InxMed Secures $50 Million Series B Financing to Accelerate Global Clinical Pipeline Development

Nanjing, China, March 4, 2022 ---- InxMed Limited (hereinafter referred to as “InxMed” or the “Company”), a global innovative drug R&D company focused on overcoming resistance in solid tumors and fibrosis of the tumor microenvironment, announced that it has completed a USD 50 million Series B financing round. The round was led by SDIC Merchants Fund Management, with participation from AIHC Capital, Shaanxi Investment Growth Fund, and Houxin Health Investment. Existing shareholder Enran Venture Capital continued to increase its investment.

The funds raised in this financing round will be used to accelerate the concurrent clinical trials of IN10018 in China and the United States, which target multiple cancer types and employ various combination therapy regimens. These efforts include an upcoming pivotal Phase II/III registrational trial, as well as the development of several subsequent innovative global pipeline products.

IN10018 is a highly potent and selective inhibitor of focal adhesion kinase (FAK) currently under development for multiple solid tumor indications with limited treatment options, including platinum-resistant ovarian cancer, NRAS-mutant metastatic melanoma, triple-negative breast cancer, and pancreatic cancer. It received Fast Track designation from the U.S. FDA in August 2021. In addition to advancing the global clinical development of IN10018, this round of financing will accelerate the progress of the company’s other innovative clinical pipelines. Several novel drug candidates targeting new mechanisms and targets are expected to receive Investigational New Drug (IND) approval and initiate clinical trials in both China and the United States later this year.

Dr. Wang Zaiqi, Founder and CEO of InxMedstated: “Since its establishment three years ago, InxMed has remained committed to developing globally innovative drugs that meet international standards, addressing unmet clinical needs in multiple solid tumors by starting from disease mechanisms. The successful completion of our Series B financing has provided significant support for the multiple clinical trials we are actively advancing in China and the United States. This round of financing demonstrates investors’ strong confidence in the progress of our current pipeline, our future strategic layout, and our overall R&D strategy. With extensive internal independent research being conducted at our Nanjing R&D and Translational Medicine Center, our understanding of drug resistance mechanisms and microenvironmental fibrosis in solid tumors continues to deepen. We have strategically structured our pipeline with diverse targets, mechanisms, and combination therapies across multiple tumor types, and numerous clinical trials are rapidly progressing in both China and the U.S. Furthermore, we are actively engaging with global strategic partners to maximize the clinical value of our pipeline.”

Dr. Yi Hua, Managing Director of SDIC Investment Promotionstated: “We are delighted to support the R&D of InxMed’s existing innovative drug pipeline at this critical juncture. InxMed boasts a first-class team for clinical and preclinical research of innovative drugs, consistently adhering to a truly globally differentiated R&D strategy. Within just three years, it has rapidly advanced multiple clinical trials across various sites in China and the United States, yielding exciting clinical efficacy data. Furthermore, through its Translational Medicine Center in Nanjing, the company has conducted promising research explorations targeting the most critical disease biological mechanisms. We highly recognize the team’s efficient execution capabilities and capacity for differentiated innovation. SDIC Investment Management has long been committed to investments in the biosciences sector, and we are fully confident in InxMed’s future R&D progress and internationalization prospects.”

InxMed, founded in 2018, is an emerging biotechnology company currently engaged in global clinical-stage R&D. The company focuses on the development of innovative drugs targeting the fibrotic tumor microenvironment, aiming to break through and lead the treatment of drug resistance and metastasis in solid tumors that lack effective therapeutic options. Leveraging translational medicine as the source of innovation and capitalizing on its strong clinical capabilities, InxMed is committed to building an efficient platform spanning disease biological mechanism research, innovative drug discovery, clinical translation, and proof-of-concept studies, with the goal of becoming a China-based pharmaceutical R&D company with global impact. The company has established teams in Shanghai, Beijing, and Nanjing, and boasts a high-caliber translational medicine and clinical development team across China, the United States, Canada, and Australia. Through independent innovation, product licensing, and co-development, InxMed has built a unique and robust global R&D pipeline, striving to achieve “First-in-Class” and “Best-in-Class” status.

SDIC Investment Promotion focuses on investing in the advanced manufacturing industry, emphasizing technological innovation and the value of outstanding entrepreneurs and teams. It prioritizes investments in sectors such as intelligent manufacturing, new energy intelligent vehicles, life sciences, and information and communications technology (ICT), committing to promoting the green, digital, and service-oriented development of the manufacturing sector. The team manages cumulative assets exceeding RMB 100 billion, with investors including financial institutions, the National Social Security Fund, and both state-owned and private capital.

Lingjian Capital is a US dollar fund focused on global healthcare investment, dedicated to helping entrepreneurs and business leaders address unmet clinical needs and improve the efficiency of healthcare systems. All members of AIHC’s investment team are professional investors with extensive experience in healthcare-related investments.

Shaanxi Growth is a professional fund management institution, officially approved by the People’s Government of Shaanxi Province, with qualifications in equity investment, investment management, and consulting. Adhering to the principles of “government guidance, social participation, and market-oriented operations,” the company continuously leverages fiscal funds and state-owned industrial capital to amplify their leading role and exert a magnetic effect in resource aggregation. It consistently injects capital momentum into regional economic development by stimulating new vitality, fostering new drivers of growth, and cultivating new business models.

"As a representative of venture capital in hard technology, Shaanxi Investment Growth has initiated and established 13 market-oriented specialized sub-funds, focusing on areas such as high-end manufacturing, healthcare, military technology, and new materials. It has completed investments in over 30 high-quality enterprises. Currently, Shaanxi Investment Growth continues to focus on the development of the healthcare industry, with systematic layouts in segments including biopharmaceuticals, biotechnology, and medical devices."

Houxin Health Investment is a private equity investment firm jointly established by its management team and New Hope Group. With New Hope Group as its cornerstone investor and key industrial partner, the firm adheres to the investment philosophy of “One Health For One Hundred Year Life.” It continuously identifies long-term investment opportunities in biotechnology and healthcare, leveraging rich industrial resources and an entrepreneurial spirit to create long-term value for investors, provide dynamic support to entrepreneurs, and offer a platform for professional growth to its team.

Enran Venture Capital, established in 2015, is a venture capital firm specializing in the biopharmaceutical and healthcare sectors. Its management team and investors possess extensive investment and industry expertise in biopharmaceuticals and healthcare. Upholding the core values of “Life,” “Health,” and “Innovation,” Enran Venture Capital actively invests in revolutionary new technologies, products, and business models within the global biomedical and health industries. Adhering to a proactive investment philosophy, the firm has invested in projects including innovative drugs targeting novel mechanisms, improved new drugs, high-end generic drugs, tumor molecular biology testing, molecular diagnostics, and medical data services. Through specialized post-investment management, Enran Venture Capital helps portfolio companies enhance their core competitiveness and drives efficient value appreciation for its investments.