China-based Hopstem Biotechnology Inc. has closed the first tranche of a Series C financing round to advance its induced pluripotent stem cell (iPSC)-derived neural progenitor cell therapy platform, with proceeds directed toward multi-indication clinical development and commercial-scale manufacturing. The company did not disclose the total amount raised at this first closing.
The round drew participation from three new investors — Tasly Capital, Haibang Investment, and Guangzhou Health Industry Investment — alongside returning backer Longmen Capital, which has supported the company since leading its Series A+ round in December 2020. Hopstem previously raised approximately USD 40 million in a Series B in October 2021, with Lilly Asia Ventures among the participants. The company said the Series C proceeds will fund clinical advancement of its lead candidate across multiple indications and support manufacturing scale-up, with additional closings anticipated.
Hopstem's lead asset, hNPC01, is an allogeneic, off-the-shelf forebrain neural progenitor cell injection derived from clinical-grade iPSCs using the company's proprietary second-generation differentiation platform, which the company said produces greater than 95% cortical fate progenitor cells and neurons. The therapy is delivered via intracranial injection and is designed to integrate into host neural circuits to support motor function recovery. The company was founded by Dr. Jing Fan, whose postdoctoral research was conducted at Johns Hopkins University's Institute for Cell Engineering.