Recently, GenAssist, which is the first company in China to develop gene therapy drugs using base editing technology, announced the closing of a multi-million dollar Series A financing.
The round was led by AstraZeneca-CICC Healthcare Industry Fund, with participation from Baidu Ventures (BV), a well-known equity investment institution, and existing shareholder Sequoia China, who continued to increase their investment. Taihe Capital served as the exclusive financial advisor. GenAssist was founded in July 2020, primarily based on the TAM base editing technology platform, which is developing gene therapy drugs to address significant unmet clinical needs. The indication of the first product is Duchenne Muscular Dystrophy (DMD)-related gene mutation diseases. The funds from this financing round will be used to advance preclinical study, IND application, and clinical trials for the company’s multiple base editing technology therapeutic pipelines.
【About AstraZeneca-CICC Healthcare Industry Fund】
AstraZeneca-CICC Healthcare Industry Fund is a private equity fund jointly initiated by AstraZeneca and CICC Capital, focusing on investments in the healthcare industry. Integrating AstraZeneca’s global industry advantages with CICC Capital’s rich capital operation experience, the fund concentrates on biopharmaceuticals, medical devices, diagnostic services, digital healthcare, and other investment areas. It is dedicated to gathering industry and financial resources, providing dual-cycle empowerment for enterprises and investment partners, and jointly promoting innovation and development in China’s healthcare industry.
【About Baidu Ventures (BV)】
Baidu Ventures (BV) primarily focuses on early-stage pioneering companies in emerging technologies and is dedicated to several major areas, including business consumption, medical livelihood, and technological extension. BV strategically has positioned itself in the field of artificial intelligence, with investments covering new energy vehicles, life sciences, enterprise services, smart cities, semiconductors, smart industry, and IoT lifestyles. BV seeks to discover enterprises that integrate innovative technology into details, supporting valuable industries that contribute to the improvement of modern human civilization across various domains. BV will continue to support outstanding enterprises in different fields, contributing to the blueprint for a better society.
