Cure Genetics, a Chinese biotech startup that focuses on the treatment of cancers and genetic diseases, has secured $60 million in a Series B round of financing led by China-focused private equity (PE) firm Advantech Capital.

China's Oriza Holdings, healthcare-focused equity investment firm Blue Ocean Capital Group (BOCG), venture capital (VC) major Qiming Venture Partners, and others participated in the round. Financial institution China Renaissance, the exclusive financial advisor to the deal, announced in a statement on Wednesday. Founded in 2016 and based in eastern China's Suzhou city, Cure Genetics mainly develops applications of technologies in innovative medicines and molecular diagnostics to help advance the treatment of cancers and genetic diseases. It runs a research centre of over 3,000 square metres (32,291.7 square feet), as well as an 8,000-square-metre (86,111.3 square feet) GMP plant, according to the firm's website.

Cure Genetics plans to use the fresh capital to speed up the clinical development of its pipeline products and explore global partnership opportunities. In January 2021, the startup formed a partnership with Germany's Boehringer. Ingelheim, one of the world's largest pharmaceutical companies, for the development of novel Adeno-Associated Virus (AAV) vectors used in gene therapies.

Before the Series B round, the startup closed $17 million in a Qiming-led Series A round in 2018. Tsing Song Capital and Ascendin Fund, an investment subsidiary of Hong Kong-listed property investment firm Sino-Ocean Group, also invested in the round.