EdiGene, a Chinese biotech startup which uses genome-editing technology to create therapies for patients with genetic diseases and cancers, has raised 400 million yuan ($62 million) in its series B+ funding round led by Loyal Valley Capital.
The round, which is the company’s second financing effort in seven months, was also joined by a number of existing and new investors including IDG Capital, Sequoia Capital China, Lilly Asia Venture, BioTrack Capital and Sherpa Healthcare Partners, EdiGene said in a statement on Wednesday.
Proceeds will be used to advance EdiGene’s pipeline candidates into clinics and scale up business operations, according to the statement.
Established in 2015, Beijing-based EdiGene said that it is building four proprietary platforms including a genome-editing platform for hematopoietic stem cells and a genome-editing screening platform for discovering new targeted therapies.
In January, the Center for Drug Evaluation of China’s National Medical Products Administration approved EdiGene’s Investigational New Drug application for ET-01, a gene-editing therapy for patients with transfusion dependent-thalassemia, which the company said was the first such approval made in China.
The value of the global genome-editing market is projected to reach $11.2 billion in 2025 from just $5.1 billion in 2020, largely driven by government funding and growth in the number of genomics projects, according to a report released in June last year by research firm MarketsandMarkets.
Contact reporter Ding Yi (firstname.lastname@example.org)