十五年磨一剑：资本短视下，安科生物杨林博士的全球首款CAR-T突围战

Core Viewpoint - The approval of PA3-17 injection for critical Phase II clinical trials marks a significant step for the company, but the journey has been prolonged due to funding challenges and the nature of the pharmaceutical industry [1][2][4] Group 1: Company Development - The founder of the company, Dr. Yang Lin, has been a pioneer in the field of tumor cell therapy in China, focusing on CD7-positive hematological malignancies since the company's establishment in 2010 [1] - The company has achieved remarkable clinical trial results, with a 100% objective response rate and nearly 90% complete response rate in early trials [1] - Despite technological breakthroughs, the company has faced difficulties in securing continuous capital investment, which has delayed the development of its innovative drug [2][3] Group 2: Funding Challenges - The pharmaceutical industry is characterized by high investment, long cycles, and high risks, which contrasts sharply with investors' pursuit of immediate returns [2] - The company's financing history reflects this struggle, with significant delays between funding rounds, such as the 11-year gap from its founding to its A-round financing in 2021 [2] - The overall funding environment for the CAR-T sector has cooled since 2021, with average financing dropping to $31 million in 2024, half of the peak levels [2][3] Group 3: Market Perception - There is a stark contrast in market attitudes towards different innovative pharmaceutical companies, with some receiving strong support while others, like the company in question, struggle to attract similar capital attention [3] - The company’s focus on a niche target and reliance on long-term technological accumulation has made it less appealing to investors compared to projects with clearer progress or backing from major players [3] Group 4: Future Outlook - The launch of the critical Phase II clinical trial for PA3-17 injection brings hope for the company, but years of delays have resulted in missed opportunities for many patients [4] - The company aims to make its drug affordable for ordinary patients, highlighting the importance of patience from capital markets in supporting long-term research and development efforts [4]