Hailai Closes ￥500 Million Series C Financing

(VCBeat) May. 25, 2021 -- Jiangsu Hailai Xinchuang Medical Technology Co., Ltd. ("Hailai") announced the closing of a Series C funding of 500 million yuan, led by YF Capital, with participation from Temasek, Lilly Asia Ventures, 3H Health Investment, CITIC Private Equity Funds Management and Qiming Venture Capital, and the existing investors including Legend Capital, TF Capital and GL Ventures. This round of funding will be used to develop Hailai's product line for new indications, accelerate the clinical programs, and bring in a top talent team. The completion of this round of financing makes the total financing amount of Hailai exceed 800 million RMB.

Tumor Treating Fields (TTF) is a physical therapy method that interferes with the division of cancer cells. Currently, TTF technology has been applied in the United States, China, Europe and Japan successively. Novocure is the only healthcare company in the world with listed TTF products. Hailai is the first company in China and the second company in the world to commercialize TFF technology and enter into multi-center clinical practice.

In 2016, Hailai was established in Wuxi, Jiangsu Province, and began to focus on TTF R&D, production and clinical researches. After a variety of technical development challenges, Hailai's initial team successfully developed the prototype within two years.

In 2019, Hailai 's EFE-G100 project (indication for glioblastoma) successfully carried out multi-center clinical trials in 7 well-known hospitals in China, and now it has been expanded to carry out multi-center clinical studies in 9 hospitals in China. According to the enrolled patients, the clinical data has shown a positive trend of results, and the interim analysis is expected to start in 2022.

In addition to the EFE-G100 program, several other products of Hailai for non-small cell lung cancer, pancreatic cancer, and ovarian cancer are expected to gradually start multi-center clinical researches by the end of 2021. In terms of other indications (including liver cancer, stomach cancer and other major cancers), Hailai is also developing products at the same time.

Founded in 2010, YF Capital is a leading private equity firm in China. YF Capital currently manages multiple USD and RMB funds. The company has formed deep sector expertise and industry insights in our focused sectors, including the Internet, technology, healthcare, entertainment, consumer, finance and logistics.

Incorporated in 1974, Temasek is an investment company based in Singapore. Temasek's portfolio covers a broad spectrum of sectors: telecommunications, media & technology; financial services; transportation & industrials; consumer & real estate; life sciences & agriculture; energy & resources.