China venture roundup: RNA company Immorna raises nearly $100M

Immorna Biotechnology (Hangzhou) Co. Ltd. closed A+ and A++ rounds totaling nearly $100 million. China Structural Reform Fund, Yuexiu Fund, Hillhouse Group, Zhenji Capital, Xiamen C&D Emerging Industry Equity Investment, Tailong VC, TigerYeah Capital invested, as did existing investors Co-win Ventures, China Growth Capital and Zheshang Venture Capital. Immorna is led by co-founder and CEO Zihao Wang, formerly of Novartis AG (SIX:NOVN; NYSE:NVS) and GSK plc (LSE:GSK; NYSE:GSK). The company’s most advanced programs are in Phase I/II testing and include mRNA vaccines for COVID-19 and shingles and srRNA products for solid tumors.  

Oricell Therapeutics (Shanghai) Co. Ltd. will use proceeds from a $45 million series B1 round to fund the U.S.-based clinical development of OriCAR-017, a GPRC5D CAR T therapeutic to treat relapsed and refractory multiple myeloma, which is at the IND enabling stage in the U.S. and China. The financing was led by RTW Investments and Qatar Investment Authority, with participation from existing investors including Qiming Venture Partners and C&D Emerging Industry Equity Investment, and follows a $125 million series B raise in July 2022...