Lixx Pharma Completes RMB 300 Million Series C1 Financing to Advance Clinical Pipeline and Innovation Platforms

On October 18, 2024, Lixin Pharmaceutical Technology (Shanghai) Co., Ltd. (hereinafter referred to as “Lixin Pharmaceutical” or the “Company”) announced that it had successfully completed a RMB 300 million Series C1 financing round in recent days. The round was led by Sino Biopharmaceutical, a well-known domestic industry investor, with participation from Pudong Venture Capital and Zhangjiang Haoheng. Existing shareholders Qiming Venture Partners and Shanghai Bio-medicine Fund followed on. Zhong Lun Law Firm served as legal counsel for this financing round.

Lixin Pharma has recently launched its Series C2 financing round. The funds raised will be primarily used to accelerate the clinical development of the company’s pipeline, particularly for LM-302 and LM-108, and to support its independently developed antibody discovery platform, next-generation ADC technology platform, and bispecific antibody technology platform, thereby continuously generating an innovative pipeline with international competitiveness.

Dr. Qin Ying, Founder, Chairman, and CEO of Lixin Pharmaceuticalstated: “Since its inception, Lixin Pharmaceutical has consistently adhered to original, source-driven innovation, focusing on the tumor microenvironment and specializing in the research and development of tumor-specific targeted antibody-drug conjugates (ADCs) and innovative immunomodulatory macromolecular drugs. The company has established a comprehensive, differentiated pipeline of innovative drugs with independent intellectual property rights and global competitiveness, covering all stages from preclinical development through Phase III clinical trials. We are delighted to have successfully completed our Series C1 financing round and extend our sincere gratitude to both new and existing investors for their continued recognition and support during the current downturn in pharmaceutical investment. We are committed to living up to these expectations by accelerating the late-stage clinical development of LM-302 and LM-108, striving for early product commercialization. Meanwhile, we will continue to generate early-stage, source-driven innovative pipelines addressing unmet therapeutic needs in the fields of tumor immunity and the tumor microenvironment. We will also actively explore diverse and close collaborations with various partners and stakeholders across industries, further enhancing the company’s self-sustaining capabilities through business development (BD) partnerships. Together, we aim to bring Chinese innovative drugs to the global stage and make unremitting efforts to provide more patients with high-quality treatment options and healthier lives.”

Xie Qirun, Chairman of the Board of Directors of Sino Biopharmaceutical Limited, Lead Investor in the Series C1 RoundHe stated, “As a leading enterprise in China’s oncology treatment sector, Sino Biopharmaceutical has launched numerous important oncology products, including Anlotinib, and continues to invest heavily in innovative drug R&D and collaborations. We have been closely monitoring advances in tumor immunotherapy and antibody-drug conjugate (ADC) development. Lixin Pharmaceutical is an innovative biopharmaceutical company focused on tumor immunology and the tumor microenvironment. Its differentiated innovative pipeline, robust GPCR multi-pass transmembrane protein antibody discovery platform, bispecific antibody technology platform, and ADC technology platform have left a deep impression on us. We are firmly confident in Lixin Pharmaceutical’s team, product pipeline, and platform technologies, and we hope that through collaboration with Lixin Pharmaceutical, we can further address unmet clinical needs in oncology and benefit a broad patient population. Sino Biopharmaceutical will uphold its mission of ‘Health Technology, Warming More Lives,’ working alongside partners to focus on innovation and serve patients.”

Lixin Pharma is a China-based, globally oriented biopharmaceutical company founded in 2019 by seasoned industry veterans. Guided by its mission to “Honor Life, Commit to Innovation,” the company addresses unmet therapeutic needs in tumor immunology and the tumor microenvironment, focusing on the development of novel biologics with “first-in-class” and “best-in-class” potential. Lixin Pharma possesses comprehensive end-to-end R&D capabilities, with a particular emphasis on developing large-molecule anti-tumor drugs targeting GPCRs and multi-pass transmembrane proteins. The company also maintains ADC and bispecific antibody development platforms, pursuing a differentiated drug development strategy.

Currently, Lixin Pharmaceutical has established multiple differentiated innovative drug pipelines with independent intellectual property rights and global competitiveness, successfully advancing several innovative drug projects to globally leading clinical stages. Among them, LM-302 (anti-CLDN18.2 ADC) is undergoing Phase III registrational clinical trials in China; LM-108 (anti-CCR8 monoclonal antibody) is in Phase II clinical development; and LM-101 (anti-SIRPα monoclonal antibody), LM-305 (anti-GPRC5D ADC, with global rights licensed to AstraZeneca), LM-299 (anti-PD-1/VEGF bispecific antibody), and LM-24C5 (anti-CEACAM5/4-1BB bispecific antibody) are all in Phase I clinical trials. Through continuous innovation and strategic collaborations, Lixin Pharmaceutical is committed to accelerating the development of its product pipeline to benefit patients worldwide.

LM-302 is an innovative Claudin 18.2-targeted antibody-drug conjugate (ADC) developed by Lixin Pharmaceutical based on its unique multi-pass transmembrane protein antibody discovery platform. The drug consists of a Claudin 18.2-specific antibody conjugated to the toxin payload monomethyl auristatin E (MMAE) via a cleavable VC-PAB linker. Claudin 18.2 is a transmembrane protein highly expressed in gastrointestinal tumors, including gastric cancer, gastroesophageal junction cancer, pancreatic cancer, and biliary tract cancer. Therapeutic approaches targeting this antigen have already demonstrated significant anticancer potential in clinical settings. Currently, the Phase III registrational clinical trial of LM-302 was initiated in China in the first quarter of 2024, placing its development progress among the top three globally for similar projects. In addition, a Phase II clinical trial evaluating LM-302 in combination with a PD-1 monoclonal antibody is actively underway.

LM-108 is a monoclonal antibody targeting CCR8, independently developed by Lixin Pharmaceutical based on its proprietary multi-pass transmembrane protein antibody discovery platform. It efficiently eliminates tumor-infiltrating regulatory T cells (Tregs) via antibody-dependent cellular cytotoxicity (ADCC) without affecting peripheral Tregs, thereby enhancing immune-mediated killing of tumor cells. Given the high specificity of CCR8, numerous multinational pharmaceutical companies have strategically invested in this target. Currently, Lixin Pharmaceutical has advanced LM-108 into Phase II clinical trials, ranking among the top three globally in terms of development progress for programs targeting CCR8. Preliminary clinical data demonstrate that LM-108 exhibits excellent safety and efficacy in treating various solid tumors with significant unmet clinical needs. In the future, it holds promise as a novel immunotherapy option for patients with advanced-stage cancer, particularly those who have developed resistance to PD-1 inhibitor therapy.

LM-299 is a PD-1/VEGF bispecific antibody independently developed by Lixin Pharmaceutical. As a monotherapy, it simultaneously blocks both the PD-1/PD-L1 and VEGF/VEGFR signaling pathways, thereby achieving a synergistic antitumor mechanism based on “tumor immunotherapy + anti-angiogenesis.” LM-299 features a differentiated molecular design comprising an anti-VEGF antibody and a C-terminal anti-PD-1 antibody. This design ensures high expression and favorable druggability while demonstrating best-in-class potential. Preclinical studies have confirmed that LM-299 effectively inhibits the PD-1 and VEGF signaling pathways, thereby enhancing antitumor efficacy. Furthermore, toxicology and pharmacokinetic studies have shown that LM-299 possesses a superior safety profile. As a potential cornerstone therapy for next-generation tumor immunotherapy, LM-299 can be combined with various treatment modalities, including immune checkpoint inhibitors, small-molecule targeted therapies, antibody-drug conjugates (ADCs), and T-cell activators. This versatility is expected to significantly expand the market potential of LM-299-based combination therapies. Currently, Phase I clinical trials of LM-299 are actively enrolling patients.

China Biopharmaceutical Limited and its subsidiaries are a leading innovation- and R&D-driven pharmaceutical group in China, with business operations spanning the entire industry chain, including pharmaceutical R&D platforms, intelligent manufacturing, and a robust sales network. Its product portfolio comprises a wide range of biologics and chemical drugs, holding a competitive advantage in four key therapeutic areas: oncology, hepatology, respiratory diseases, and surgery/analgesia.

The Company was listed on the Stock Exchange of Hong Kong in 2000. It was included as a constituent of the MSCI China Index under the MSCI Global Standard Index in 2013; became a constituent of the Hang Seng Index in 2018; was selected as a constituent of the Hang Seng China Enterprises Index in 2019; and was included as a constituent of the Hang Seng Stock Connect Biotech 50 Index and the Hang Seng China (Hong Kong-listed) 25 Index in 2020. China Biologic Pharmaceuticals has been ranked among the “Top 50 Global Pharmaceutical Companies” published by the authoritative U.S. magazine *Pharmaceutical Executive* for six consecutive years, and has been recognized as one of *Forbes*’ “Asia’s 50 Best Listed Companies” for three consecutive years.

Enterprises under China Biopharmaceutical are distributed in Beijing, Shanghai, Nanjing, Lianyungang and other places, with multiple pharmaceutical production bases. Since its establishment, the company has continued to achieve outstanding achievements and steady development. Its core enterprises, Chia Tai Tianqing Pharmaceutical Group and Beijing Tide Pharmaceutical Co., Ltd., have been ranked among the top 100 Chinese pharmaceutical industrial enterprises for many years.

Shanghai Pudong Innovation Investment Development (Group) Co., Ltd. (hereinafter referred to as “Pudong VC”) was established with the approval of the People’s Government of Pudong New Area, with a registered capital of RMB 10 billion.

Pudong Venture Capital adheres to its mission of “fostering technological innovation and promoting the development of emerging industries.” It focuses on cultivating local super-large enterprises through a strategy of “investing in large and strong players”; strengthens and stabilizes supply chains in six core hard-tech industries by “investing in new and high-quality assets”; and supports the commercialization of scientific research achievements and original innovation sources by “investing early and small.” Leveraging its “three major funds”—the Leading Zone Fund, the Science and Technology Innovation Fund of Funds, and the Angel Fund of Funds—it achieves synergistic integration across six business segments: angel investment, industrial investment, strategic investment, fund investment, post-investment management, and industrial research. By building an investment system that covers the entire lifecycle of sci-tech enterprises, it fulfills the leading and complementary roles of state-owned venture capital, fostering a regional landscape where “small enterprises are ubiquitous and large enterprises stand tall,” thereby promoting a high-level cycle of “technology-industry-finance.”

Shanghai Zhangjiang Haoheng Innovation Equity Investment Management Co., Ltd. is an equity investment management company established in late 2019, with Zhangjiang High-Tech (600895.SH) as the primary sponsor, in partnership with Pudong Venture Capital and Pudong Construction. The company focuses on technology-driven innovative enterprises in fields such as integrated circuits, biopharmaceuticals and medical devices, next-generation information technology, and intelligent manufacturing. It currently manages funds (Zhangjiang Suifeng Fund and Zhangjiang Suifeng Phase II Fund) with a total scale of over RMB 3 billion.

Qiming Venture Partners was established in 2006. Currently, Qiming Venture Partners manages 11 US dollar funds and 7 RMB funds, with total assets under management reaching $9.5 billion. Since its inception, the firm has focused on investing in outstanding early-stage and growth-stage companies in the Technology and Consumer (T&C) and Healthcare sectors.

To date, Qiming Venture Partners has invested in more than 530 high-growth innovative companies, among which over 200 have either listed on exchanges such as the New York Stock Exchange (NYSE), NASDAQ, the Hong Kong Stock Exchange (HKEX), the Shanghai Stock Exchange (SSE), and the Shenzhen Stock Exchange (SZSE), or exited through mergers and acquisitions. More than 70 of these portfolio companies have become industry-recognized unicorns or super unicorns.

Shanghai Biomedical Fund is a municipal-level industrial fund with a total target management scale of RMB 50 billion, approved by the Shanghai Municipal People's Government and initiated by Shanghai Industrial (Group) Corporation. Leveraging Shanghai’s comprehensive advantages in biomedical development and relying on industrial resources, the fund aims to build an innovative investment platform for the biomedical sector that is “based in Shanghai and Hong Kong, linked with the Yangtze River Delta, and oriented toward the global market.” By combining financial capital with industrial resources and integrating domestic and overseas operations, the fund will focus on key areas aligned with Shanghai’s biomedical industry development strategy, including high-end biological products, innovative chemical drugs and formulations, high-end medical devices and diagnostics, and innovative business models in the healthcare sector.