Bioheng Biotech Raised $80 million in Series B Financing to Advance Allogeneic Immuno-Cell Therapies

NANJING,China,March 25,2021 -- Bioheng Biotech Co.,Ltd,a clinical-stage biotechnology company dedicated on developing novel cellular immunotherapy for cancer,today announced that it had secured$80 millionin Series B Financing. The Series B was co-led by GL Ventures,the venture capital unit of Hillhouse Capital,Decheng Capital and Octagon Capital,with the participation of BlueRun Ventures Chinaand Shenzhen Capital Group Company.

Dr.Xiaohong He,Founder and Chief Executive Officer of Bioheng,stated," We are thrilled to getrecognition from such an excellentgroup of biotech investors and proud of the continued support from existing shareholders. Bioheng focuses on the development of allogeneic immuno-cell therapy. At present,we have made progress in several indications with promising clinical data. Proceeds from this financing will continue to be used to advance R&D capabilities,process development and clinical trials. We are looking forward to providing more affordable 'off-the-shelf' immuno- cell therapies to patients soon. "

"It is a great honor to continue supporting Bioheng in Series B financing. We have strong confidence in company's technologies and management team," said Dr.Xiangmin Cui,Founder and Managing Director of Decheng Capital. "In the past two years,company has enriched the pipeline and made solid progress in multiple assets' clinical development,demonstrating strong research and development capabilities."

Dr. Ting Jia,Founder and Chief Investment Officer of Octagon Capital,expressed,"Bioheng has a clear scientific vision,an outstanding teamwork spirit and unswerving sense of innovation. We are excited to have the opportunity to work with such an excellent team and will accompany them for a long journey."

About Bioheng

Bioheng is a leading clinical-stage biotech company focusing on the development and commercialization of novel allogeneic cellular immunotherapy for immediate treatment to cancer patients,which may significantly increase the affordability and accessibility through overcoming obstacles encountered by autologous cell therapy.Founded in 2017,Bioheng has established a pioneering allogeneic immunotherapy platform and built a 75,000 square feet high standard GMP-level translational center and manufacturing plant,which is equipped with a complete closed and semi-automated production system in compliance with both NMPA and FDA regulatory guidelines. With its proprietary technology,Bioheng has accumulated tremendous expertise in cell engineering and boosted multiple pipelines into clinical & IND stage.Committed to "bridge the life and health",we are dedicated to provide every patient a chance of cure.

For more information,visithttps://www.bioheng.com/en/.

About GL Ventures

GL Ventures focuses on early-stage innovative companies in healthcare,software services,consumer Internet,emerging consumer brands and services. The GL Ventures team is passionate about partnering with visionary entrepreneurs to create industry leaders that stand the test of time. GL Ventures is the venture capital arm of Hillhouse Capital,and we have been investing with innovators across the world since 2005.

About Decheng Capital

Decheng Capital is a leading investment firm that provides capital and strategic support to early stage life science companies with revolutionary technologies and growth stage healthcare companies with strong market presence. We are a group of dedicated professionals with complementary expertise who have outstanding track records of building highly successful companies globally. Founded in 2012,Decheng continues to capitalize on a historic opportunity in the rapid growth of healthcare industry as well as breakthroughs in life science research. With over $2 billion in capital under management and support from some of the most prestigious LPs in the world,Decheng is poised to deliver superior returns for our investors and create value for our entrepreneur partners.

About Octagon Capital

Founded in 2019,Octagon Capital Advisors LP is a multi-stage investment manager dedicated to evidence-based investing in both public and private healthcare companies,specifically inthe United StatesandChina. Octagon Capital focuses on strategic long-term investments and strives to work with its portfolio management teams as partners. Octagon Capital manages capital on behalf of global institutions such as university endowments,non-profit foundations,family offices,pension funds and established asset managers.

About BlueRun Ventures China

Founded in Silicon Valley in 1998 and entered mainland China in 2005,BlueRun Ventures China is a leading early stage venture focusing on innovative technology,enterprise services,healthcare services and consumer sectors. BRV China has invested in more than 150 early stage companies in mainland China including PPTV,Ganji/58,Guazi,Li Auto (NASDAQ:LI),QingCloud (688316.SH),QuDian (NYSE:QD),etc. The assets under management (AUM) of BRV China exceed RMB 10 Billion.BRV China was ranked #1 in Zero2IPO's "Top 30 Early-Stage Venture Capital in China" and CVAwards' "Top 30 Early-Stage Venture Capital in China". It was also on the list of Preqin's "Global Top 10 Consistent Performing Venture Capital Fund Managers".

About Shenzhen Capital Group Company

Shenzhen Capital Group Co.,Ltd. ("SCGC") was established in year 1999. With the mission of discovering and making great companies and as the discoverer and cultivator of the innovational value-added company,SCGC has become a comprehensive investment conglomerate major in VC/PE.SCGC mainly invests the long-term capital in small and medium-sized enterprises ("SMEs"),especially self-innovative high-tech emerging market SMEs,in the sectors of Information Technology,Internet/ New Media/ Cultural Creativity,Bio-Tech/ Healthcare,New Energy/ Clean Technology,New Materials/ Chemistry,Advanced Manufacture,Consumer Goods/ Modern Services,etc.,in all of their development phases.

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