND submissions and clinical research for multiple products.

In September 2019, IASO BIO received NMPA approval of a phase Ib/II IND application for CT103A, an anti-BCMA CAR-T co-developed with Innovent Biologics for the treatment of relapsed refractory multiple myeloma (rr/mm).

"Biomedicine is one of the areas that is most thoroughly investigated and heavily involved in by Hillhouse. We are dedicated to creating value in this industry and promoting the growth of companies with ingenuity, innovation, vision and devotion”, said Michael Yi, Co-CIO of Hillhouse Capital. “We are deeply impressed by IASO BIO’s diverse team and proactive culture. IASO BIO boasts a unique development platform for fully human antibody, a solid CMC process for plasmid viruses and cell products, efficient corporate governance and innovative products with excellent clinical data. IASO BIO also has strategic collaborations with leading international research institutions…It gives us great pleasure to cooperate with IASO BIO and we hope to contribute to their becoming an internationally-competitive company with a portfolio of innovative drugs.”

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