On July 9, 2021, GenAssist has successfully closed a multi-million RMB Pre-Series A financing , bringing the total raised funds to nearly 100 million RMB. The round was led by Sequoia Capital China Fund, with participation from Westlake University Industrial Investment, Suzhou New District Industrial Investment, and the Wang Jiaquan Family Fund. Existing shareholder of RED HILL Capital continued its additional investment.
GenAssist was established in July 2020, founded by Dr. He Chunyan and Dr. Chang Xing. Dr. He Chunyan has extensive experience in the development of viral products, business development , and investment&incubation. Dr. Chang Xing, who is a scientist and co-founder, works for Westlake University and is one of the pioneers about the development and application research of base editing technology in China, particularly in the field of using base editing technology to treat muscle-related diseases.
GenAssist is the first company in China to develop gene therapy drugs using base editing technology. It primarily relies on the patented TAM base editing technology platform to develop gene therapy drugs addressing significant unmet clinical needs. The indication of the first product is Duchenne Muscular Dystrophy (DMD)-related gene mutation diseases.
DMD is a progressive neuromuscular disease characterized by muscle degeneration and weakness, affecting one in every 3,500-5,000 newborn boys. The global population of DMD patients exceeds 200,000. The disease is caused by mutation of the dystrophin gene. Currently, there is a lack of effective treatments for DMD.
GenAssist’s TAM technology has demonstrated the efficient restoration of dystrophin expression in patient iPSC, showing promising therapeutic effects in DMD mice. Skeletal and cardiac muscle function in DMD mice significantly improved after TAM drug treatment, leading to a substantial increase in lifespan. The first DMD product is currently undergoing process development, with the expectation of rapidly advancing to evaluate its therapeutic value in DMD patients.
Dr. He Chunyan stated, “We are very grateful for the recognition and support from the investors in this round. The company will continue to improve product development based on the TAM base editing platform, rapidly advancing preclinical studies and IND application for the pipeline of DMD-related gene therapy products. Simultaneously, we will continue to enrich GenAssist’s product pipeline, expanding the application of the TAM platform to more disease areas. We warmly welcome talents with dreams and passion to join GenAssist.”
【About Sequoia Capital China Fund】
Sequoia Capital has always been committed to helping entrepreneurs build enduring great companies and bringing abundant global resources and valuable historical experience to member companies. For 49 years, Sequoia Capital has invested in numerous innovative enterprises and leaders of industry trends. Sequoia Capital China Fund, as a “backer of entrepreneurs,” focuses on investment opportunities for TMT, healthcare, and consumer products/services. Over the past 16 years, Sequoia Capital China Fund has invested in nearly 600 companies with distinctive technological characteristics, innovative business models, high growth potential, and high development prospects.
【About Danlu Capital】
Danlu Capital, co-founded by Ms. Lu Qinchao and Mr. Su Zhenbo, focuses on early-stage equity investment in innovative medical technologies. Danlu Capital currently manages two RMB funds whose fund investors includes well-known market-oriented funds, asset management companies, government-guided funds, industrial capital, family offices, and renowned listed companies.
