Hangzhou, China, September 15, 2023 – Hangzhou Qihan Biotech Co., Ltd. ("Qihan" or "Qihan Biotech" or "the Company"), an industry leader in applying multiplexable genome editing technology to cell therapies and organ transplantation, today announced the successful completion of a pre-Series B financing exceeding $16 million funded by a new investor, Zhejiang Industrial Fund Co., Ltd., with participation from other existing investors. The combined funds from this financing round and the company's reserves will provide ample capital to support the rapid product iteration and global development of gene-edited stem cell products by Qihan in the next four years.

Dr. Luhan Yang, the Founder and CEO of Qihan Biotech, said, "We are very grateful for the continued support of our existing shareholders and the trust of our new shareholder, Zhejiang Industrial Fund Co., Ltd. There are still many core challenges to be overcome in the Off-the-Shelf cell therapy field, but the combination of gene editing and stem cell therapy holds enormous potential to create the products serving a wide range of cancer patients. We will continue leveraging Qihan's research and talent advantages, work diligently, and strive to develop Off-the-Shelf cell therapy products that provide long-term patient benefits."

About Qihan Biotech

Qihan Biotech is a biotechnology company applying genome editing technology to develop novel cell therapies and organs for transplantation. The company's mission is to use high-throughput, multiplexable genome editing combined with expertise in transplantation immunology to create immunologically privileged allogeneic cells and xenogeneic organs for use as therapies to treat cancer, organ failure, and other complex medical conditions. With a vision to create a world in which cell and organ therapies are universally available to patients, Qihan Biotech has raised several financing rounds. It has multiple products at different stages of development, including QN-019a, which had already received IND approval from China NMPA to treat CD19-positive relapsed/refractory aggressive B-cell non-Hodgkin lymphoma. Qihan's deep scientific experience and technology advancements have enabled the company to create cutting-edge cell therapy products. Qihan Biotech is headquartered in Hangzhou, China. For more information, please visit the company's website at www.qihanbio.com.

Forward-looking Statements

This release contains statements including, but not limited to, Qihan’s research development and/or relevant programs, its past, ongoing, and planned research studies, and the potential of Qihan’s research candidate. These and any other statements in this release are based on Qihan management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such statements. These risks and uncertainties include, but are not limited to, the risk that Qihan’s research program may not warrant further development, the risk that results observed in prior studies of Qihan’s research candidates will not be observed in ongoing or future studies involving these candidates, the risk of a delay or difficulties in the developing or transforming of Qihan’s research candidates, the risk that Qihan may cease or delay the research development of any of its candidates for a variety of reasons. Qihan is providing the information in this release as of this date and does not undertake any obligation to update any statements contained in this release as a result of new information, future events, or otherwise. Information concerning therapies and related products contained herein is not intended as medical advice.

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Source: Hangzhou Qihan Biotech Co., Ltd.