- State-backed and existing investors back the Westlake University spinout
- Funds support engineered red blood cell therapies, including a pd-1 program showing early remission signals
Westlake Therapeutics (西湖生物医药), an innovative drug discovery startup incubated by Hangzhou’s Westlake University, said it has raised a new strategic funding round worth more than 100 million yuan ($14.73 million).
The round was co-led by Beijing Shijingshan Modern Innovation Industry Development Fund and Ruili Synthetic Biology Fund, with follow-on investment from existing shareholders including Efung Capital, Hofon Capital and HongShan.
The latest proceeds will be used to advance Westlake’s red blood cell drug platform and accelerate clinical validation and regulatory filings across oncology and autoimmune indications.
Red blood cell therapeutics
Founded in 2019, Westlake Therapeutics is the first commercialization spinout from Westlake University, focused on engineered red blood cell therapeutics and industrial development.
The company was co-founded by Dr. Gao Xiaofei, who joined Westlake University in 2017 as a life sciences researcher and doctoral supervisor.
Gao went on to become professor and now leads the university’s cell drug and delivery technology lab, with a research focus on cell therapy and delivery systems.
Westlake has built what it describes as the world’s first adult red blood cell-drug conjugation platform, REDx, designed to attach antibodies, nucleic acids and small molecules to red blood cells while maintaining stability.
The platform supports pipelines across oncology, autoimmune and metabolic diseases.
PD-1 antibody conjugate
Its lead candidate, WTX-212, is the first red blood cell-anti-PD-1 antibody conjugate, developed for PD-1/PD-L1 inhibitor-resistant solid tumors.
In an investigator-initiated first-in-human study, WTX-212 achieved what the company described as the world’s first complete remission in a solid tumor patient treated with a red blood cell-based therapy in this class, along with sustained survival benefits.
The company plans to submit IND applications for WTX-212 in both China and the US in 2026.
An established incubator
Beyond oncology, Westlake is also developing a nucleic acid delivery pipeline using red blood cells. Its representative program, WTX-101, is a red blood cell-mRNA-LNP conjugate designed to enable targeted delivery to the spleen and myeloid immune cells.
Since its formation as Westlake University’s first technology transfer project, the university has incubated 51 spinout firms.
Together, they have raised about 2.5 billion yuan in external financing, and built a combined valuation approaching 20 billion yuan, with most companies based in Hangzhou’s Xihu District.
The university and district authorities have jointly established an integrated research, industry and investment platform, including a co-launched venture fund.
