ConjuStar Biotech Completes RMB 100 Million Pre-A+ Financing Round with Two PDC Candidates in Clinical Trials

ConjuStar focuses on the research and development of miniaturized conjugated drugs, rapidly establishing a differentiated R&D pipeline through a model that combines collaborative development with independent innovation. Currently, within less than three years since its establishment, the company has two products in clinical development. Its first product, SC-101 (a Nectin-4-targeting PDC), received implicit clinical trial approval from China’s Center for Drug Evaluation (CDE) and the U.S. Food and Drug Administration (FDA) in early and mid-2024, respectively, becoming the first PDC drug in China to receive such approval. Now in Phase I clinical trials, SC-101 has initially demonstrated anti-tumor efficacy and a favorable safety profile, with the potential to offer a wider therapeutic window than international competitors. The company’s second product, SC-102 (an EphA2-targeting PDC), entered clinical trials in late 2024, with successful enrollment and dosing of the first subject already completed.

Mr. Tang Shuyi, President of ConjuStarstated: “We extend our heartfelt gratitude to the shareholders for their high recognition and strong support of the ConjuStar team and the company’s products. Over the past year, the company obtained Investigational New Drug (IND) approvals for two key Peptide-Drug Conjugate (PDC) products and successfully advanced them into clinical trials. SC-101 has demonstrated expected efficacy and a favorable safety profile in clinical studies; with dose escalation, it is anticipated to achieve even more superior efficacy in higher dose cohorts. Meanwhile, our proprietary Nucleic Acid-Drug Conjugate (NDC) platform has made breakthrough progress, with the first NDC project expected to complete Preclinical Candidate (PCC) nomination and enter the Chemistry, Manufacturing, and Controls (CMC) phase by mid-year this year. With the continued support of our shareholders, ConjuStar will accelerate the clinical development of SC-101 and SC-102, continuously refine its proprietary NDC platform, and deepen its expertise in the field of miniaturized conjugated drugs, striving to develop differentiated therapies for solid tumors that are safe, highly effective, and more accessible to patients.”

Mr. Cui Zhiping, General Manager of the Fugjian Capital New Drug Innovation Fundstated: “Driven by the dual engines of novel XDC conjugate drug products and platform technologies, ConjuStar has made significant progress in exploring next-generation conjugate drugs, substantially expanding their clinical application potential. The company’s first product, SC-101, has demonstrated preliminary efficacy in clinical trials, while the clinical development of SC-102 and the development of the NDC platform have each achieved phased R&D milestones. In addition, the company successfully completed a new round of financing amounting to RMB 100 million. We remain confident in the potential and value of ConjuStar’s R&D team and technology platform, and look forward to seeing more innovative XDC therapies enter clinical practice to benefit more patients. VB Capital New Drug Fund will continue to firmly support ConjuStar, working hand in hand with existing and new shareholders to jointly drive the company’s rapid value growth.”

Mr. Zhao Liang, Hengqin Venture Capitalstated: “ConjuStar has demonstrated exceptional potential in the research and development of novel XDC conjugates and in the innovation of platform technologies, particularly evidenced by the clinical advancement of its PDC products and the successful development of its NDC platform. We firmly believe that, leveraging its advanced technology platforms, ConjuStar is well-positioned to lead the direction of conjugate drug development and broaden the scope of their clinical applications. We look forward to working closely with ConjuStar to comprehensively support its significant growth in Zhuhai across product development, clinical trials, and NDC platform construction, thereby steadfastly driving it to become a leader in China’s differentiated conjugate drug market.”

Mr. Chen Zhenguo, General Manager of Shenzhen Qianhai Liyuan“It stated: ‘ConjuStar holds a significant first-mover advantage in the market for miniaturized conjugated drugs. Its R&D team possesses extensive experience and profound knowledge accumulation in the preclinical and clinical research of XDC drugs. The products currently under development demonstrate substantial potential for clinical application. Qianhai Liyuan has full confidence in the market prospects of ConjuStar’s innovative drugs and its technology platform. We look forward to working closely with the company to jointly promote its development and achieve the noble goal of “serving life and health.”’”

ConjuStar (http://conjustar.com/) is a clinical-stage biotechnology company focused on building a miniaturized conjugate drug development platform. By combining collaborative development with independent R&D, the company has rapidly established a robust pipeline, dedicated to delivering more effective, safer, and more accessible novel oncology therapies to cancer patients. The company currently has five products at various stages of development. As of the end of 2024, two of its products had received implicit clinical trial approval and entered clinical studies.

Fosun Pharma’s New Drug Innovation Fund is the first incubation fund under Fosun Pharma focused on the innovative biopharmaceutical sector. Leveraging Fosun Pharma’s global perspective and fund-of-funds (FOF) strategy, the fund is committed to introducing world-class technologies and products from overseas biotechnology sectors into China through licensing and collaboration models. Furthermore, by identifying frontier technology trends and connecting biopharmaceutical industry resources with top-tier scientific teams both in China and abroad, the fund aims to achieve breakthroughs in innovative pharmaceutical products from 0 to 1.

Guangdong Hengqin Jintou Venture Capital Fund Management Co., Ltd. (hereinafter referred to as “Hengqin Venture Capital”) is a wholly-owned subsidiary of the Gree Group, specializing in early-stage sci-tech innovation investments and the operation and management of government guidance funds. Adhering to the investment philosophy of investing early, in small-scale enterprises, for the long term, and in hard technology, the company has cumulatively invested in more than 80 early-stage sci-tech innovation projects. These investments primarily target hard technology projects with strong innovation capabilities and significant growth potential, including high-tech enterprises, specialized and sophisticated “little giant” enterprises, and technology-based small and medium-sized enterprises that possess key core technologies. The re-financing rate of its portfolio companies exceeds 60%. The government guidance funds managed by the company have been ranked among Zero2IPO’s “Top 30 Government Guidance Funds in China” for three consecutive years and have topped CVSource’s “Top 10 Best Government Guidance Funds in the Guangdong-Hong Kong-Macao Greater Bay Area” for four consecutive years. To date, the company has accumulated over 50 prestigious awards from authoritative institutions such as Zero2IPO, CVSource, and Rongzhong.

Shenzhen Qianhai Liyuan Investment Partnership (Limited Partnership) is a professional investment firm dedicated to investing in high-quality new drug R&D projects. Adopting a “CRO services + investment” model, the firm is committed to providing comprehensive services for new drug development while also focusing on delivering the latest industry insights and investment opportunities in the pharmaceutical sector to its investors. Together with industry professionals, it aims to build a new pharmaceutical ecosystem.