Diamond Biofund invests in full speed after its listing in Taiwian Stock Exchange. Following investing in Syncell, Diamond Biofund has announced on Nov. 8^th, 2023 a significant addition of US$6.35 million investment in StemCyte to support its novel cell therapy entering into the global market and its successful capital raise of over US$25 million.

Shuling Cheng, Ph.D., President of Diamond Biofund, emphasized that allogeneic cell therapy is the current market trend. StemCyte offers global customers critical cell materials that is scientifically verified with proven R&D success, including clinical case results demonstrating the cure of an HIV patient (published in “Cell” March 2023). StemCyte positions its public allogeneic umbilical cord blood bank resources to be a leader in the global cell therapy.

Jonas Wang, Ph.D., Chairman of StemCyte, stated that StemCyte plans to submit application to be listed on Taiwan Innovation Board of TWSE by the end of 2023. StemCyte has an ongoing BLA drug certification application for umbilical cord blood in the United States, one phase II clinical trial related to Post-COVID-19 syndrome in the United States and one phase II clinical trial for spinal cord injuries in Taiwan, and the successful completion of a phase I clinical trial for acute stroke in Taiwan, which is currently under preparations to apply for a phase II clinical trial in the United States. StemCyte has achieved substantial breakthroughs in the development of multiple cell therapy drugs. This additional capital injection helps accelerate its future research and development.

Tong-Young Lee, Ph.D., CEO of StemCyte, highlighted that StemCyte is one of the worldwide top ten companies for umbilical cord cell storage and cell therapy. StemCyte holds the unique distinction in Taiwan of the only company certified by both the American Association of Blood Banks (AABB) and the Foundation for the Accreditation of Cellular Therapy (FACT). In May 2023, StemCyte signed a collaboration agreement with CytoImmune Therapeutics, a US immune cell therapy company co-founded by Richard Santulli, once considered a potential successor to Warren Buffett at Berkshire Hathaway. Under the agreement, StemCyte will be responsible for supplying CytoImmune with cell materials meeting US FDA standards for allogeneic cell therapy product development, marking the first collaboration of cell therapy companies between Taiwan and the US.

About Diamond Biofund

Diamond Biofund is the first Taiwan Stock Exchange (TWSE)-listed evergreen biotech venture capital firm in Taiwan. With its mission to “Nurture Innovation for Better Quality of Life,” the firm specializes in biotechnology and medical investments. Diamond Biofund’s focus extends to globally competitive prospects, including new drug R&D, high-end medical equipment, innovative medical services and channels, and agricultural biotechnology. In addition to financial investment, Diamond Biofund provides invaluable support to portfolio companies in diverse areas, such as corporate governance, R&D, clinical implementation, business development, and capital market integration, all aimed at driving portfolio growth and delivering investment returns to shareholders.