NeuShen Therapeutics Closes Pre-A Financing with ~$20M

Closure of pre-A financing round led by LAMPAM Capital

Dual internal discovery platforms of small molecule and AAV-based gene therapy targeting neurological and psychiatric disorders

SHANGHAI,Sept. 29,2022 -- NeuShen Therapeutics,Inc.,a biotechnology company focusing on developing innovative treatments for central nervous system (CNS) disorders with dual platforms of AAV-based gene therapy and small molecule discovery,announced today the closure of ~$20 million Series pre-A financing led by LAPAM,a China based venture capital. NeuShen was founded by a group of industrial executives who have extensive global experiences in central nervous system (CNS) drug development. The new capital will be used to expand the team and catalyze in-house CNS drug discovery in both the US and China.

"The successful completion of this fundraising is a testimony to our team's ability to accomplish CNS drug development and jump starts our discovery engine to build a pipeline with AAV-based gene therapy and small molecule programs," said Joan Shen,M.D.,Ph.D.,chief executive officer and founder of NeuShen. "CNS disease is an area with huge unmet needs. Our company has had a very clear goal from Day 1,which is to develop novel therapies to relieve the burdens of patients with CNS disorders. In the past few months,we have developed an achievable R&D strategy and built-up a substantial core team with experienced CNS drug hunters. Significant progress has been made in building the internal small molecule pipeline and new AAV gene therapy programs. In addition,multiple collaborations and partnerships have been discussed and established."

CNS disorders are increasingly recognized as major causes of death and disability worldwide while the diagnosis and treatments have largely lagged. Urgent measures are needed to tackle the growing challenges. "Bringing breakthroughs and learnings from other disease targets such as ophthalmology,oncology and hematology,we believe AAV-based gene therapy represents a new opportunity in the treatment of CNS disorders. My colleagues and I at Horae Gene Therapy Center are looking forward to working with Neushen to explore these treatment opportunities. The experiences of NeuShen team in neurosciences will be critical to make this happen," noted Dr. Guangping Gao,Professor,Director,Horae Gene Therapy Center,UMass Chan Medical School. The collaborations between NeuShen and UMass are currently in discussion,which will include multiple projects in CNS gene therapy.

"We are very excited to partner with NeuShen from the beginning. Lapam Capital has a strong commitment to healthcare,and we believe the CNS therapeutic area will attract more investment,considering the huge unmet needs and scientific advancements in the field. We highly value Dr. Joan Shen and her management team for their expertise. Lampam Capital is confident with NeuShen's ability to be a top player in developing innovative therapies for CNS diseases,"said Mr. Zhihua Yu,Managing Director of Lapam Capital.

"Dr. Shen has assembled a pre-eminent group of scientists,clinicians and drug developers to build a global biotech developing novel medicines for unmet needs in CNS therapeutic areas. TTM Capital are excited to support Neushen to build its multi-modality pipelines to help patients worldwide," said Ms. Lilly Zhang,founding and managing partner at TTM Capital.

About NeuShen Therapeutics

NeuShen Therapeutics is a biotechnology company focusing on innovative drug research and development to address CNS disorders,applying dual research platforms,including AAV-based gene therapy and small molecule discovery. With operations both in Shanghai,China and Boston,MA,NeuShen has a world-class team and is honored to be advised by an outstanding Board of Directors and Scientific Advisory Board.

https://www.neushen.com/

About Lapam Capital

Headquartered in Beijing,Lapam Capital is a leading healthcare venture capital firm in China. Lapam is currently managing five RMB funds and one USD fund,with more than 10 billion RMB under management. Lapam Capital focuses on investments in early to middle stage fast-growing companies that have innovative pharmaceuticals and medical devices. It has invested in about 60 biopharmaceutical companies and 10 medical device companies to date,including Betta Pharma,RemeGen Co. Ltd.,Clover Biopharmaceuticals,Yahong Meditech,Stemirna Therapeutics,Binhui Biotech,ImmuneOnco Biopharmaceuticals,Biostar Pharmaceuticals,Aibo Medical Robot Co. Ltd. and many other companies with great potential. Lapam Capital has a professional investment team with more than 20 years' international and domestic biopharmaceutical industry R&D and management experience and can provide comprehensive value-added supports for the invested companies.

About TTM Capital

TTM Capital is an investment firm that specializes in China and worldwide healthcare industry. We focus on early and growth stage companies including pharmaceutical,biotech and medical technology sub-sectors.

TTM Capital's team consists of experienced global vision investment professionals with extensive industry experience,who work together to achieve superior and consistent returns for the firm's investors. We are committed to accumulating industry experience over time,with the aim to develop an ecosystem of expertise to create transformative healthcare businesses.

Dr. Joan Shen,Founder and CEO of Neushen Therapeutics

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