Efung Capital Leads Pre-C Round In Chinese Medical Firm OBiO Technology

Chinese gene and cell therapy drug developer OBiO Technology has raised about RMB200 million (US$28.5 million) in a pre-C round led by biomedical-focused venture capital fund Efung Capital.

Loyal Valley Innovation Capital, Pudong Innotek, ZJ Innopark, GP Capital, WisdoMont Asset Management, Shanghai Furong Investment and other investors participated.

Proceeds of the round is mainly used for the construction of a large-scale precision medical industrial park, introduction of overseas talents, and the development of gene therapy vectors. The company will further expand its leading position in domestic gene therapy CRO/CDMO segment, better meet the growing demand for recombinant virus vectors in gene and cell therapy, and also lay a solid foundation for the company to enter the overseas market.

Founded in March 2013, OBiO Technology is a leading high-tech enterprise, which focuses on viral vector packaging service for basic life science research, gene & cell therapy drug development and clinical preparation in China.

In March 2018, OBiO Technology spent RMB120 million to build the first GMP industrialization platform for "gene therapy drugs" in China, breaking through the bottleneck in the treatment of major diseases and allowing gene therapy to truly benefit humans. Non-registered clinical preparation of adeno-associated virus, lentivirus and various oncolytic viruses and other gene vectors, overall solutions for clinical declaration, and clinical-grade plasmid virus product CDMO and CMO services, can meet the requirements of gene and cell therapy drug customers at different stages at home and abroad.

The construction of large-scale precision medical industrial park located in the New Lingang Area of the Shanghai Pilot Free Trade Zone will start in the fourth quarter of 2020, covering a construction area of 70,000+m2, which will be constructed in two phases and gradually put into operation. The total project will be completed in 2027, and can provide gene and cell therapy virus vector CDMO/CMO services worth more than RMB1 billion every year.

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