NGGT Closes $30M Series A Financing, Focusing on Gene Therapies

(VCBeat) Apr. 15, 2021 -- Recently, Suzhou-based Next Generation Gene Therapeutics Inc. ("NGGT") announced the completion of a $30 million Series A financing, led by Kington Capital, with participation from Weidu Capital and the existing investors Northern Light Venture Capital and YuanBio Venture Capital. The funds are earmarked for the preparation of the company's gene therapy pipeline and the construction of a cGMP-compliant manufacturing facility.

NGGT was founded in March 2020 by senior scientists and entrepreneurs in the field of gene therapy. It is committed to becoming the world's leading gene therapy company with international influence. The company has successful experience in the whole industry chain, concerning the early development of gene therapy products, the large-scale production of viral vectors, the construction of quality standards, international multi-center clinical research, and the application for the marketing of gene therapy products.

NGGT's unique propriety technology of "one target and two bullets" can provide effective treatment for a variety of genetic diseases that currently have few therapeutic methods in the world. The team members have rich experience in industrialization. They have led or participated in the process development, quality standard construction, and clinical trial application of 10 projects, among which 1 product has been marketed and 5 products are in Phase II/III clinical study. NGGT expects to develop more safe, effective, and accessible gene therapy drugs for more patients.

Founded in 2016, Kington Capital is a private equity fund management platform wholly owned by Suzhou Private Capital Investment Holding Co., Ltd. The core management team of Kington Capital has been deeply engaged in private equity investment with nearly 20 years of practical experience in capital-driven industrial development. It has rich successful cases in emerging industries such as biomedical, next-generation information technology, and so on.

Founded in 2005, Northern Light is a venture capital firm targeting early-stage opportunities of innovation and disruptive technology. The company manages 5 USD funds and 5 RMB funds with a total amount of US$4.5 billion. Northern Light focuses on 3 main sectors including TMT, advanced technology, and healthcare.