(Yicai Global) March 9 -- JW Therapeutics Shanghai Co. has accrued USD90 million in A-round funding as it looks to build a new production base and get innovative drugs onto the Chinese market faster.
Temasek Holdings and Sequoia Capital China led the round, investment news agency PEDaily reported. The cell therapy research unit was founded by China's leading drugmaker WuXi AppTec Inc. and American biopharmaceutical firm Juno Therapeutics Inc., which both invested in the latest funding round.
"The proceeds from this round of financing will be used to further advance our JWCAR029 clinical program, develop a therapeutic pipeline and build a new commercial manufacturing facility," said JW Chief Executive James Li. "It will greatly accelerate the development and commercialization of JW Therapeutics' portfolio to meet the vast unmet medical needs and provide innovative treatment options to patients in China."
JW Biotech brought Juna's JWCAR029 to China and has obtained approval from the local Food and Drug Administration to conduct clinical trials. The CAR-T therapy can be used to treat lymphoma and leukemia.
"Sequoia China has always followed technological innovation and development in the healthcare industry closely. CAR-T cell therapy is one of the major breakthroughs in biotech," said Neil Shen, founding partner of the investment firm. "By supporting the growth of JW Therapeutics, a leading domestic player in this space, we hope to help even more patients regain their health and thus contribute to the further development of life sciences in China.