Leading Enterprise of Professional and Dedicated CDMO for Cellular Therapy Products - Hillgene Completed the Pre-A Round Funding up to Hundreds of Millions of Dollars

Recently, Jiangsu Puxin Biopharmaceutical Co., Ltd. ("Puxin Bio" or "the Company") completed a Pre-A round of financing of nearly 100 million yuan. This round of financing was led by Puhua Capital, and old shareholders Zhengxu Investment and Shengxingzhe Investment continued to increase their investment. The funds raised in this round will be used for the commissioning and operation of the domestic R&D center and the establishment of the North Carolina R&D center in the United States to better meet the growing demand for cell drug CDMO at home and abroad.

Spectrum Biopharma is one of the earliest companies in China to provide CDMO services for cell-based drugs, with more than 100 industry-end customers. The company became an independent operator at the end of 2020 and received orders of RMB 120 million in 2021. It is one of the few CDMO companies in China that has the full-process process development, IND filing, and clinical and commercial production capabilities for immune cell products (CAR-T, TCR-T, CAR-NK, etc.) and stem cell products.

Li Yang of PwC Capital: "The cell and gene therapy industry has always been our focus. We predict that by 2022, 40 products in this field will be approved for marketing. CDMO and related services, as the core value chain of the industry, have high potential for downstream customers and strong R&D scalability; the commercialization of terminal products and policy support are also gradually becoming clear. We believe that a group of excellent companies with local origins and international business will definitely emerge in this field. The Spectrum Bio team has a long-term solid technical accumulation, has accumulated a solid customer reputation foundation, has developed rapidly and has high potential. We are very honored to cooperate with the Spectrum Bio team."

About Spectrum Bio

Headquartered in Wuzhong District, Suzhou City, on the beautiful shore of Taihu Lake, it has Suzhou headquarters (10,000m2 GMP plant) and Shenzhen base (8,000m2 GMP plant under construction), initially forming a nationwide production base network layout; the North Carolina base in the United States is also under construction, and the global layout is being carried out simultaneously. It has built a nucleic acid platform dedicated to cell drugs, a suspended serum-free virus production platform and a fully enclosed cell process development platform, creating a highway from cell drug discovery to product delivery. The platform has supported multiple partners to successfully incubate a number of CAR-T, TCR-T, stem cell and other drugs. Spectrum Bio is committed to enabling more projects to reach the next milestone earlier and faster, bringing more cell drugs to the market, benefiting more patients, and allowing cell drugs to write a new chapter in life.

About Puhua Capital

Founded in 2004, Puhua Capital is a venture capital institution headquartered in Hangzhou. Over the years, Puhua Capital has adhered to the concept of "deepening industry and investing in the future" and focused on investments in high-tech, medical health, and cultural consumption. With a deep understanding of the industry and rich experience in the capital market, Puhua has established the basic strategy of "capital + industry" dual-wheel drive, and is committed to investing early, investing in new, investing in specialization, and investing in growth, and being a cultivator and booster of entrepreneurship and innovation.