9/3/2018 – JW Therapeutics, a biotech startup based in Shanghai has secured a US$90 million Series A financing round joined by a consortium of leading global investors including Temasek and Sequoia Capital China.
The financing also saw the participation of existing investors WiXi AppTec Group and Juno Therapeutics, alongside YuanMing Capital, Oriza Seed Capital, Yipu Capital, AVICT Global Holdings.
Founded in 2016, JW Therapeutics is a clinical-stage biopharma company founded by Juno Therapeutics and WuXi AppTec Group to focus on developing leading cell-based therapy technologies.
The entity combines Juno’s world-class technology and platform with WuXi AppTec Group’s local expertise, R&D and manufacturing platform, as well as networks and partnerships.
JW Therapeutics has also built a fully validated clinical GMP facility in line with international QMS standards and established a strong team led by seasoned biotech pharma leaders.
JW Therapeutics’ recent developments include JWCAR029, a CAR-T therapy for treatment of B-cell malignancies. This is developed as an emerging form of cancer treatment, primarily for blood cancers like leukemia.
Recently, JWCAR029 has moved into clinical phase and the IND has recently been accepted by the China Food and Drug Administration (CFDA).
According to James Li, the co-founder and CEO of JW Therapeutics, the latest financing will help the team further advance the JWCAR029 clinical programme, develop a therapeutic pipeline and build a new commercial manufacturing facility.
“It will greatly accelerate the development and commercialization of JW Therapeutics’ portfolio to meet the vast unmet medical needs and provide innovative treatment options to patients in China,” said Li.
Hans Bishop, the CEO of Juno Therapeutics also commented, “Collectively we aim to help cancer patients around the world live longer and better lives. We believe CAR-T therapies have the potential to do this, and we are excited that this round of financing will help accelerate the development of these leading-edge therapies to benefit patients in China.”
Sequoia China, which has been focused on technology, media and telecommunications, healthcare, consumer/service, and industrial technology, has been following the innovation in the health industry closely over the past years.
“Sequoia China has always followed technological innovation and development in the healthcare industry closely. CAR-T cell therapy is one of the major breakthroughs in biotech,” said Neil Shen, Founding and Managing Partner of Sequoia China.
“By supporting the growth of JW Therapeutics, a leading domestic player in this space, we hope to help even more patients regain their health and thus contribute to the further development of life sciences in China.”
This news is published on Reuters.