Hangzhou Medimscience Biomedical Technology Co., Ltd. announced the completion of Pre-A round of financing of tens of millions of RMB.

Hangzhou Medimscience Biomedical Technology Co., Ltd. recently announced the completion of a new round of financing of tens of millions of RMB. Medimscience Bio is the first emerging biotechnology enterprise focusing on the development of biopharmaceuticals with new targets for macrophages in the tumor microenvironment in China. Drugs targeting macrophages can enhance phagocytosis of tumor cells by macrophages, recruit and activate downstream effector T-cells, and achieve reprogramming of the tumor immune microenvironment to achieve the goal of treating or even curing solid tumors completely, which can greatly make up for the shortcomings of the existing tumor therapeutic drugs and This will greatly make up for the shortcomings of existing tumor treatment drugs. This round of financing was exclusively led by Ming Bio-Ventures, with continued investment from our old shareholder, Co-win Ventures, and the funds raised will be mainly used for the R&D, product registration and clinical filing of the existing new targets and new product pipeline.

Tumor immune microenvironment is the soil for the occurrence and development of solid tumors, and also determines the effect of tumor immunotherapy. Numerous studies have shown that most solid tumors are "cold tumors" with little T-cell infiltration and more infiltration of myeloid cells such as macrophages. Tumor-associated macrophages help tumors evade recognition by the immune system, inhibit the tumor-killing activity of T cells, and even assist in the formation of a physical barrier to inhibit T cell infiltration. At present, a number of international biotechnology companies, including Pheast Therapeutics and Verseau Therapeutics, have begun to lay out new macrophage targets and have received large amounts of early investment. As a domestic emerging biotechnology enterprise, Medimscience Bio, starting from the source innovation of basic science, is committed to the research and development of new macrophage targets and new drugs, and is in the leading position in the field of new macrophage targets.

Dr. Yuan Hong, Founder and CEO of Medimscience Bio, said, "We are grateful to Ming Bio-Ventures for their recognition of the Medimscience Bio team. Currently, there is a scarcity of biopharmaceutical companies engaging in source innovation in China. From the very beginning of its foundation, Medimscience Bio has adhered to the original innovation of tumor immunity theory, focusing on the discovery of new macrophage targets and validation of new mechanisms, and the research and development of first-in-class anti-tumor drugs based on the theory of "Reprogramming of the Tumor Immune Microscopic Environment", which can make up for the problems of low response rate of drugs such as PD-1 blockers and so on. We are currently developing new anti-tumor drugs based on the theory of " Reprogramming of the Tumor Immune Microscopic Environment " to compensate for the low response rate of PD-1 blockers. At present, some of our new target drug candidates have shown tumor regression and cure in experimental animals, and some of our products have entered the stage of drugability evaluation. We are very much looking forward to the next stage of clinical reporting of these products, so that they can be translated into the clinic as soon as possible for the benefit of patients around the world."

Dr. Jack Shi, Partner of Ming Bio-Ventures, said, "Tumor immunotherapy drugs represented by PD-1 have opened up a new era of tumor treatment, but there are shortcomings of low response rates and development failures in multiple indications, and the research and development of new target drugs for tumor immunity is expected to expand the boundaries of tumor immunotherapy. The founding team has more than 10 years of experience in basic research and industrialization, high efficiency in project execution, and has constructed a complete platform of target discovery, mechanism research, drug discovery, durability evaluation, and CMC, and has achieved several innovative discoveries and drug development milestones. Ming Bio-Ventures is pleased to have the opportunity to assist Medimscience Bio in its early stage of development, and we are confident that the company will be able to make breakthroughs in the field of macrophage tumor immunity in the future, addressing unmet clinical needs and benefiting more oncology patients."

Dr. Xin Huang, Managing Partner of Co-win Ventures, said, "The current status of the development of tumor immune targets in China, including PD1 and CD47, demonstrates that the development of new target drugs based on innovative mechanisms is still the goal pursued by the industry. Medimscience Bio 's team has the ability of international original scientific discovery, profound biological investigation, coupled with rich and mature experience in industrial transformation, which is expected to produce first-in-class drugs in human. We are pleased to continue to invest in Medimscience Bio to support original mechanism discovery to industrial translation, thereby addressing unmet clinical needs and benefiting patients."

Souce: Medimscience    2022-09-22