(VCBeat) Mar. 4, 2021 -- Gensciences today announced the completion of Series A and Series B financing, taking the total funds raised to more than 800 million yuan. The Series B financing was led by Haitong Kaiyuan, with participation from EFUNG Investment and Huarong Rongde. The existing investors from Series A, including IDG Capital, New Alliance Capital and Huaige Capital, also poured money into the Series B funding round. 

The funds raised will support Gensciences' R&D of biomacromolecules in clinical trials, the construction of manufacturing facilities and commercialization.CEC Capital has served as the exclusive financial adviser in the Series A and Series B financing of Gensciencesi.

Jiangsu-based Gensciences, together with its subsidiaries in Shanghai, Beijing and Zhengzhou, focuses on unmet clinical needs in hemophilia, metabolic diseases and the anti-tumor field around the world. Based on the leading protein expression platform and protein modification platform, the company has developed long-acting and ultra-long-acting recombinant coagulation factor products (F8, F9 and F7) with world-leading performance and safety. It is also developing ultra-long-acting insulin and GLP-1 for metabolic diseases, and PSMA products in the field of anti-tumor.

Founded in 2008, Haitong Kaiyuan is a private equity platform wholly owned by Haitong Securities. Haitong Kaiyuan focuses on investments in high-end manufacturing, information technology, biomedicine and other industries with scientific and technological barriers and politic support. It has invested in over 400 companies, with AUM over 30 billion RMB.

EFUNG Investment is one of China's earliest institutions investing in professional biomedical industries. Over a decade of years, EFUNG Investment has been focusing on the medical and health industry, especially the VC and PE investment business of novel drugs and high-end medical devices.