Adlai Nortye, a Chinese clinical-stage biopharmaceutical company focusing on developing immuno-oncology medicines., has raised nearly US$100 million in a series C round financing, led by Tigermed and Yingke PE.
ATCG Holdings, Shengxin Venture Capital, Puxin Ruiyuan, Hongtu No. 5 and a fund under ICBC Asset Management (Global) also participated in the round.
Adlai Nortye was restructured and established in Hangzhou, China in 2016. It focuses on discovering and developing important new treatments for cancer with a mission to improve patient lives by identifying and developing innovative medicines that help people live better, live longer. It has a R&D and clinical operation center in New Jersey, USA. Through close collaborations with global partners, Adlai Nortye has several programs ongoing from early pre-clinical to phase III ready.
At present, the company has three clinical-stage drug candidates, including AN2025 (buparlisib), which received a fast clearance from FDA, and is entering clinical phase III stage in global multiple centers; AN1004 (pelareorep), a first-in-class intravenously delivered immuno-oncolytic virus for the treatment of solid tumors and hematological malignancies; AN0025 (EP4 antagonist), which has completed a phase 1b neoadjuvant study for locally advanced rectal cancer.
"We are very pleased that this round financing has been recognized and supported by many well-known investors in the biomedical field, which will further assist our clinical development," said Lu Yang, Chairman and CEO of Adlai Nortye. "We will work with investors to accelerate the research and development of first-in-class drugs with international competitiveness, solve unmet clinical needs, and turn cancer into a non-fatal disease or even cure."
Dr. Ye Xiaoping, chairman of Tigermed, commented: “China is setting off a wave of innovative drugs. Adlai Nortye’s global innovative strategic vision and product pipeline are important reasons for our investment. We look forward to the close cooperation between us to quickly promote their clinical trials and bring a new generation of tumor immunotherapy products to the global market as soon as possible."
In 2018, the company raised a US$53 million series B round from Matrix Partners China, YuanMing Capital, DT Capital Partners and Yahui Precision Medicine Fund.