Neurophth Secures Nearly 95 Million USD in Series C+ Financing for Gene Therapy Clinical Trials

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Aug 11, 2023, 09:00 ET

WUHAN, China and SAN DIEGO, Aug. 11, 2023 /PRNewswire/ -- Neurophth Therapeutics, Inc. ("Neurophth"), a China's leading gene therapy company for ophthalmic diseases, announced the closing of nearly 95 million USD in Series C+ financing. The round was co-led by Yangtze River-CMB International Industry Fund, Wuhan Optical Valley Financial Holding Group, Wuhan Hi-Tech Holding Group, Hubei KTLC and Guangzhou Jinkong Fund. Additionally, several prominent investment firms participated, including CMG-SDIC Capital, Silicon Paradise Asset Management and Yangtze River Industry Fund. The raised funds will be directed towards advancing clinical trials for Neurophth's core products, enhancing the firm's R&D capabilities and expanding its pipeline.

Neurophth completed its Series C financing in 2021, co-led by CMG-SDIC Capital and Sequoia Capital China, with further investment from Sunshine Life Insurance and China Merchant Bank International Capital. This follows the closing of Series B financing co-led by Guofang Capital and InnoVision Capital, with additional capital from Oriza Holdings, Harvest Capital, Grand Mount Capital, Sequoia Capital China and Northern Light Venture Capital. In early 2020, the firm finalized its Series A financing, co-led by Sequoia Capital China and Fosun, following the conclusion of its angel round of funding in August 2018, co-led by Miracle Light Venture, the venture arm of BGI Genomics, with additional investment from BOHE Angel Fund and Northern Light Venture Capital.

In early 2023, Neurophth's leading candidate NR082 (rAAV2-ND4) marked a historic milestone as the first gene therapy drug to complete patient enrollment for a Phase III clinical trial in China. Additionally, the company concluded the enrollment of the first patient for Phase I/II clinical trials in the US. NFS-02, Neurophth's second candidate and the world's sole gene therapy targeting ND1-LHON, is under development and has received IND approval from both the China National Medical Products Administration (NMPA) and the US Food and Drug Administration (FDA). Currently, Neurophth is conducting a global multi-center clinical trial of the drug candidate.

"We're honored to have earned the trust of top investment institutions in the biopharmaceutical sector," said Professor Bin Li, Founder, Chairman and CEO of Neurophth. "Since the beginning of this year, we've made substantial progress in the clinical trials of our products. We plan to keep focusing on developing gene therapies for ophthalmic patients worldwide. With the support of our investors and our technological acumen, we're positioned to accelerate our clinical trials and R&D of new drugs, delivering gene therapies to patients more quickly."

"We extend our sincere gratitude to leading investment firms for acknowledging Neurophth's past accomplishments and future potential. This round of financing is expected to bolster clinical trials for our key products while helping expedite the development and commercialization of new drugs," stated Neurophth CFO Su Zhang. "To address the unfulfilled needs of patients, we will remain steadfast in our commitment to increasing R&D investments, enhancing technological capabilities and broadening the pipeline."

"Unwavering support from our investors provides a solid foundation for Neurophth's continuous growth," stated Eric Lin, Secretary of the Board and Senior Vice President of Neurophth. "The firm is committed to advancing the gene therapy sector through ongoing innovation and R&D of new drugs, aiming to become a global leader in ophthalmic gene therapy, in line with our investors' support and expectations."

"We fully recognize Neurophth's strength and potential in the gene therapy field, evidenced by their swift progress and outstanding achievements in technology R&D and clinical trials," noted Yangtze River-CMB International Industry Fund. "This financing round has also received strong support from the state-owned platform Donghu New Technology Development Zone. In the future, we along with various state-owned platforms will further collaborate with Neurophth to support the company's innovative development on a global scale. We anticipate Neurophth's continued growth and development of pioneering gene therapies that will benefit patients worldwide."

"With a strong commitment to the biomedical and healthcare industries, Guangzhou Jinkong Fund provides comprehensive support to exceptional companies across various segments," commented Huang Cheng, Chairman of Guangzhou Jinkong Fund. "As a distinctive provider of gene therapies, Neurophth boasts significant product advantages, a leading gene therapy R&D platform and cutting-edge CMC production technology. In addition, the founder, Bin Li, contributes a wealth of scientific knowledge and clinical experience. Given the substantial unmet clinical need for ophthalmic diseases and the considerable market potential, we are highly optimistic about Neurophth's prospects for growth."

"CMG-SDIC Capital is thrilled to continue our participation in Neurophth's latest financing," mentioned the life science team of CMG-SDIC Capital. "We fully acknowledge Neurophth's leadership in China's gene therapy sector and plan to continue our partnership with Neurophth to foster the company's growth and further the development of the industry. We look forward to the launch of Neurophth's therapies, which will have the potential to benefit patients globally."

About Neurophth

Neurophth is China's leading gene therapy company for ophthalmic diseases. With subsidiaries in China (Wuhan, Shanghai and Suzhou) and the US (San Diego, CA), Neurophth is striving to develop genomic medicines for patients suffering from genetic diseases globally. Our AAV platform has been successfully validated through data from an investigator-initiated retinal gene therapy study. The significant findings from the research have been published in Nature-Scientific Reports, Ophthalmology and EBioMedicine. Our most advanced investigational gene therapy drug candidate, NR082, used for the treatment of Leber's hereditary optic neuropathy (LHON) associated with mtND4 mutation (ND4-LHON), has been granted orphan drug designation (ODD) by the U.S. FDA and the European Medicines Agency (EMA). It is the first Chinese gene therapy drug to receive Investigational New Drug (IND) approval for clinical trials from both China's NMPA and the FDA. Neurophth has completed patient enrollment for the Phase III clinical trial in China and established several clinical research centers in the U.S. Recently, our second gene therapy drug candidate NFS-02 has been granted IND clearance from the FDA and NMPA and is undergoing a global multi-center clinical trial. The company's pipeline also includes autosomal dominant optic atrophy, optic neuroprotection, vascular retinopathy, and other preclinical candidates. To learn more about us and our growing pipeline, please visit www.neurophth.com.

About Yangtze River-CMB International Industry Fund

Hubei Yangtze River-CMB International Industry Fund Management Co., Ltd ("Yangtze River-CMB"), a wholly-owned subsidiary of CMB International, manages Yangtze River-CMB International Industry Fund. The fund has built a strategic presence in a number of high-tech sectors, including medical technology, renewable energy and intelligent manufacturing. Utilizing capital as a key catalyst, the firm remains committed to facilitating the rapid growth of high-tech companies.

About Guangzhou Jinkong Fund

Guangzhou Jinkong Fund Management Co., Ltd ("Guangzhou Jinkong Fund"), a subsidiary of Guangzhou Finance Holdings Group, is a leading private equity investment fund management platform with a registered capital of 1.1 billion yuan. With headquarters in Guangzhou and a strategic focus on the Guangdong-Hong Kong-Macao Greater Bay Area, the company has a global reach in its investment initiatives. Guangzhou Jinkong Fund's investment strategy centers on fostering innovation and growth throughout various industry chains. To achieve this, the company has developed a diverse portfolio that includes a science and innovation master fund, a state-owned enterprise innovation fund, a district-level investment fund, an urban renewal fund, a rural revitalization fund, a life and health fund, and a hard science fund. Through a unique five-in-one service model, Guangzhou Jinkong Fund emphasizes the attracting of top-tier businesses, development of industrial parks, provision of financial services, creation of listing platforms and formation of industrial clusters. This comprehensive approach enables the company to offer invested enterprises a full spectrum of innovative financial solutions, ranging from industry chain integration and capital operation to leveraging government resources. Currently, Guangzhou Jinkong Fund oversees 26 industrial equity investment funds and 3 government investment funds, with assets under management totaling 48.277 billion yuan. The company's funds have been invested in 281 projects, including 48 companies that have gone public.

About CMG-SDIC Capital

CMG-SDIC Capital, a leading private equity management firm in China, strategically targets investments in the advanced manufacturing sector. We prioritize technological innovation and place tremendous value on supporting exceptional entrepreneurs and their teams. Our diverse investment portfolio encompasses intelligent manufacturing, smart electric cars, life sciences, and information and communication technology. We are deeply committed to driving the evolution of the manufacturing industry towards sustainability, digitization and service-oriented growth. The team manages cumulative assets exceeding 100 billion yuan, with a diverse investor base that includes financial institutions, social security trust funds as well as state-owned and private companies.

SOURCE Neurophth Therapeutics, Inc.