投资界10月15日消息，康桥资本今日宣布，旗下瑞桥信贷二期美元基金（R-Bridge Healthcare Fund II， 简称"RBF II"）完成募集，总募资金额达5亿美元。该基金为亚洲规模最大的专注于医疗健康领域的信 贷基金之一。RBF II将在全球范围内投资，助力医疗创新及行业可持续增长。 RBF II吸引了来自全球的多元化机构投资者，包括主权财富基金、养老基金、金融机构及家族办公室。 该基金延续其独特的差异化投资策略，面向拥有即将有产品获批或产品处于商业化阶段的生物技术公司 及医疗器械或服务企业，提供基于药品特许权和销售收入的融资结构，覆盖北美、欧洲、亚洲及其他全 球主要市场。通过定制化的非稀释性融资解决方案，RBF II将帮助企业加速商业拓展，同时为投资者实 现具吸引力的风险调整回报与稳健的下行保护。 康桥资本高级董事总经理兼瑞桥信贷基金负责人Michael Keyoung博士表示，我们衷心感谢新老投资者 的信任与支持，使我们能够以全球化视角在亚洲及更广泛市场推动信贷投资的发展。我们坚信,非稀释 性信贷解决方案已成为全球医疗健康资本市场的重要组成部分,并将在欧洲、亚洲与美国迎来更多机 遇。凭借我 ...

Summary of Tenaya Therapeutics Conference Call (October 14, 2025) Company Overview - **Company**: Tenaya Therapeutics (NasdaqGS:TNYA) - **Focus**: Genetic medicine, specifically gene therapies for cardiomyopathies Key Assets - **TN-201**: Targets MYBPC3-positive hypertrophic cardiomyopathy (HCM) patients - **TN-401**: Targets PKP2-positive arrhythmogenic right ventricular cardiomyopathy (ARVC) patients - Both therapies utilize AAV9-based vectors and are currently in clinical trials [3][4][5] Core Points and Arguments TN-201 (HCM) - **Mechanism**: AAV9 vector delivering a full-length MYBPC3 gene with a cardiomyocyte-specific promoter [4] - **Unique Selling Proposition**: Addresses the underlying genetic cause of HCM, particularly for non-obstructive forms, which represent 70% of the patient population [9][10] - **Market Context**: Current therapies like Camzyos are not approved for non-obstructive HCM, highlighting a significant unmet need [10] - **Clinical Data**: Positive interim data from the MyPeak-1 study showed safety and tolerability, with two out of three patients experiencing significant improvements in cardiac biomarkers [14][15][18] - **Durability of Effect**: All patients in the first dose cohort reached New York Heart Association Class I, indicating no disease impact on daily living [18] TN-401 (ARVC) - **Mechanism**: AAV9 vector delivering a full-length PKP2 gene [29] - **Unmet Need**: ARVC is a severe condition with no approved therapies addressing its genetic cause, leading to high morbidity and mortality [30] - **Preclinical Data**: Demonstrated prevention of arrhythmia and cardiac remodeling in severe preclinical models [32] - **Clinical Trial**: Ongoing Phase 1b trial (RIDGE-1) with expected data release in Q4 2025 [33] Additional Important Insights - **Safety Database**: AAV9 has the largest safety database among AAV vectors, enhancing confidence in its use [6] - **Innovative Engineering**: The company has developed unique promoters and molecular designs to optimize gene delivery [4][5] - **Data Presentation**: Upcoming data at the AHA conference is highly anticipated, with a focus on safety and efficacy [22][20] - **Comparison with Peers**: The company is mindful of how its data compares with other gene therapy programs, emphasizing the importance of robust protein measurement methods [35][36] Conclusion - **Future Outlook**: Tenaya Therapeutics is positioned to address significant unmet needs in cardiomyopathy with its innovative gene therapies, backed by promising clinical data and a strong safety profile [13][20]

以下文章来源于TOP创新区研究院 ，作者产业升级研究组 TOP创新区研究院 . 创新区研究，就在TOP研究院。TOP研究院专注于全球创新区的一体化研究，从Talent(个人), Organization(组织), Place(区域)三大维度出发，通过"研究/连接/ 分享"，探索中国创新区的实践路径。 来源丨 TOP创新区研究院（ID：TOP_Lab） 2025年10月，当诺贝尔生理学或医学奖的聚光灯打在玛丽·布朗科（Mary Brunkow）和弗雷德·拉姆斯德尔（Fred Ramsdell）身上时，整个科学界为之 沸腾。 这也是一个关于耐心资本、科学远见和长期主义的传奇故事—— 一项足以改变世界的伟大发现，但其种子往往播撒在最意想不到的土壤里。 今天，就让我们穿越30年的时光，回到那个激动人心的起点，探寻这家被遗忘的公司，如何造就了两位诺贝尔奖得主。 "人类登月计划" 咱们的故事要从上世纪90年代初讲起。 他们揭开了人体免疫系统"维和部队"——调节性T细胞（Tregs）的神秘面纱，为攻克癌症、自身免疫性疾病（如红斑狼疮、类风湿关节炎）带来了革命性 的曙光。 然而，当媒体深挖这两位科学家的履历时，一个尘封的名字 ...

欧洲未能激发突破性高科技创新，而是局限于中低端渐进式创新。 报告分析认为，这一结果部分是路径依赖导致的。过去20年，欧盟研发资金的部门分布几乎不变，一直 为汽车行业主导。但美国最大的研发投入公司已从2003年的汽车/制药转向2022年的软件巨头，中国也 快速转向高科技。即使是在欧洲具有优势的汽车部门，电动车转型也落后中美。欧盟汽车部门的研发资 金占全球45%，但软件仅为6%，美国软件研发资金占全球75%。 当地时间10月13日，新晋诺贝尔经济学奖得主、法国经济学家阿吉翁（Philippe Aghion）在与瑞典皇家 科学院的通话中说道，欧洲各国必须清醒认识到，自身在技术竞争上已落后于美国和中国，并应设法改 变这一局面。 阿吉翁认为，这背后的原因是，欧洲缺乏适当的政策和制度来激发突破性高科技创新，而是局限于中低 端渐进式创新。 德国Ifo经济研究所工业组织与新技术中心副主任、高级经济学家切尔尼希博士（Dr. Nina Czernich）接 受第一财经记者采访时也认同了这一观点。她称，德国在新兴技术领域的落后，部分源于其对汽车和机 械等传统强势产业的过度依赖，"无论是公共政策还是私营企业，都倾向于依托德国引以为傲 ...

Group 1 - Bristol Myers Squibb agrees to acquire Orbital Therapeutics for $1.5 billion in cash to enhance its cell therapy product portfolio, focusing on next-generation RNA drugs [1] - Fonda Holdings plans to acquire 100% of Shanghai Guanhua Medical Technology for RMB 270 million, which specializes in clinical trial technology services [2] - Shengxing Holdings announces the acquisition of machinery from A and B sellers for a total of HKD 6.45 million and HKD 6.2 million, respectively, along with a financing lease agreement [3] Group 2 - Jiufu Lai completes the acquisition of 100% equity in Henan Lixuan Network Technology, with all conditions met for the transaction [4] - Zijin Mining completes the acquisition of 100% equity in the Raygorodok gold mine project in Kazakhstan, which has rich resources [5] - Luxshare Precision announces progress in acquiring equity and assets from subsidiaries of Wentech Technology [6] Group 3 - Tianjin Jieqiang Power Equipment completes the acquisition of 51% equity in Shandong Carbon Seeking New Materials as part of its strategic development plan [7] - Global Infrastructure Partners (GIP) is in advanced negotiations to acquire Aligned Data Centers from Macquarie Group, with a potential transaction value of up to $40 billion [8]

近日，由成都高科集团旗下盈创动力公司与成都高新区新蓉天使引导投资有限公司共同出资组建的成都 高科科技成果转化创业投资合伙企业（有限合伙）（以下简称"成果转化基金"）完成对睿芯行、图讯科 技、泊微科技、知否瑞达、盛世君联的数千万投资，支持五家企业在关键技术领域的成果转化与产业化 进程。 睿芯行 成都睿芯行科技有限公司由电子科技大学、西南交通大学国家级人才联合成立，是自主移动机器人行业 优秀的核心控制器、AI相机、具身智能等产品供应商。先后获得多年度行业优质供应链奖项和行业高 度认可。公司产品包括室内/外各类无人叉车/AMR、巡检、低速无人驾驶机器人控制器RBrain系列;多模 态视觉VSLAM相机及其他AI相机等,客户遍布国内外几百家企业。同时,睿芯行已发布ADA-Grasp工业抓 取专家模型和具身智能拣选产品，着力拓展具身智能+工业场景新应用，立志成为泛移动场景机器人上 游模组级工具箱和工业具身智能应用专家。 睿芯行是成都市高层次"四派人才"企业、四川省"专精特新"中小企业、国家高新技术企业。拥有50余件 知识产权，20余件发明专利，10件实用新型专利，产品全系列获得国际EMC相关认证 。 知否瑞达主营业务为 ...

Core Insights - The article highlights the recent activities in the Hong Kong stock market, including companies filing for IPOs, passing hearings, and new stock listings. Group 1: Companies Filing for IPOs - Tambor Group Limited filed for an IPO on October 8, 2023, with CICC as the sole sponsor. It is a leading outdoor apparel brand in China, projected to have revenues of approximately RMB 7.32 billion in 2022, growing to RMB 13.02 billion by 2025 [2] - Chengyi Biotechnology Cayman Limited also filed on October 8, 2023, with Jefferies, Bank of America, and CICC as joint sponsors. The company focuses on developing new oral small molecule drugs for unmet medical needs in cardiovascular and inflammatory diseases, with projected revenues of USD 36.06 million in 2023, increasing to USD 221 million in 2024 [3] - Dongpeng Beverage Group Limited submitted its application on October 9, 2023, with Huatai International, Morgan Stanley, and UBS as joint sponsors. It is the leading functional beverage company in China, with revenues expected to rise from RMB 85 billion in 2022 to RMB 158.3 billion by 2025 [4] Group 2: Companies Passing Hearings - Dipo Technology Co., Ltd. passed the hearing on October 12, 2023, with a focus on providing AI solutions for enterprises. It is ranked first in the Chinese enterprise-level AI application solutions market, with projected revenues of RMB 1.01 billion in 2022, growing to RMB 2.43 billion by 2025 [5][6] - Cambridge Technology Co., Ltd. also passed the hearing on October 12, 2023, with a focus on ICT industry services. It ranks fifth in the global optical and wireless connection device market, with revenues expected to reach RMB 37.84 billion in 2022 [7] - SANY Heavy Industry Co., Ltd. passed the hearing on October 12, 2023, and is recognized as a leading global engineering machinery company, with revenues projected to be RMB 808.39 billion in 2022 [8] - Eight Horses Tea Co., Ltd. passed the hearing on October 12, 2023, and is a leader in the high-end tea market in China, with revenues expected to grow from RMB 18.18 billion in 2022 to RMB 21.43 billion by 2025 [9] Group 3: Companies Launching IPOs - Zhida Technology (02650.HK) launched its IPO from September 30 to October 6, 2025, with a final price of HKD 66.92 per share [10] - Jinye International Group (08549.HK) also launched its IPO during the same period, with a share price of HKD 0.65 [10] - Xuan Bamboo Biotechnology-B (02575.HK) launched its IPO from October 6 to October 10, 2025, with a share price of HKD 11.6 [11] - Yunji (02670.HK) launched its IPO from October 8 to October 13, 2025, with a share price of HKD 95.6 [12] - Haixi New Drug (02637.HK) launched its IPO from October 9 to October 14, 2025, with a price range of HKD 69.88 to 86.40 [12] Group 4: New Stock Listings - Changfeng Pharmaceutical (HK:02652) was listed on October 8, 2025, closing at HKD 38.50 per share, with a gain of 161.02% [13] - Jinye International Group (HK:08549) was listed on October 10, 2025, closing at HKD 2.15 per share, with a gain of 330.00% [14] - Zhida Technology (HK:02650) was also listed on October 10, 2025, closing at HKD 195.5 per share, with a gain of 192.14% [15]

文｜财华社 年初以来，包括劲方医药-B（02595.HK）、中慧生物-B（02627.HK）在内的多只生物科技企业通过第18A章登陆了港股市场，大多数表现不俗。 而在近期，诚益生物开曼有限公司（简称"诚益生物"）也已经向港交所递交了招股书，拟通过第18A章在主板挂牌上市，杰富瑞（Jefferies）、美银证券、中 金公司为其联席保荐人。 拥有多款候选产品，估值近5亿美元 诚益生物成长史，最早可追溯到2018年，由Jingye Zhou（周敬业）及徐剑锋两位创始人共同于上海注册成立。 据招股书资料显示，周敬业，46岁，美国国籍，公司的董事长、执行董事、首席执行官兼联合创始人。他曾任上海礼来中国研发中心先后担任二级首席科学 家及化学部负责人，Tetraphase Pharmaceuticals, Inc.研究科学家，任期期间联合发明了Eravacycline(一种经FDA批准的抗生素)。 徐剑锋，47岁，中国国籍，公司的执行董事、首席科学官兼联合创始人。他也曾经在上海的礼来中国研发中心工作，最后职位为二级首席科学家。 目前，诚益生物已成长为一家处于临床阶段的全球性生物技术公司，致力于探索及开发新一代口服小分子药物 ...

Financing Transactions - Zero Gravity Aircraft Industry announced the completion of A+++ round financing with nearly 300 million RMB, led by CITIC Securities and Luoyang Cultural Tourism Group, focusing on eVTOL and electric fixed-wing aircraft development [1] - Natural堂 Group completed a new financing round with an investment of 300 million RMB from Jiahua Capital, with a valuation exceeding 7 billion RMB [2] - Chengdu Nureter Medical completed approximately 800 million RMB in D round financing, focusing on medical isotopes and radiopharmaceuticals [3] - CATL Intelligent, a subsidiary of CATL, completed its first external financing round exceeding 2 billion RMB, becoming the first "unicorn" in the smart chassis sector [4] - Changxin Storage received a strategic investment of 450 million RMB, with a valuation exceeding 140 billion RMB, as it approaches its IPO [5] - Didi Autonomous Driving announced the completion of 2 billion RMB in D round financing, with a post-investment valuation exceeding 5 billion USD [6] - Shimo Microelectronics completed over 100 million RMB in B round financing, focusing on high-performance analog signal chain chip design [7] - Huadao Biotechnology completed over 100 million RMB in D+2 round financing, aiming to accelerate the industrialization of affordable cell therapies [8] - Xijing Technology completed E+ round financing, with participation from Wuliangye Fund, focusing on AI solutions for logistics [9] - Expedition Therapeutics announced the completion of 165 million USD in A round financing, focusing on innovative therapies for autoimmune and respiratory diseases [10][11] Company Highlights - Zero Gravity Aircraft Industry aims to build a third transportation ecosystem, with its RX1E-A electric fixed-wing aircraft already in mass production [1] - Natural堂 Group is positioned as China's third-largest domestic cosmetics group, with Jiahua Capital providing comprehensive support for its future development [2] - Nureter Medical is focused on breaking the dependency on imported isotopes and advancing the domestic nuclear medicine industry [3] - CATL Intelligent is set to launch its first chassis model in 2024, leveraging CATL's battery technology [4] - Changxin Storage is advancing its 15nm technology and expanding production capacity, targeting a 50% increase in DRAM shipments by 2025 [5] - Didi Autonomous Driving is enhancing its AI algorithms and L4 autonomous driving applications, with plans for new vehicle deliveries by the end of 2025 [6] - Shimo Microelectronics aims to fill the domestic high-end market gap in analog signal chain chips [7] - Huadao Biotechnology is focused on making cell therapies affordable, with several products expected to launch by 2026 [8] - Xijing Technology has achieved commercial delivery of its AI solutions across multiple countries [9] - Expedition Therapeutics is advancing its clinical research for innovative treatments in autoimmune diseases [10][11]

Core Insights - The Nobel Prize in Physiology or Medicine in 2025 is expected to recognize groundbreaking discoveries in "peripheral immune tolerance," highlighting the development potential of Treg in autoimmune diseases, cancer, and immune rejection [1] - The main challenge in Treg-targeted therapies is selectivity, requiring drugs to accurately differentiate between harmful Tregs in tumors and beneficial Tregs in peripheral tissues [1] Group 1: Treg Therapy Development - Development strategies include enhancing tumor tissue permeability, strengthening ADCC effects, or targeting higher expression markers in tumor-infiltrating Tregs [1] - Several global biotechnology companies are engaged in developing related therapies, with Chinese companies like Cellin Biotech and Binosi Biotech focusing on Treg treatments for diseases such as ALS and rheumatoid arthritis [1] Group 2: Cancer and Autoimmune Disease Treatment - New cancer therapies aim to inhibit Treg activity in tumor regions, allowing the immune system to effectively attack tumors [1] - Autoimmune diseases may be treated by enhancing Treg functionality, while organ transplants could benefit from increased Treg levels to reduce rejection responses [1] Group 3: Biopharmaceutical ETF - The biopharmaceutical ETF (512290) tracks the CS Biomedicine Index (930726), which selects listed companies in biotechnology, pharmaceuticals, and medical devices from the Shanghai and Shenzhen markets [1] - The CS Biomedicine Index reflects the overall performance of listed companies in the biopharmaceutical sector, focusing on companies with strong competitiveness in relevant fields, showcasing industry growth and innovation capabilities [1]