A Chinese biotech supported by Lilly Asia Ventures has just made money.
Lynk Pharmaceuticals has raised $ 50 million in a recently completed Series B, the biotech said on Friday, just over three years after its launch. The company plans to use the funds to support Phase I and Phase II studies for several pipeline programs, although it has not specified for which.
“Since the establishment of Lynk Pharmaceuticals, we have advanced our projects with efficient execution, and we have made significant progress in just three and a half years,” CEO Zhao-Kui Wan said in a statement.
New Alliance Capital and Hangzhou HEDA Biological Medicine Venture Capital Partnership also participated in the funding round, as well as the original shareholders Legend Capital and Med-Fine Capital.
Lynk was founded by a quartet of pharmaceutical industry veterans, with former executives from Pfizer, J&J, Merck and Sinopharm teaming up to found the company. The team started with a $ 10 million angel investment from a group of Chinese venture capital firms, including the venture capital arm of Sinopharm and Kaitai Capital.
Since then, the walk to the clinic has been constant for Wan and his colleagues, but things really started to heat up in 2020. In April of last year, Lynk licensed one of his preclinical programs to a anonymous bidder, bringing in nearly $ 200 million. in upfront cash and in promised milestone payments.
Later in July, Lynk put forward a new candidate in a separate deal. By entering into a licensing agreement with the University of Kobe in Japan, biotechnology has committed to developing RAS inhibitors with novel mechanisms of action, in the hope of attacking an “indefatigable, decades-old target. “Wan said at the time.
So far, biotechnology has carried out three programs beyond the activation stage of IND, two in immunology and one in oncology. The company doesn’t say much else other than that, noting only that it’s running for human trials in Friday’s post.
More recently, Lynk has started to disclose the names and characteristics of some of its programs. In June of this year, Biotech announced that it had received its third approval from Chinese regulators to begin testing. This specific investigational drug, known as LNK01003, is a kinase inhibitor targeting inflammatory bowel disease.
And earlier this month, Biotech assayed its first patient for a second program, LNK01002, under evaluation to treat primary myelofibrosis and secondary myelofibrosis induced by polycythemia vera or primary thrombocytosis. This study is an open-label phase I, and the candidate is a triple kinase inhibitor simultaneously targeting PMF and PV / ET-MF engines.