Cytovia Therapeutics and its Newly Formed China-Focused CytoLynx Joint Venture Raise $45 Million to Advance NK Cell Therapy Pipeline
AVENTURA, Fla. and SHANGHAI, China, Sept. 13, 2021 (GLOBE NEWSWIRE) -- Cytovia Therapeutics, Inc. (“Cytovia”), a biopharmaceutical company developing allogeneic “off-the-shelf” gene-edited iNK and CAR (Chimeric Antigen Receptor)-iNK cells derived from induced pluripotent stem cells (iPSCs) and NK cell engager multifunctional antibodies, and CytoLynx Therapeutics (“CytoLynx), its newly-formed China-focused joint venture, announced today that they have closed $45 million from institutional investors to finance the IND enabling and initial clinical development of their pipeline.
Cytovia and TF Capital, a leading China-based biotech institutional investor, have formed CytoLynx Therapeutics. TF Capital along with YF Capital, BioTrack Capital, Ruihua Capital, and TG Sino-Dragon Fund (backed by TigerMed) have invested $45 million to support the new venture, as well as Cytovia research and development projects. The collaboration agreements between CytoLynx and Cytovia will advance multiple NK therapeutics through product development in the Greater China region. Additionally, CytoLynx obtained a technology license from Cytovia based on its core technologies to allow in-China development of additional NK therapeutics for global commercialization. Cytovia is eligible to receive up to $400 million in upfront development and commercial milestones under the agreement.
Dr. Daniel Teper, Chairman and CEO of Cytovia commented: “We are excited to accelerate the global development of our lead GPC3 programs for the treatment of hepatocellular carcinoma, a condition with significant unmet medical needs and a very large patient population in Asia, particularl in China, and establish a path to provide these therapies to the Chinese market. CytoLynx will also serve as a development and commercialization platform for additional Cytovia products, as well as in-licensed immuno-oncology assets.”
Dr. Wei Cheng, Managing Director at TF Capital added: “We are delighted to partner with Cytovia Therapeutics to bring novel therapeutic options to patients in China. Cytovia has a seasoned entrepreneurial leadership team and best-in-class NK technologies, including iPSC-derived NK cells, gene editing, and NK Engager multifunctional antibodies. We believe that by combining the strengths of the two parties, we can make CytoLynx and Cytovia global leaders in NK cancer therapeutics and benefit patients worldwide.”
Dr. Albert Huang, Executive Director at Yunfeng Capital noted: "As the lead investor in this series of financing, Yunfeng Capital believes that Cytovia and CytoLynx are well positioned to become leading players in iPSC NK cell therapy.”
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