(Yicai) Aug. 31 -- Simnova Biotech has secured nearly CNY400 million (USD59.5 million) in its latest funding round to accelerate clinical research of the Chinese cell therapy startup’s off-the-shelf cell therapies, the firm said today.

The Series B funding round was co-led by Shanghai state-owned investment funds Fortera Capital and Pudong Venture Capital, along with private equity firm Cenova Ventures, Shanghai-based Simnova said. Suzhou state-owned investment firm Oriza Holdings participated as a follow-on investor, while existing shareholder Youshan Capital increased its investment.

The proceeds will be used primarily to accelerate confirmatory clinical studies for SNC103, the company’s lead Chimeric Antigen Receptor Natural Killer (CAR-NK) cell therapy program, and to advance the clinical development of its In Vivo CAR-T platform SNC116, Simnova said.

Founded in 2019, Simnova was originally the cell therapy business unit of Nanjing-based Simcere Pharmaceutical Group before becoming an independent entity in 2021. It focuses on three technology platforms, namely off-the-shelf CAR-NK, In Vivo CAR-T and multi-target CAR-T therapies for solid tumors.

CAR-NK is a novel cell therapy that utilizes genetic engineering to modify natural killer cells so they can precisely identify and eliminate abnormal cells. Unlike CAR-T therapies, which generally require the use of a patient's own T cells, CAR-NK therapies can use NK cells from donors for genetic modification, allowing for large-scale production and potentially significantly reducing the cost of cell therapies.

SNC103 has produced positive results in a Phase I clinical trial for moderate-to-severe systemic lupus erythematosus, Simnova said. The firm plans to launch a confirmatory clinical trial next year and it said the therapy could become the world’s first approved off-the-shelf CAR-NK product.

In Vivo CAR-T refers to a cell therapy approach in which T cells are genetically modified directly inside the patient's body, eliminating the need to extract T cells and manipulate them outside the body. This can shorten the treatment cycle and reduce costs.

Investment in China's cell and gene therapy sector has picked up this year, with disclosed financing reaching USD836 million in the first half, nearly matching the full-year total for last year, according to PharmCube, a Chinese data services provider for the pharmaceutical industry.

Editors: Dou Shicong, Kim Taylor