China’s CoJourney, a contract development and manufacturing organization that specializes in cell and gene therapy, plans to use the $30 million it has raised in equity financing to expand its Montgomery County operations, writes John George for the Philadelphia Business Journal.

The financing round was led by Chinese investment holding company Legend Holdings and supported by China-based GL Ventures, Legend Star Investment Management, and Lake Bleu Capital.

According to Lijun Wang, CoJourney’s CEO, the company has already developed streamlined manufacturing processes that will make it possible to deliver high-purity products to its clients with “unprecedented turnaround times” and lower costs.

“We believe this is the new model for cell and gene therapy CDMOs,” said Wang. “We are now at a pivotal stage in our company’s journey where we can become true strategic partners for our clients, helping them advance innovative genetic medicines from early product development to clinical trial volumes and commercial scale manufacturing.”

The company is based in Hangzhou, in eastern China, but also has operations at the Spring House Innovation Park in Lower Gwynedd. Its listed address is the space that is occupied by Exegenesis Bio.

Exegenesis also has operations in Hangzhou. The relationship between the two companies is unclear.

Read more about CoJourney in the Philadelphia Business Journal.

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