(VCBeat) Feb. 25, 2021 -- Beijing GeneCradle Technology Co., Ltd. ("GeneCradle") has announced closing an angel round of nearly one hundred million yuan, with participation from the small and medium-sized enterprise development fund under Oriental Fortune Capital, YuanBio Venture Capital, Shining Capital, and Sun Tour Capital. GeneCradle plans to use the funds to advance its first three gene therapy products into the phase of IND.

Founded in 2018, GeneCradle is a biotechnology company specializing in the R&D of new gene therapy drugs, which was jointly established by Dr. Wu Xiaobing, the initiator of Beijing Ruicy Gene Therapy Institute for Rare Diseases, and the new drug R&D team of Beijing Five-Plus Molecular Medicine Research Institute. GeneCradle is particularly focused on rare diseases where clinical needs have not been met.

GeneCradle's products are mainly gene therapy drugs based on viral vectors, especially AAV-based vectors. Its first project is about AAV-based gene-replacement therapies. There are also other gene therapy projects under development, such as antibody gene therapy, gene editing therapy and RNAi-based therapy.

At present, GeneCradle's products in the pipeline are mainly targeted at a variety of rare diseases that seriously threaten human life, such as neuromuscular diseases, genetic metabolic diseases, lysosomal storage diseases and others, as well as common diseases such as glaucoma and hypertriglyceridemia, for which the existing drugs have little effect. Currently, three pre-IND products of GeneCradle have completed pharmacology and pharmacodynamics studies and production with the principles of GMP, and IND applications are planned to be submitted for clinical trials within the year.

Founded in 2006, OFC manages 42 funds with an AUM of more than 20 billion yuan. OFC invests in small and medium-sized growth-oriented companies. Its funds cover five industries: Telecommunication, Media & Technology (TMT), Green Technology, New Material & Advanced Manufacturing Technology, Healthcare, and Entertainment & Consumption. The company invests in various business development stages through the angel, venture capital, and private equity investment vehicles. 

Founded at BioBay of Suzhou Industrial Park and portfolio spreading China and globally, YuanBio Venture Capital focuses on early and growth-stage life science and healthcare investment. Its total AUM is close to 5 billion RMB. The portfolio includes over 70 companies across BioPharma, MedTech, IVD and Health Services sectors. YuanBio Venture Capital aims to be one of the most successful healthcare venture capital firms in China.