China-based CARsgen Therapeutics, an immunotherapy company that focuses on treating various cancers, has closed $30 million in Series B funding. KTB Ventures and Jolly Innovation Ventures led the round with participation from Kaitai Capital and JIC GenesisFountain Healthcare Ventures. In addition to the funding, Chi Hoon Hyun of KTB Ventures has been added to CARsgen’s board of directors.
SHANGHAI, Jan. 25, 2016 /PRNewswire/ — CARsgen Therapeutics, a private and venture backed company focused on the development of CAR-T-based autologous immunotherapy to treat solid tumors, today announced the completion of a $30 million Series B private financing. KTB Ventures and Jolly Innovation Ventures led the round, which included participation from Kaitai Capital and JIC GenesisFountain Healthcare Ventures. Chi Hoon Hyun of KTB Ventures will join the board of directors in conjunction with the financing.
“We are extremely pleased to complete this funding through leading investors in Asia to advance our strategy of international development for our CAR-T programs,” said Zonghai Li, M.D., Ph.D., president and CEO of CARsgen. “Over the course of 2016, we intend to complete phase 1 studies of both our anti-EGFR and anti-GPC3 therapeutics for glioblastoma and hepatocellular carcinoma, respectively, in China. Concurrently, we expect to finish preclinical testing and file an Investigational New Drug application with the U.S. Food and Drug Administration for our anti-EGFR program and anti-GPC3 program by the 2nd quarter of 2017.
About CARsgen’s anti-EGFR Program
CARsgen is using chimeric antigen receptor T-cells (CAR-T) targeting the Epidermal Growth Factor Receptor (EGFR) for the treatment of glioblastoma (the most malignant type of brain cancer). CARsgen is enrolling patients in a Phase 1 clinical study in China, with results expected in December 2016. For more information or to find a study site, please visit www.clinicaltrials.gov, identifier NCT02331693.
About CARsgen’s anti-GPC3 Program
CARsgen is harnessing CAR-T cells to target the GPC3 receptor for the treatment of late-stage hepatocellular carcinoma (HCC, or liver cancer) and Lung squamous cell carcinoma (a common type of lung cancer). CARsgen is enrolling patients in a Phase 1 clinical study in China, with results expected in December 2016. For more information or to find a study site, please visit www.clinicalgrials.gov, identifier NCT02395250.
About KTB Ventures
Founded in 1981 as one of the first venture capital firms in Korea, KTB has consistently proven itself as a premier investment company. Throughout KTB’s over 30 years of history, more than 250 portfolio companies of KTB went IPO in Korea and overseas, accounting for over 10% of Korean IPOs. The venture capital entity in Korea and China are under the name KTB Network and the entity in the US is under KTB Ventures.
About Jolly Innovation Ventures
Jolly Innovation Ventures have a focus on investment of novel medical and biological technologies and products in benefiting patients. Backed by Jolly Pharma in China, the ventures work closely with insightful scientific and technical founders who have a vision and mission to develop cures for unmet needs.
About CARsgen Therapeutics:
CARsgen Therapeutics, a CAR-T cell therapy pioneer in China, is committed to bring its proprietary immunotherapy to fight against a broad range of solid and hematologic tumors in China and worldwide. For more information, please visit CARsgen’ official website www.carsgen.com