XellSmart Bio-Pharmaceutical has secured “over 100 million yuan” ($14 million) in a Series B1 financing round led by an investment fund under Chinese clinical research service provider Hangzhou Tigermed Consulting, according to a company release on October 23.
The round saw several existing investors re-up their investment including FreesFund, Qiming Venture Partners, Lilly Asia Ventures, and HongShan (previously known as Sequoia Capital China), alongside participating investors including Qicheng Capital and Tenykin, per the release.
This funding will help advance the clinical pipeline and clinical trials of XellSmart’s iPSC-derived cell therapies for neurological diseases. iPSC refers to induced pluripotent stem cells, which are created by taking skin or blood cells and reprogramming them to behave like embryonic stem cells.
Founded in 2021, the Suzhou- and Shanghai-based firm focuses on the development and commercialization of iPSC-derived therapies that could treat major or critical neurological diseases such as Parkinson’s that have no substantial clinical solutions, according to its website.
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DealStreetAsia has also compiled a table listing all prominent venture capital transactions in Greater China from October 21–25, 2024.
