Hangzhou Medimscience Biomedical Technology Co., Ltd. announced the completion of an angel round of financing of tens of millions of RMB

Medimscience Bio is the first domestic emerging biotechnology enterprise in China focusing on the development of new target drugs for macrophages in the tumor immune microenvironment. Tumor immunity drugs are currently the most important means of tumor treatment, but the existing T-cell-based therapeutic means all have obvious limitations, and drugs targeting macrophages are expected to make up for the shortcomings of existing tumor immunity drugs. This round of financing was led by Co-win Venture Capital and followed by Redhill Capital, and the funds raised will be mainly used for the research and development of the existing product pipeline and the introduction of high-end talents.

Tumor immune microenvironment is the soil for the occurrence and development of solid tumors, and also determines the effect of tumor immunotherapy. Overall, tumors with abundant T-cell infiltration are often called "hot tumors"; on the contrary, tumors with little T-cell infiltration and more myeloid cell infiltration, such as macrophages, are "cold tumors", and most of the tumors belong to "cold tumors". The majority of tumors are "cold tumors". Clinical data show that "hot tumors" respond well to immunological drugs that modulate T-cell function (e.g., PD-1/PD-L1 antibodies), but "cold tumors" show resistance to PD-1/PD-L1 antibody therapy. There is ample evidence that macrophages help tumors escape the immune system: tumor-associated macrophages inhibit the tumor-killing activity of T cells. More interestingly, these macrophages also assist in the formation of a physical barrier that inhibits T cell infiltration.

Based on the new targets on macrophages, Medimscience Bio will develop first-in-class drugs to promote the Re-programming of the Tumor Immune Micro-Environment, aiming to build an ice-breaker to overcome the immunosuppression of "cold tumors". Dr. Yuan Hong, Founder and CEO of Medimscience Bio, said, "We are very grateful for the recognition of Medimscience Bio by Co-win Ventures and Redhill Capital. Currently, there is a scarcity of biopharmaceutical companies engaging in source innovation in China. Medimscience Bio is committed to the discovery and validation of drug targets from macrophage, and the development of new anti-tumor drugs (First-In-Class) based on the theory of re-programming the tumor immune microenvironment, in order to overcome the problems of low response rate of the PD-1/PD-L1 blocker class of drugs. Some of our new target therapies have already seen tumor-curing phenotypes in animal model and can establish immune memory protection, and we are very much looking forward to the clinical translation of these products for the benefit of patients worldwide."

Dr. Xin Huang, Managing Partner of Co-win Ventures, said, "Currently, T-cell based tumor immunotherapy has encountered many bottle necks, and the Medimscience Bio team has accumulated a lot of breakthrough discoveries on the basic biological mechanisms of tumor-associated macrophages, and has used them as a basis to develop drugs for reprogramming the immune microenvironment of tumors. Co-win Ventures is very pleased to be involved in Medimscience Bio 's first-in-class innovative drug development journey at this early stage and looks forward to working with the company to promote original new drug development in China."

Dr. Jack Lee, Partner of Redhill Capital, commented, " Medimscience Bio is a typical biotech company formed by outstanding scientists plus CEOs, which meets our investment criteria; the founders have a deep research foundation and unique understanding of the macrophage field, and the company has already built a well-established macrophage cell biology program. The founders have a deep research foundation and unique understanding in the field of macrophages, and the company has constructed a perfect platform for the development, validation and translation of new macrophage targets; we are very optimistic about the drug potential of macrophage-related targets, and we are also full of confidence in the company's future development."

About Co-win Ventures

Co-win Ventures is a dual-currency venture capital firm focusing on early-stage technology-based companies, advocating a team culture of equality, transparency, sharing, and innovation. Founded in 2009, the firm focuses on the healthcare and IT hard technology sectors, with a cumulative management scale of over RMB 5 billion, and has provided financial and resource support to more than 100 outstanding teams and projects. Kafeng Venture Capital has helped more than 10 high-tech companies, such as Connect Biopharm (NASDAQ: CNTB), Thrive (NASDAQ: EXAS), ZJ-Innolight. (300308), Memsensing (688286), CHSR (000008), and Ao Lian Electronics (300585), etc.

About Redhill Capital

Redhill Capital focuses on early stage investment in innovative medical technology companies. Redhill Capital currently manages two RMB funds with investors including well-known market-based funds, asset management companies, government-guided funds, industrial capital, family offices, and well-known listed companies.

Souce: Medimscience    2021-06-21