16 Shanghai-Based Innovative Drug Companies Secure Funding in Q3 2024, Several Advance Toward IPOs

Oct 16, 2024 17:07 CST Updated 17:07

TYK medicines

Innovative Drug Developer for Tumors and Immuno-Oncology

Rona Therapeutics

Nucleic Acid Drug Developer

Novamab

Nanobody Innovative Drug Developer

BAO PHARMA

Biopharmaceutical R&D and Manufacturer

Fosun Kairos

Developer of Tumor Immune Cell Therapy Technologies and Products

▎Edited by the WuXi AppTec content team

Shanghai places high importance on the scientific and technological innovation and industrial development of biomedicine, accelerating the creation of a global highland for biopharmaceutical R&D economy and industrialization. In the third quarter of 2024, at least 43 Chinese innovative drug companies completed new rounds of financing, with Shanghai-based companies accounting for more than a quarter of them. According to incomplete statistics,Sixteen Shanghai Innovative Drug Companies Receive Financing in Q3, with Disclosed Total Funding Exceeding 1.7 Billion Yuan. Highlights include:

Antibody Drugs Attract Significant Financing:At leastSix Financed Companies DevelopAntibody Drugs, including Shanghai Maiji Biotechnology Co., Ltd., Novamab, BAO PHARMA, Tianchen Bio, Limin Pharmaceuticals, and Innomab, four of which have received financing at the hundred-million-yuan level.
Cell Therapy Newcomer Becomes Focus of Attention:At leastFive Funded Companies Are Advancing CellTherapy Development，Including Fosun Kite,Base Therapeutics, Yici Biotechnology, Vertebra Yuan Medicine, LeapCellBio, four of which are new companies established in or after 2021.
Anti-tumor continues to receive attention:More Than Half Secured FinancingThe company has laid out R&D in anti-tumor drugs, such as TYK Medicines and BAO PHARMA; rare diseases, hematological system diseases.Has also received relatively widespread attention, with more than 30% of companies advancing pipeline development in related fields.

TYK Medicines: Small Molecule Anti-Tumor Drug R&D Company

On August 20, TYK Medicines officially went public in Hong Kong, with net proceeds from the IPO amounting to approximately HKD 506 million.Approximately 70% will be used for the research, development, and commercialization of core products, approximately 20% will be allocated to the development of other candidate products, and about 3% will be dedicated to potential strategic acquisitions or cooperation opportunities.

TYK Medicines was founded in November 2017, focusing on the development ofSmall Molecule Targeted Therapy for Cancer Treatment, Particularly for NSCLC and the CDK FamilyThe two drugs with relatively rapid progress are TY-9591, a deuterated drug of the third-generation EGFR inhibitor osimertinib, and TY-302, a deuterated drug of the CDK4/6 inhibitor palbociclib. In addition to its core product TY-9591, TYK Medicines is also developing differentiated therapeutic combinations. Among them, TY-3200 is a PROTAC targeting EGFR, intended for the treatment of non-small cell lung cancer, and this product is currently in the preclinical research stage.

Rona Therapeutics: siRNA Drug Development Company

July 19 News, Rona Therapeutics（Rona Therapeutics）Announced the completion of a US$35 million Series A+ financing round. The round was led by LongRiver Jiangyuan Investment, with participating investors including Zhaode Investment, Boyuan Capital, Zhongqi Capital, and Lilly Asia Ventures, among others.Rona Therapeutics is committed to the research and development of nucleic acid innovations.New drug, forMetabolic Diseases and Central Nervous System Degenerative DiseasesThe treatment, this round of financing willFor Promoting InnovationsiRNA Metabolism Pipeline ProjectEntering Global Development and Expanding Solid FoundationsExtracellular delivery platforms for the central nervous system and other fields.

Rona TherapeuticsRona Therapeutics, founded in 2021, is advancing based on a new generation siRNA platform.Completed siRNA Pipeline Project,Potential First RN0191 PipelinePCSK9 siRNA ProjectCompleted Phase 1 Clinical Studies in Australia and China, is advancing the Phase 2 clinical development for hypercholesterolemia.; TargetingAPOC3The double-stranded small interfering RNA (siRNA) drug RN0361 has recently been approved for Phase 1 clinical research in Australia, aiming to evaluate the safety, tolerability, pharmacokinetics, and pharmacodynamic effects of subcutaneous administration in adult subjects with elevated triglycerides.

Maiji Biotechnology: Antibody Drug Research and Development Company

On August 2, Shanghai Maiji Biotechnology Co., Ltd, an innovative antibody drug research and development company, announced the successful completion of its Series B financing round, raising over 200 million RMB. The investment institutions included Tianrui Fengnian, Xiangjiang Guotou, Open Source Sichuang, Shandong Caijin Group, and Jiangxi Qingchuang Investment, among others.

Shanghai Maiji Biotechnology Co., Ltd. was founded in 2016, focusing on the treatment of allergic and autoimmune chronic inflammatory diseases. The company's drug under researchMG-K10 is a monoclonal antibody drug targeting IL-4Rα.Its atopic dermatitis indication has entered Phase 3 clinical trials, and the asthma indication is initiating Phase 3 clinical research. This product features an extended half-life, allowing for a dosing interval twice as long as other drugs targeting the same pathway.

Novamab: Nanobody Innovative Drug R&D Company

On July 31, Shanghai Novamab Biopharmaceuticals Co., Ltd. announced the completion of a nearly 200 million RMB B2 round of financing.ByQiming Venture Partners Leads, Huangpu Biomedical Industry Fund and Jiuyu Investment Participate, Existing Shareholder Shengdi Investment Continues to Increase Investment。The funds from this financing will be mainly used to advance the Phase 2 clinical research of two inhaled antibody drugs developed based on the "Inhaled Large Molecule Drug Development Platform," while also expanding its autoimmune pipeline. With this, Novamab's Series B financing has concluded, with a total financing amount nearing 300 million RMB. Previously, Novamab had completed the Series B1 round led by Shengdi Investment and participated by Guosheng Capital.

Novamab was founded in 2017,Focus on the Development of Inhalable Nanobody DrugsThe inhaled nanobody asthma treatment drug LQ036 from Novamab has completed Phase 1 clinical trials in China and Australia, and is currently conducting Phase 2 clinical trials in China. Another drug under research, LQ043H, has completed Phase 1a clinical trials in China, demonstrating excellent safety and drug tolerance, and is about to enter Phase 1b/2 clinical trials.

BAO PHARMA: A company specializing in the research and development of recombinant protein drugs and antibody drugs

July 19 News: BAO PHARMA announced the completion of a CNY billion-level Series C financing round, led by Shanghai BioPharmaceutical Fund, with participation from Shanghai Science and Technology Innovation Group, Baoshan State-owned Investment Group, and existing shareholder Shengda Pharmaceutical Co., Ltd. Founded in 2019, BAO PHARMA focuses on innovative drug development based on the "synthetic biology" technology platform.

According to the introduction in the news release from BAO PHARMA,The company's pipeline includes: 1)Subcutaneous InfusionRecombinant Human Hyaluronidase, has been submitted to the China NMPA for drug registration and marketing authorization application and has been accepted; 2)Recombinant Human Follicle-Stimulating Hormone-CTP Fusion Protein, a long-acting follicle-stimulating hormone administered once a week for use in the field of assisted reproduction, has submitted an application for marketing authorization to China's NMPA and been accepted; 3)Recombinant Immunoglobulin Degrading Enzyme, Second-generation IgG degradationEnzyme (low immunogenicity) can be applied in fields such as organ transplantation, over a hundred types of acute autoimmune diseases caused by autoantibodies, and pre-existing antibody clearance before gene therapy. It is about to enter Phase 3 clinical trials in China.

Forward Biosciences: Gene Editing Therapy R&D Company

On August 8, Correct Sequence Bio announced the completion of an over RMB 100 million Series A+ financing round, led by Shanghai Guotou Futeng Capital, with participation from existing shareholders including Lianxin Capital, Boyu Capital, Lilly Asia Ventures, Vast Capital, and Sequoia China. The proceeds will be used to further accelerate the clinical research and commercialization of CS-101, and support the clinical translation of in vivo gene therapy pipelines.

EpimAb Biotherapeutics was founded in 2020.Focus on developing novel gene-editing therapies,Multiple pipelines have been laid out for genetic diseases, metabolic diseases, cardiovascular diseases, and other diseases.Among them, CS-101 Injection isInnovative gene-editing therapy developed for hemoglobinopathies, this productTargetingβ-ThalassemiaPhase 1 clinical trial is underway.. The product wasApproved for clinical trials in China this April.

Tianchen Biotech: Antibody Development Company for Autoimmune Diseases

On September 24, Tianchen Biotech announced the successful completion of a nearly 100-million-yuan B2 round of financing. Through this round of financing, Tianchen Biotech will advance the clinical research of its core projects in China, accelerate the product launch process, and support international expansion.

Tianchen Biotech was founded in 2020 and is aDedicated to the development of innovative macromolecular drugs in the fields of allergy and complement.A Chinese biotechnology company. In June this year, Tianchen Bio's next-generation anti-IgE antibody drug LP-003 injection, which has been progressing rapidly, launched a Phase 3 clinical trial for the treatment of patients with seasonal allergic rhinitis. In addition, LP-005 is a potential "first-in-class" C5 and C3 complement bispecific antibody, and a Phase 2 clinical trial for paroxysmal nocturnal hemoglobinuria (PNH) has been initiated. According to Tianchen Bio's official website, the company’s preclinical pipeline also includes the AAV-mediated complement inhibitor LP-008 project, which is being developed for the treatment of age-related macular degeneration (AMD), among others.

Crystal Core Biologics: Targeted Radionuclide Therapy R&D Company

On July 26, JH Bio, a Targeted Radionuclide Therapy (TRT) research and development company, completed a nearly 100-million-yuan Series A round of financing. Huajin Investment and Huajin Avenue jointly led the investment, with Tigermed following up, and Gao Rong Venture Capital and Licheng Capital continuing their investments.

Crystal Core Biotech, established in 2021, will utilize the financing funds.Development of Global Clinical Phase 1/2 Trial JH02，And further promote the U.S.-China IND application and clinical development of 68Ga-JH03/177Lu-JH04., while also advancing preclinical research and international collaboration across multiple innovative pipelines. JH Bio focuses on developing next-generation Targeted Radionuclide Therapy (TRT) to improve patients' lives. Equipped with industry-leading proprietary technology platforms for ligand screening, modulated conjugation factors (J-Linker), and clinical translation, JH Bio accelerates the development of targeted conjugated radiopharmaceuticals.

Base Therapeutics: Cell and Gene Therapy R&D Company

On September 13, Base Therapeutics announced the completion of its A2 round of financing worth tens of millions of RMB, led by the AEF GBA Venture Fund managed by Gobi Partners GBA. The funds will be used to strengthen Base Therapeutics' R&D team, optimize its product pipeline, and accelerate clinical trials.

Base Therapeutics was founded in 2021, dedicated to fundamental innovation in the field of gene editing, as well as the development of innovative cell therapies and gene editing products for the treatment of cancer and genetic diseases. In July this year, Base Therapeutics' first product, NK510 –A Natural Killer Cell (NK) Product Based on Base Editing TechnologyAn IND application has been submitted to China's NMPA and accepted. In addition to NK510, Base Therapeutics' product pipeline also includes multiple base-edited NK cell products targeting hematologic malignancies and autoimmune diseases, as well as universal CAR immunotherapy and in vivo gene editing products.

Yici Biologics: NK Cell Drug Development Company

On August 8, Yici Biotechnology announced the completion of an angel round of financing worth tens of millions of RMB. The main investors in this round include well-known biopharmaceutical professional investment institutions and the actual controllers of STAR Market-listed biopharmaceutical companies. The funds will be used for investigator-initiated clinical studies (IIT) to complete Yici Biotechnology's research and development projects, as well as for the R&D of early pipelines and IND applications.

Yici Bio was founded in 2022 as a research-based company focusing on the development of a new generation of universal and innovative cell therapies. The company’s pipeline products are spread across two major areas: oncology and autoimmune diseases, where significant unmet clinical needs remain.NK Cell Therapy Product Pipeline Targeting the Universal Target PD-L1 for Multiple Metastatic Solid TumorsThe IIT clinical trial has been initiated and is expected to start the IND application in 2025.

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