Virogin Biotech Announces Completion of $80 Million in Series D1 Financing

Vancouver, Canada / Shanghai, China; May 12, 2021 -- Virogin Biotech is pleased to announce the completion of its Series D1 round of financing for a total of $80 million USD. The round was led by CCT Fund, with participation from Forebright Capital, GP Capital, Panlin Capital, Young Holdings, and Champion Ascend Limited.

The proceeds from this round of financing will be used to continue the clinical development of Virogins' lead asset - VG161; completion of pre-clinical research and IND-enabling studies for Virogins' next-generation oHSVs; continued expansion and optimization of research and development to expand the company product pipeline; and exploration of potential collaboration opportunities.

"Completing two financing rounds within 8 months for over $140 million USD is a significant achievement for the company, especially amongst such challenging times; and it is not possible without the dedication of all Virogin staff and the continued support and belief of our investors", said Mr. Chris Huang, CEO and co-founder of Virogin. "With a strong capital position, Virogin will continue to expand globally and foster its leading position in the oncolytic virotherapy field. Ultimately, as an innovative, driven, and patient-centric company, our mission is to bring efficacious OV treatments to cancer patients in need."

"Continuous innovation has been the backbone and driving force of the company, and the ability to translate innovation into meaningful and impactful drugs is what differentiates us from our competitors", added Dr. William Jia, CSO and co-founder of Virogin. "Our R&D team has been following the latest trends and developments in the immuno-oncology field, while conducting in-depth basic research for validation and proof of concept. Only the most promising ideas get funneled through into our pipeline as we commit to maintaining the highest standards throughout the product development cycle. Completion of the recent rounds has enabled us to further expand our pipeline and to fast-track our R&D progress, resulting in more innovative assets ready for clinical development, and one step closer to benefiting cancer patients. As such, we are extremely grateful for the continued support and trust from our investors."

"Investing in Virogin is a strategic play of the Fund in the immuno-oncology field", said Ran Wei, General Manager of CCT Fund. "We highly appraise the tremendous potential of oncolytic viruses, both as a monotherapy and as a combination agent, as well as the broad applications resulted from the anticipated breakthrough in administration methods. With its strong R&D capability and keen insights in clinical needs, Virogin has emerged as one of the leaders in the OV space. We are confident that with the help of additional capital and industrial resources, Virogin can achieve rapid growth and get closer to helping cancer patients in need."

Virogin Biotech is a clinical stage oncolytic virus company that is developing next-generation oncolytic virotherapies to enhance the systemic antitumor immunity. Led by a team with over 25 years of experience in fundamental research, translational and clinical development of immunotherapy & oncolytic virotherapy, Virogin is determined to be a global, best-in-class oncolytic virus company that creates impactful therapies for patients of the highest medical need.

Incorporated on September 22, 2016 under the approval of State Council, China Chengtong Holding Group, as the main sponsor, established China Structural Reform Fund. The fund aims to provide state-owned enterprises support in development, industrial consolidation, professional reorganization, capacity adjustment and international mergers and acquisitions by establishing sub-fund as well as direct investment. The fund also plays an important role in promoting development of state-owned enterprises in key industries and industry optimization, improving industry concentration, and maximizing return and efficiency of state-owned capital.

Founded in 2001 as the first direct investment team at China Everbright Limited (165.HK) before its spin-off in May 2014, Forebright is one of the most experienced investment teams investing in China. Having sailed through various economic cycles, Forebright has developed rich resources in various sectors and has consistently delivered satisfactory returns to its investors including sovereign wealth funds, insurance companies, pensions, endowments, family offices, and fund of funds. Building on its core values of "Create and Share", Forebright is committed to cultivating long-lasting partnerships and providing value-added services to investors and entrepreneurs.

GP Capital, the manager of Shanghai Financial Development Investment Fund, was established in July 2009 with a registered capital of 120 million Chinese Yaun. The company is mainly engaged in the establishment, operations management, and investment operations of industrial investment funds and private equity funds of other types. GP Capital will actively and firmly operate on the principle of "marketization, specialization, and globalization".

Panlin Capital is a private equity company that invests in growing stage and innovative companies in health care, environment protection, new consumption patterns, and other emerging industries. Panlin Capital adheres to the concept of "professionalism creates value". Supported by its investment management team with highly complementary expertise and industrial resources, and well-known for its multiple successful exit cases, the company ranks the forefront of RMB PE fund market.

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