Kanglin Biotechnology Announces $20-Million Financing to Advance the Development of Gene Therapies
Kanglin Biotechnology (Hangzhou) Co., Ltd, an innovative biotech company developing the next generation of gene therapies, recently announced the successful completion of a Series A financing of $20 million. Proceeds from the financing will be used to support the clinical development for the company’s lead asset, KL003, for the treatment of beta thalassemia and sickle cell disease. The company will use additional funds from the financing to evaluate the feasibility of additional therapeutic indications in their pipeline.
“Our best-in-class gene therapy has the potential to cure patients living with beta thalassemia and sickle cell disease through a one-time intervention. We believe our treatment may fundamentally change the lives of patients living with these burdensome diseases,” said Dr. Haoquan Wu, Chief Executive Officer and Founder of Kanglin Biotechnology. “In our study, KL003 demonstrated 100% efficacy in 17 patients and resulted in a dramatically shorter time to transfusion independence and engraftment. We believe that KL003’s clinical profile sets it apart from others in the class and look forward to beginning our Phase 2 pivotal study next year. In addition, the significant reduction in manufacturing costs may provide a solution to the currently available high-cost gene therapies and ultimately increase access for this important therapy to those patients who need it most.”
KL003 is a lentiviral vector gene therapy that delivers a functional ß-globin gene for the one-time treatment of beta thalassemia and sickle cell disease. KL003 cell infusion has recently received Pediatric Rare Disease Designation (RPDD) and Orphan Drug Designation (ODD) from the US FDA. In January 2024, the clinical trial application for KL003 cell injection was approved by the Center for Drug Evaluation (CDE) in China for the treatment of transfusion-dependent beta thalassemia.
Kanglin Biotech is a China-based company, focusing on the research, development, and commercialization of first-in-class and best-in-class gene therapy drugs, most of which are targeted at diseases that seriously affect human health, such as beta thalassemia, AIDS, hemophilia and Parkinson’s disease.
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