Luqi Biologics Completes RMB 100 Million Series A Financing with HAOYUE CAPITAL as Exclusive Financial Advisor

VCBeat (WeChat: vcbeat) has learned that Shanghai Novamab Biopharmaceuticals Co., Ltd. (“Novamab”), a leading innovator in nanobody-based drug development, recently announced the completion of its RMB 100 million Series A financing round. The round was led by Tianhui Capital, with participation from Taiyu Investment and Fuho Capital. Haoyue Capital served as the exclusive financial advisor for this financing. The funds will primarily be used to advance the Investigational New Drug (IND) application and clinical studies for Novamab’s inhaled nanobody therapy for asthma, as well as to support the development of several other pipeline projects.

Novamab, established in 2017 in the Shanghai International Medical Zone, was recognized as a National High-Tech Enterprise in 2020. The company boasts an R&D and production base spanning over 2,500 square meters, along with a proprietary camel breeding facility. Novamab has independently developed five core technology platforms based on nanobodies: a Rapid Nanobody Screening Platform, a Pichia Pastoris CMC Process Development Platform, an Inhaled Macromolecular Drug R&D Platform, a Long-Acting Nanobody Platform, and a Bispecific Nanobody Platform. Each platform possesses distinct industry advantages, enabling the rapid identification of bioactive nanobody drugs and their swift industrialization. Dr. Wan Yakun, the founder of the company, is a pioneer in the field of nanobodies in China. He previously served as the Director of the first nanobody research center in the country and has filed more than 40 patents related to nanobodies.

There is a significant unmet clinical need in moderate-to-severe asthma. Taking the Chinese market as an example, there are over 4 million patients with severe asthma, and the market potential for antibody-based therapies is conservatively estimated to exceed RMB 20 billion. Novamab’s current pipeline primarily focuses on hot targets in this field and has adopted a product development strategy centered on innovative application scenarios, which will greatly enhance drug utilization and patient adherence, thereby benefiting more patients.

Dr. Wan Yakun, Founder, Chairman, and General Manager of Novamab, stated that Novamab is a nanobody-based biopharmaceutical R&D company with a focus on the entire industry chain. The company is dedicated to the industrialization of innovative biologics and the development of targeted novel drugs. It has established a comprehensive nanobody drug development system that effectively integrates early-stage nanobody screening with late-stage process development for candidate drugs, forming a systematic and complete R&D framework that is at the forefront of the industry both in China and internationally. The successful completion of this financing round provides strong support for accelerating the clinical application submissions and development of the company’s new drug projects. We sincerely appreciate the investors’ high recognition of our team and projects. We will continue to deepen our expertise in therapeutic areas such as respiratory and autoimmune diseases, and expedite the clinical submission and development of corresponding products.

Mr. Yuan Angen, Founder and Chairman of Tianhui Capital, stated that as the lead investor in this round, Tianhui Capital fully recognizes the core founding team of Novamab for their 15 years of research and industrialization experience in the field of nanobodies. Leveraging its leading nanobody rapid screening platform, Pichia pastoris CMC platform, inhaled macromolecular drug R&D platform, and long-acting nanobody platform, the company has developed multiple products with differentiated advantages to address unmet clinical needs. Its R&D progress is leading in China and on par with international standards. Tianhui Capital will continue to support Novamab’s development and provide value-added post-investment services. Meanwhile, we eagerly anticipate the early approval and market launch of the company’s products to benefit a broad patient population.

Dr. Ji Tianrong, General Manager of Taiyu Investment, stated that the core members of the Novamab team possess over a decade of experience in nanobody R&D, positioning them as “pioneers” in nanobody research in China. The company has established an inhalable macromolecular drug development platform, an albumin-nanobody long-acting platform, and a nanobody bispecific antibody platform, among others. By fully leveraging the advantages of nanobodies to develop innovative nanobody-based therapeutics, Novamab aims to address critical pain points in the clinical management of major chronic diseases—particularly regarding administration routes and dosing intervals—thereby bringing new hope and benefits to patients with chronic conditions in China.

Mr. Cheng Hao, Partner at Fuho Capital’s Pharmaceutical Fund, stated that Novamab, as a leading enterprise in the domestic R&D of novel nanobody drugs, has become one of China’s most innovative biotechnology companies with a global perspective. Novamab possesses independently developed key platform technologies, robust R&D capabilities, and refined management expertise. Over the past few years, we have closely monitored and witnessed Novamab’s rapid development and progress. We are highly optimistic about its future growth and are committed to partnering with this outstanding enterprise. We maintain a positive outlook on the progress of its ongoing innovative drug R&D initiatives. By enabling more patients worldwide to benefit from novel therapeutic approaches, Novamab is further solidifying its position as a leading nanobody company in China.

HAOYUE CAPITAL stated, “We are honored to have assisted Novamab in completing this round of financing. With years of deep expertise in the field of new drug development, HAOYUE CAPITAL has been continuously serving leading innovative pharmaceutical companies in the industry. As one of the earliest companies in China to engage in the development of nanobody drugs, Novamab conducts comprehensive research across all stages of nanobody therapeutics, from molecular discovery through preclinical and clinical development, thereby filling gaps in China’s nanobody industry chain. In the near future, multiple new drug projects are expected to enter the Investigational New Drug (IND) application phase. We believe that, with capital support, Novamab will continue to lead global R&D in novel nanobody therapies and achieve ongoing innovative breakthroughs. We are confident in our ability to further support Novamab’s subsequent financing rounds and accompany our client in its rapid growth.”

Tianhui Capital (i.e., Tianhui Hongyou & Tianhui Sumitomo) is a value investor and navigator deeply rooted in the healthcare industry. The company’s core team has nearly 20 years of experience in investment management within the healthcare sector, adopting a “Four-Pronged” investment strategy characterized by specialization, early-stage focus, platform-based operations, and internationalization. It focuses on key areas such as precision medicine, high-end medical devices, innovative drugs, and novel therapeutic technologies. The company has systematically established unique post-investment management systems, including the “1+1+N” model and the “100-Day Navigation” program. Through professional post-investment value-added services, it accelerates the innovative transformation and leapfrog development of China’s healthcare industry and its portfolio companies. Typical investment cases by the company and its team include Simcere Pharmaceutical Group (02096.HK), Dongrui Pharmaceutical Holdings (02348.HK), Erye Pharmaceutical, Hongqi Pharmaceutical, Aohong Pharmaceutical, Jinhe Industrial (002597.SZ), Lomon Billions (002601.SZ), Nanomicro Technology, Geneseeq Technology, Magigene, Nuoyuan Medical, Terui Pharmaceutical, Dian Diagnostics (300244.SZ), Hanhai New Enzyme, Tengchen Biotechnology, LifeVantage, Biosanitary Biotechnology, Xuan Kai Biotechnology, Simcere Diagnostics, Anhui Wanbang Medicine, Maiji Biologics, Yannuo Pharmaceutical, Youmai Biotechnology, and others.

Taiyu Investment is an independent professional venture capital firm under Tigermed, a listed company, established in 2014. Taiyu Investment focuses on equity investments in the healthcare sector at early and growth stages. Its management team possesses extensive experience in the pharmaceutical and healthcare industries, broad industry resources, and rich venture capital expertise. To date, it has completed over one billion yuan in financing and investments, with early-stage equity investments in more than 40 projects, mostly as a lead investor in Series A or Pre-A rounds. Its portfolio covers medical devices, biopharmaceuticals, health supplements, and CRO companies. By empowering its portfolio companies, Taiyu Investment creates value for the development of the healthcare industry in China and globally, contributing to public health.

Since its establishment in 2008, Fuho Capital has managed ten funds with assets under management nearing RMB 3 billion. The firm has invested in over 50 enterprises, focusing on the commercialization of scientific and technological achievements and early-stage investments in tech companies. It has incubated a portfolio of technological innovations from the Chinese Academy of Sciences (CAS) as well as outstanding early-stage tech enterprises. Its primary investment sectors include pharmaceuticals and healthcare, TMT, and advanced manufacturing.

Fuho Capital has recently launched a pharmaceutical fund that primarily invests in projects at the preclinical research, Investigational New Drug (IND), and Phase I–II clinical trial stages. The fund focuses on high-tech initiatives within the broader health sector, particularly innovative traditional Chinese medicines and chemical drugs targeting malignant tumors, cardiovascular and cerebrovascular diseases, neuropsychiatric disorders, metabolic diseases, autoimmune diseases, and infectious diseases, as well as biological drug projects such as antibody therapies and cell therapies.

HAOYUE CAPITAL, established in January 2014, is dedicated to serving as a bridge connecting China’s healthcare industry with capital. Its research and transaction coverage spans multiple sub-sectors, including biopharmaceuticals, innovative medical devices, in vitro diagnostics (IVD) and precision medicine, healthcare services, and smart healthcare. The HAOYUE CAPITAL team comprises senior investment bankers with extensive experience in China’s healthcare sector. By closely monitoring market dynamics and investment trends in healthcare over the long term, the firm releases weekly reports on healthcare investments and special thematic research studies, offering HAOYUE’s perspectives to interpret new policies and emerging frontiers.