Introduction-

Medical and health innovation is accelerating its evolution, cutting-edge technologies continue to break through clinical translation bottlenecks, and high-quality assets are becoming a strategic pivot for capital and industrial layout. This issue focuses on 5 high-value medical innovation projects, covering core tracks such as cell therapy, multispecific antibodies, and early screening of tumors. All projects have underlying technical barriers, clear clinical progress, and verifiable commercialization paths.

The project is currently in a critical window period for clinical advancement, registration and certification, or large-scale expansion, and can flexibly adapt to various cooperation modes such as equity investment, industrial mergers and acquisitions, and business development cooperation.We sincerely invite investment institutions, listed pharmaceutical companies, and industry capital to connect and exchange ideas, and jointly explore the era of medical innovation.The following is an introduction to medical assets for this period:

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1、 Cell Therapy _ Immune Exemption Sertoli Cell Platform

This project focuses on three high unmet needs scenarios: autoimmune diseases, transplant rejection, and assisted reproduction, and establishes an iPSC transformation platform centered around human immune exempt Sertoli cells. The underlying process covers iPSC reprogramming, directed differentiation, Sertoli cell induction, islet cell spheroids, iMSCs, and organoid assembly, and dozens of clinically authorized iPSC cell lines have been established. The key feature of the platform is to use immune exempt cells to improve the xenograft rejection and local blood supply environment, and simultaneously support the development of immune exempt artificial pancreas for diabetes, rheumatoid arthritis cell injection, knee osteoarthritis cell injection, and “artificial testis” and reproductive detection products for azoospermia.

The pipeline end has formed a dual line promotion of “cell drugs+medical devices/IVD”. The rheumatoid arthritis project has completed the administration of IIT in 4 cases and showed good early effectiveness. The diabetes pipeline plans to start IIT within the year; The direction of assisted reproduction is synchronized with the layout of azoospermia detection and artificial testicular solutions. Three reproductive testing IVDs are expected to obtain certification and start mass production in August 2026, providing the platform with earlier commercial acceptance. In terms of intellectual property, domestic invention patents and international patents in Europe, Malaysia, and Indonesia have been authorized, and have received disruptive technological support from Zhongguancun.

The customer base mainly includes rheumatology and immunology departments, endocrinology/transplantation centers, reproductive medicine centers, and regenerative medicine enterprises with collaborative development needs. The cash flow path is divided into two layers: in the short term, the revenue is generated from IVD evidence collection and listing of reproductive testing and cell line authorization, and in the medium term, the valuation and cooperation are promoted by clinical transformation of rheumatoid and diabetes cell drugs. This round is in the A2 round, with multiple old shareholders continuously raising funds.

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2、 Cell Therapy – Adenovirus Vector and Cell Drug Platform

The project has formed a comprehensive layout of “adenovirus carrier drug+cell drug+oncolytic virus and individualized vaccine+three major technical platforms”, covering the direction of head and neck cancer, prostate cancer, digestive tract cancer, hematomas, autoimmune diseases, diabetes and solid tumors. The core technology foundation comes from the gene therapy, cell therapy, and regenerative medicine platforms that have been continuously built for many years. There are currently more than 30 invention patents and multiple clinical trial approvals have been obtained. The most mature asset on the platform is E10A recombinant human endostatin adenovirus injection, which is one of the first gene therapy drugs in China to enter and complete phase III clinical trials. Currently, NDA applications are being promoted around head and neck cancer; E10B recombinant human IFN – γ adenovirus injection is in phase II clinical trials; E10G NK cell injection is in the Ib/II phase; The stem cell project is in Phase II clinical trials; E10A+PD1、 The oncolytic virus and multi-target CAR-NK projects have formed a echelon between preclinical and stage I/II.

The core characteristics of the platform are deep clinical asset reserves and multiple cash flow paths. E10A once reached a transaction of 180 million yuan with a listed company, and after the return of rights, it was reintegrated into the company’s core system; In recent years, the company has also completed multiple mergers and strategic partnerships, and received tens of millions of yuan in industrial capital support. In the current pipeline, the direct customer groups corresponding to head and neck cancer, prostate cancer and digestive tract cancer are specialized cancer hospitals and large tertiary hospitals, while hematomas, autoimmunity and diabetes are targeted at a wider range of specialized clinical departments. The platform also has commercial acceptance paths such as North American authorization, cooperation with key hospitals, DTP pharmacy access, and promotion of cell therapy pilot projects.

This round of financing plans to raise 300 million yuan, of which about 50% will be used for clinical pipeline promotion, about 20% for preclinical pipeline and platform research and development, about 15% for commercial management, about 10% for listing applications, and the remaining part for operation and talent introduction. Specific targets include key nodes such as E10A NDA, E10B II phase, NK II phase, stem cell I phase, E10A+PD1 II phase, and oncolytic virus I phase. The platform has been developed from early stages CMC、 The complete framework for clinical promotion to market preparation is currently focused on continuing to promote the registration and commercialization of multiple gene and cell drugs that have been approved for clinical qualification.

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3、 Innovative drugs _ Multi specific antibody drug platform

This project focuses on high-value therapeutic fields such as tumors, autoimmune and inflammatory diseases, CNS, and ophthalmology, and establishes an innovative drug research and development platform with multispecific antibodies as the core. The technology base consists of three sets of modules: a dual target ADC platform, a three specific TCE platform, and a multi-target self exemption platform; Simultaneously supporting bioinformatics driven target discovery, antibody engineering, translational medicine CMC、 Clinical development and commercialization capabilities form a complete chain from targets to clinical practice. The platform has currently formed more than 10 FIC/BIC projects, covering areas such as dual antibody ADC, tri specific TCE, and self exempt dual antibody.

Two projects have entered the global I/II phase at the pipeline end, namely VBC101 for EGFR × cMET ADC and VBC103 for TROP2 × Nectin4 ADC; VBs102 and other projects are entering IND and clinical trials as planned. In the next two years, the company will usher in multiple key milestones: Phase I/II data readout of VBC101 and VBC103 in China and the United States, multiple ADC, TCE, and self immune dual antibody projects entering IND, and VBs102 launching clinical trials. The technology platform and BD capabilities have been verified, and VBC103 and VB1102 have successively authorized American biotechnology companies, with a total transaction amount exceeding 1.2 billion US dollars.

The customer base is mainly composed of global pharmaceutical companies and innovative biotech, including joint development, regional licensing, and early preclinical licensing. The cash flow structure is relatively diversified: on one hand, it relies on external authorization to generate non diluted income, and on the other hand, it relies on continuous financing and clinical milestones to drive valuation improvement. Since its establishment in 2021, the company has completed three rounds of oversubscription financing, raising a total of 163 million US dollars, and maintaining strong cash reserves to support the advancement of 3 to 4 core assets to the clinical concept validation stage.

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4、 Tumor Early Screening – Infection Color Quality Open Interval AI Screening Platform

This project focuses on the construction of a regional tumor prevention and control system and the demand for early screening of digestive tract tumors. A tumor screening platform based on chromatin open interval detection and artificial intelligence analysis has been developed. The core technology uses cfDNA chromatin open range as the underlying biomarker, combined with low-cost library construction, bioinformatics analysis, and graph neural networks Transformer、 The Bayesian neural network model can identify and interpret 93702 “gene switch” indicators related to gene expression status, and can simultaneously cover scenarios such as tumor screening, cancer differentiation, lesion type judgment, lymph node metastasis identification, and treatment monitoring. The total number of existing samples has reached 2227, including 373 cases of gastric cancer, 159 cases of precancerous lesions, 872 cases of other cancer types, and 823 cases of non cancer and healthy samples; In the gastric cancer scenario, the sensitivity is 88.60%, the specificity is 97.58%, and the cost of a single terminal test is about 1200 yuan. The screening cost for each confirmed case of gastric cancer is about 17500 yuan, significantly lower than the methylation and miRNA routes.

The platform has obtained CE certification from the European Union and entered the “Technical Guidelines for Integrated Diagnosis and Treatment of Chinese Tumors with Liquid Biopsy”. Commercialization adopts the B2B2G pathway, providing a regional screening program of “AI+services+products” to governments, state-owned enterprises, and large medical institutions. It has obtained access to top tier tertiary hospitals, orders from state-owned enterprises, and financing intentions from state-owned enterprises. The goal is to first form a demonstration in the region, and then replicate it to the joint screening, treatment monitoring, and wider cancer scenarios of gastrointestinal cancer. The customer base corresponding to this platform mainly includes regional health systems, state-owned health management platforms, tertiary hospitals, and regional testing centers. The cash flow comes from both screening services and product sales, as well as graded screening and monitoring services for subsequent continuous repurchase.

At present, a promotion framework has been formed from regional screening scheme design, testing product output to hospital collaborative implementation, which is suitable for connecting with local governments, state-owned enterprise platforms, top hospitals, and regional testing centers. As the sample size expands and the model continues to be updated, the platform can further extend to risk assessment, efficacy monitoring, and multi cancer screening scenarios, enhancing the sustained income capacity after single region replication.

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5、 Cell Therapy _ iPSC Induced Artificial Platelet Platform

The project focuses on pain points such as tight clinical platelet supply, short shelf life, and risk of transfusion infection, and aims to build a cell therapy and transfusion replacement platform with iPSC induced platelets as the core. The technical route covers the entire process of umbilical cord blood collection, CD34+cell isolation, reprogramming to obtain iPSCs, inducing differentiation into megakaryocyte progenitor cells, constructing immortalized megakaryocyte progenitor cell lines, mature production plates, and platelet separation, purification, and storage. Artificial intelligence is also introduced to optimize the processes of reprogramming, line building, differentiation, and quality control. In the existing system, the differentiation efficiency of megakaryocytes reaches over 90%, and the functional activities such as in vitro aggregation and release reach over 95% of traditional donated platelets. After large-scale production, it is expected that the unit cost can be reduced by about 40% compared to traditional methods.

The core product is clinical grade iPSC derived platelet injection, with a standard specification of 2.5 × 10 ¹¹ platelets per unit for adults and 1.25 × 10 ¹¹ platelets per unit for children. In the initial stage of listing, the expected selling price per unit is 8000-10000 yuan, which is expected to decrease to 3000-4000 yuan in the medium term, and is expected to decrease to 1200-1800 yuan in the mature stage, gradually approaching the price range of traditional single platelet collection. The customer base mainly includes hematology, oncology, core hospitals with high demand for perioperative blood transfusion, as well as blood station systems and emergency blood supply scenarios in remote areas; In the future, accessibility can be expanded through cooperation with distribution platforms, medical insurance, and commercial insurance. The global platelet market is expected to reach a size of approximately 4.46 billion US dollars in 2024, with a shortage of about 1.2 million units in China’s demand, corresponding to a market space of approximately 15-30 billion yuan. The cash flow path of the project covers the sales of infusion products at the hospital end, the cooperative supply of blood station systems, and the sustained increase in volume after subsequent large-scale production.

The company has synchronously planned the construction of clinical cooperation networks, large-scale production bases, and payment pathways, with target customers covering hematology, oncology, perioperative blood transfusion scenarios, and emergency blood supply needs in remote areas. With the decrease in costs and the improvement of supply capacity, products are expected to gradually penetrate from core hospitals to regional blood stations and wider medical institutions, forming a more stable mass production base. On the technical side, AI is also introduced to continuously optimize the establishment, differentiation, cultivation, quality control, and yield of the system, with the goal of further improving the efficiency of large-scale production while ensuring activity and safety.

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The 5 major medical innovation assets of this issue focus on the core tracks of cell therapy, innovative drugs, and early screening of tumors. They have deep technical barriers, clear clinical pathways, mature business models, and are suitable for various cooperation scenarios such as investment and financing, mergers and acquisitions, and business development.

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