The series A investment round secures resources for advancing
global Phase I/II clinical programs and orchestrating the company's
global footprint expansion.
SHANGHAI, Nov. 28,
2024 /PRNewswire/ -- Allink Biotherapeutics, a
clinical-stage biotechnology company pioneering next-generation
bispecific antibody and antibody-drug conjugate (ADC) therapeutics,
today announced the successful completion of a $42 million Series A financing. The financing
round was led by Lanchi Ventures, a preeminent global early-stage
technology investor known for backing breakthrough innovations,
with participation from an elite syndicate of new investors
including Yuanbio Venture Capital, Legend Capital and C&D
Emerging Industry Equity Investment, alongside strong support from
existing shareholders Gaorong Ventures and Med-Fine Capital.
"Since our company's inception a little over a year ago,
AllinkBio has rapidly advanced from lead asset PCC to clinical
development stage," said Hui Feng,
Ph.D., Founder and Chief Executive Officer of AllinkBio. "We are
grateful for the continued support from existing shareholders and
delighted to welcome new investors who recognize both our
scientific excellence and capability of translating scientific
findings into clinical applications. Their support enables us to
accelerate the development of our diverse pipeline spanning
multiple modalities including next-generation ADCs and bispecific
antibodies targeting oncology and immunology diseases. Looking
ahead, we are poised to achieve multiple pipeline milestones in the
coming months as we pursue our long-term mission of bringing
innovative therapeutics to patients with significant unmet medical
needs."
"AllinkBio's exceptional execution speed and quality in
advancing its lead program from preclinical to clinical stage, led
by Dr. Feng, one of the leading figures in China's biopharmaceutical industry,
demonstrates the company's high competitiveness in the field," said
Lanchi Ventures. "AllinkBio's innovative approach to ADC
development presents a compelling opportunity in the targeted
oncology therapeutics space."
"Our continued investment in AllinkBio reflects our strong
conviction in the company's scientific excellence and execution
capabilities," said Jiangtao Yu,
Ph.D., Managing Director at Gaorong Ventures. "Since our initial
investment, we have been impressed by the company's rapid
advancement in both platform development and pipeline progression.
We are excited to strengthen our commitment through this Series A
financing."
"We are delighted to have witnessed the fast and steady
development of AllinkBio. Dr. Feng and his team's dedicated work in
progressing two highly promising ADC drug candidates into clinical
stage within one and half years since company inception has been
really impressive. We believe the company has great potential and
will continuously support its endeavor in developing innovative
drugs for patients in need globally." said Angel Round lead investor Vince Deng, Ph.D., Partner of Med-Fine
Capital.
The Series A financing proceeds will be deployed to
advance:
- Global clinical development of lead candidates ALK201 and
ALK202 through Phase 1 studies in Australia, the
United States and China
- Enrichment of current portfolio by developing multiple highly
competitive new assets in oncology and immunology
- Further development of the company's proprietary bispecific
antibody and ADC technology platform
- Global footprint expansion to achieve world prominence
The successful completion of this round of financing marks a
pivotal moment in AllinkBio's growth trajectory. With the new
financial resources in place, combined with the company's
efficient R&D capabilities, AllinkBio is well-positioned for
expedited growth toward new heights on both its product and
corporate development fronts.
About AllinkBio
Founded in 2023, AllinkBio is a
clinical stage biotechnology company leveraging its innovative
proprietary platforms in bispecific antibodies and ADCs to develop
a diverse pipeline of First-in-Class (FIC) and Best-in-Class (BIC)
therapeutics. AllinkBio aims to develop treatment paradigm shifting
new drugs for patients in the oncology and immunology disease areas
and address critical unmet medical needs globally.
About Lanchi Ventures
Lanchi Ventures (LCV), a leading
early-stage venture capital firm with offices in Singapore, Hong
Kong, and Beijing, focuses
on investing in entrepreneurs who leverage technological
innovations to create a sustainable impact. With its heritage in
Silicon Valley since 1998, Lanchi Ventures (LCV) manages over
$2 billion in capital through
multiple funds and has invested in over 200 portfolio companies,
including Gaussian Robotics, TCab, UniUni, Agibot, Galbot,
Moonshot, Li Auto (NASDAQ: LI), QingCloud (688316.SH), WaterDrop
(NYSE: WDH), Ganji/58.com, Guazi, etc. The firm has been recognized
by Forbes, Fortune, Preqin, and others. For further information,
please visit https://www.lanchiventures.com.
About Gaorong Ventures
Founded in 2014, Gaorong
Ventures is focused on early and growth-stage investments, with a
specialty in new technology, healthcare, internet and new
consumption. We have 24 IPO portfolios, amongst which, many of them
have advanced to be leaders in their perspective industries,
including Pinduoduo (NASDAQ: PDD), Huya (NYSE: HUYA), BOSS Zhipin
(NASDAQ: BZ), Roborock (688169.SH), etc. We continue to invest in
the healthcare industry and are committed to discovering and
accompanying leading companies in the fields of drug discovery,
medical instrumentation and testing, digital health and medical
services. Representative examples include Alto Neuroscience（NYSE:
ANRO）, ProfoundBio (acquired by Genmab）, Sironax, Cornerstone
Robotics, HYGEA, United Family Healthcare, Saint Bella, etc.
About Yuanbio Venture Capital
Yuanbio Venture Capital
is a leading healthcare investment firm focusing on early and
growth stage companies. Based in Suzhou bioBay, YuanBio keeps a
global vision. With both RMB and USD funds, YuanBio has built up a
portfolio of over 190 companies, covering biotech, medical devices,
IVD, and healthcare services fields. The firm has seen great
investment returns with 19 of its portfolio companies listed on the
STAR, Hong Kong Stock Exchange and Nasdaq. YuanBio has received
multiple awards as one of the leading healthcare VCs in
China. With passion, dedication
and expertise, YuanBio strives to become one of the most successful
healthcare venture capital firms in China.
About Med-Fine Capital
Med-Fine Capital is a leading
healthcare-focused venture capital firm in China, known for its capability of identifying
promising entrepreneurs and investing in their NewCo formation
round. Med-Fine manages multiple RMB and USD funds, investing
across the healthcare sector including biotech, medical devices,
diagnostics, healthcare technology and services. To date, it has
grown a portfolio of approximately 70 companies, including Hanyu
Medical, Mabworks, ImmVira Pharma, Zion Pharma, LYNK
Pharmaceuticals, Eccogene, Pharma Legacy, MagAssist, Alebund,
Allorion Therapeutics, Allink Biotherapeutics, Castalysis
Bioscience, and VelaVigo. Med-Fine is dedicated to becoming a
reputable investment institution with global impact.
About Legend Capital
Founded in 2001, Legend Capital
is a leading VC&PE investor focusing on the early-stage and
growth-stage opportunities in China, with offices across Beijing, Shanghai, Shenzhen, Hong
Kong, Seoul and
Singapore. It currently manages
USD and RMB funds of over US$10
billion and has invested in around 600 companies, covering
technology, healthcare, consumer, enterprise service and
intelligent manufacturing sectors. Over the years, Legend Capital
has become a widely recognized name in bridging key resources in
China and overseas through
cross-border activities, and a valuable partner to Chinese and
overseas investors. Legend Capital values long-term sustainable
investment and incorporates ESG into its long-term development
strategy. As a UNPRI signatory since November 2019, Legend Capital is among the first
group of top VC/PE firms in China
to join the initiative.
About C&D Emerging Industry Equity
Investment
C&D Emerging Industry Equity Investment is a
professional equity asset management institution under C&D
Group (Fortune Global 500). Established in 2014, our mission is to
"create new value and help more emerging enterprises achieve better
development." We specialize in new economic fields such as
healthcare, advanced manufacturing, TMT/consumption.
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SOURCE Allink Biotherapeutics
