GeneQuantum Raises Hundreds of Millions RMB in Series C Funding

SUZHOU,China,May 19,2021 -- GeneQuantum Healthcare (Suzhou) Co.,Ltd. (hereinafter "GeneQuantum") announced the completion of Series C fund raising of several hundreds of millions RMB. This series of fund raising is led by China Life Private Equity Investment,jointly by PICC Capital Equity Investment,Sunshine Guojian and Suzhou Wuzhong Biomedicine Industrial Park Investment.The current fund raising will provide a solid financial foundation to GeneQuantum for its global clinical development and pipeline expansion of next generation site-specific bioconjugates.

"Since its establishment,GeneQuantum has focusedon the development of innovative bioconjugate drugs represented by Antibody-Drug-Conjugate (ADC).We possesshighly differentiatedADC technology platforms,including enzyme catalyzed site-specific conjugation technology,innovative linker technology with unique advantage,integrated manufacturing process,that are collectively called intelligent continuous ligase-dependent conjugation (iLDC) platform.These platforms effectively address the current limitations of ADC industry,such as high heterogeneity,narrow therapeutic window,and highmanufacturing cost.GeneQuantum's pipeline portfolio includes not only potential blockbuster ADCs with validated targets (BEST-IN-CLASS),but also drug candidates with novel mechanisms of action (FIRST-IN-CLASS),Dr. Gang Qin,GeneQuantum's chairman and CEO,said. "Our R&D capabilities and iLDC technologies will enter the important harvest period in the near future.We are confident that GQ's innovative products will go through global clinical development to commercialization in the next few years. GeneQuantum is kicking off to a high-speed growth. We appreciate the investors for their trust and support. Together with collaborators and partners,we will develop GQ pipelines to commercialization stage therefore to benefit patients around the world."

Ms. Leidi Zhang,managing director of China LifePrivateEquityInvestment,commented: "ADC drug development in China is maturing,and opening up a new chapter of tumor targeted therapy and broadens therapeutic applications. GeneQuantum has focused on developing next generation ADCs and bioconjugates for years.GQ provides innovative solutions that address the limitation of the conventional ADC technology byits iLDC technologies.Meanwhile,GeneQuantum's drug candidates have also demonstrated excellent safety profile in clinic with a larger therapeutic window. China Life Health Foundation hopes to support GeneQuantum for its continuing innovation in bioconjugate drug,promoting new bioconjugate development,and expanding the indications of clinical bioconjugates,as well as accelerating the commercialization of drugs.In the end,we are confident GQ will provide safer and more effective drug and treatment options for patients worldwide."

About Genequantum Healthcare (Suzhou) Co.,Ltd.

GeneQuantum Healthcare (Suzhou) Co.,Ltd. is a high-tech biopharmaceutical company dedicated to the development of innovative biotherapeutics. The company is focused on the development of a new generation of bioconjugate therapeutics to meet the unmet medical needs of cancer patients globally. For more information,visit www.genequantum.com.

About China Life Private Equity Investment

Established in June 2016,ChinaLifePrivateEquityInvestment Co.,Ltd. is a leading professional investment platform as a subsidiary of China Life. China Life adheres to the investment philosophy of "investing in the future,investing in innovation and investing in value",gives full play to advantages of insurance funds and the responsibility of China Life,serves the national strategy,supports real economy,and demonstrates China Life's positive role. China Life Health Fund,initiated and established by China Life Private Equity,is a leading flagship PE fund in China's healthcare industry. Since established,China Life Healthcare Fund has extensively invested in life sciences,medical technology,medical services,digital healthcare and other fields. We have invested in a number of leading companies in China's healthcare industry.

About PICC Capital Equity Investment

PICC Capital Equity Investment Company Limited ("PICC PE") is a wholly-owned subsidiary of PICC Capital. PICC PE initiate 3 billion to establish PICC Health Care Fund and another 3 billion for PICC Innovation Fund to leverage PICC's insurance value chain to build up a convenient,intelligent and dynamic health care ecosystem through investing into biomedicine,digital health,pharmaceutical distribution,and health care and senior care service providers,etc. The Funds pioneers in building an "Insurance + Technology + Service" ecosphere along the industry value chain.

About Sunshine Guojian

Founded in 2002,Sunshine Guojian is one of the first batch of Chinese innovative biopharmaceutical enterprises focusing on antibody drugs. It has become the leader of antibody drugs in China with independent capabilities in research and development,manufacturing and commercialization. The company's R&D mainly focuses on innovative therapeutic antibody drugs,and provides high-quality,safe and effective clinical solutions for the treatment of autoimmune diseases,tumors and other major diseases. At present,the company has 18 antibody drug candidates in different development stages,targeting tumor,autoimmune diseases and ophthalmological diseases (of which 8 drug candidates at clinical and post-clinical stage,10 drug candidates at the preclinical stage). Most of the drugs under research are class 1 therapeutic biological products,and some are submitted to both the NMPA and the U.S. FDA. For more information,please visit http://www.3s-guojian.com.

About Wuzhong Biomedicine Industrial Park

Wuzhong Biomedicine Industrial Park Investment Co.,Ltd. is committed to enabling biomedical enterprises in Suzhou Wuzhong Economic and Technological Development Zone. At present,the company is responsible for managing Suzhou Wuzhong Biomedicine Industrial Park special fund with total scale of 5 billion yuanthe initial scale of 1 billion yuan. About 70% of the fund will be used for direct investment in biomedical projects in the development zone,and 30% will be used for cooperation with outstanding Sector Fund in the industry. Within one year since its establishment,the company has invested in high-quality projects such as GeneQuantum,Lerming Pharma,Rendong Holding,Lansson,Suzhou Direct Investment Fund.

Forward-looking Statement

This press release contains statements relating to GeneQuantum's future business,future events or developments,related statements may constitute forward-looking statements. Statements are based on current expectations and assumptions that are subject to risks and uncertainties,which may cause actual results to differ materially. Risks anduncertaintiesinclude,among other things,the uncertainties inherent in research and development,follow-up clinical data and analysis; factors that may cause any delay,transfer or change; regulatory authority decision whether and when to approve drug applications; factors that may lead actual results to seriously deviate from current expectations,etc. No forward-looking statement can be guaranteed. Except as required by applicable laws,GeneQuantum assumes no obligation to update or revise any forward-looking information or statements.

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