Kenneth Lim of the Business Times reports that Suzhou China-based Gracell Biotechnologies has raised $85 million through a series B round led by Temasek Holdings—a Singapore government investment house. Other participants included Lilly Asia Ventures, Kington Capital, King Star Capital and Chengdu Miaoji. Gracell focuses on developing modified immune cells—T-cells. They will use the proceeds to enter into the complex and expensive clinical trial phase for a number of its next-generation treatment candidates. According to Mr. Kim the company has already accomplished a number of pre-clinical development milestones involving a series of low-cost Chimeric Antigen Receptors T cell (CAR T) therapy products. They have entered institutional review board (IRB) clinical research.