Jiangsu New Elements Pharma Secures Over RMB 300 Million in Series C Financing to Advance Global Phase III Trial of ABP-671 for Gout

Jiangsu New Element Medical Technology Co., Ltd. recently completed its Series C financing round, raising over RMB 300 million. The round was led by Xicheng Jinrui and GTJA Investment Group, with participation from Efung Capital, Oriza Holdings, and Qiandao Group. Existing shareholders Kaitai Capital, Livzon Pharmaceutical Group, and HongShan continued to increase their investments. Previously, New Element Medical had secured cumulative financing amounting to hundreds of millions of RMB. The proceeds from this Series C round will be primarily used to complete the global Phase III clinical trials of ABP-671, as well as to advance preclinical and early-stage clinical studies for other pipeline products.

Atom Therapeutics currently has several products in various stages of preclinical and clinical development. Among them, ABP-671, a Class 1.1 anti-gout drug, has completed Phase 2a clinical studies overseas, while its Phase 1/2a clinical trial is ongoing in China. Current clinical trial results indicate that ABP-671 demonstrates favorable efficacy, safety, and tolerability. With once-daily low-dose administration, over 95% of enrolled gout patients achieved the therapeutic endpoint of serum uric acid levels below 0.36 mmol/L (6 mg/dL), suggesting the potential to provide global gout patients with an efficient, safe, and sustainable long-term treatment option. Furthermore, the majority of enrolled gout patients achieved serum uric acid levels below 5 mg/dL, or even 4 mg/dL, which facilitates the dissolution of tophi and reduces gout flares. The invention patent for ABP-671 has been granted in nearly 70 countries and regions worldwide. In addition, the company’s innovative drug candidate for NASH features a mechanism of action distinct from that of current clinical-stage drugs; this class of compounds has demonstrated robust efficacy and safety in animal models, offering comprehensive preventive and therapeutic effects against fatty liver and hepatic fibrosis.

Dr. Shi Dongfang, Founder, Chairman, and CEO of Atom Therapeutics“The global population of gout patients is estimated to exceed 55 million, while the number of individuals with hyperuricemia far surpasses 200 million. However, existing gout medications on the market carry potentially fatal toxicities affecting the heart, kidneys, or liver, precluding long-term use and leaving a substantial unmet clinical need in this field. Although there are investigational products targeting various pathways for gout treatment currently in clinical development, challenges remain in enhancing drug safety and improving therapeutic efficacy. ABP-671 has demonstrated superior safety and efficacy profiles in clinical trials, giving us great confidence to proceed with Phase III clinical studies. We are honored that this Series C financing round has garnered the favor and trust of several renowned investment institutions, along with additional investments from our existing shareholders. This support will empower us to bring our Best-in-Class innovative drug, which possesses independent intellectual property rights, to the global market, thereby benefiting gout patients worldwide.”

Huang Pu, General Manager of Xicheng Jinrui“The prevalence of hyperuricemia continues to rise alongside improvements in living standards. The gout induced by hyperuricemia severely impairs patients’ quality of life, and irreversible damage to multiple target organs ultimately affects life expectancy. Patients often require lifelong urate-lowering therapy to maintain serum uric acid levels within the ideal range. Unfortunately, despite substantial market demand, the non-negligible toxic side effects of existing medications restrict physicians’ prescribing options and lead to poor long-term medication adherence among patients. The safety and efficacy data from preliminary studies of ABP-671, independently developed by Atom Therapeutics, are impressive. Compared with currently marketed drugs, ABP-671 holds promise for better meeting the long-term pharmacological needs of patients with chronic hyperuricemia. We look forward to the company’s rapid advancement of subsequent clinical trials, so that global patients may benefit at an earlier date.”

Teng Yuhang, Executive Partner of GTJA Investment Group“The management of gout has long been a key area of focus for us. Given its high prevalence and substantial market demand, current therapeutic options that are both safe and effective remain limited. A significant number of gout patients worldwide still struggle to achieve serum uric acid control with an acceptable risk-benefit profile, creating an urgent need for new medications to address this unmet medical need. Considering that gout is a chronic condition requiring long-term pharmacotherapy, safety considerations should be held to standards comparable to those for diabetes medications. Therefore, drug safety is a primary criterion in our evaluation of projects in this field. We have observed that the core team at Atom Therapeutics, led by Dr. Shi, has cultivated deep expertise in metabolic diseases over many years. The company’s lead candidate, ABP-671, has demonstrated clearly superior safety and efficacy data in clinical trials, giving us strong confidence to support its accelerated development and earlier commercialization, thereby benefiting gout patients sooner. We also look forward to seeing continued progress from the company’s pipeline of follow-on candidates under Dr. Shi’s leadership. GTJA Investment Group is committed to partnering with the company in the next stage of its growth.”

Atom Therapeutics is a rapidly growing innovative pharmaceutical company. Its core team consists primarily of senior researchers from the United States and China, bringing extensive experience in the research and development (R&D) of innovative drugs. The company is dedicated to developing small-molecule innovative drugs with independent intellectual property rights, focusing on areas such as metabolic diseases and oncology to address unmet clinical needs. Its innovative gout drug, ABP-671, targets the global market and demonstrates strong efficacy along with significant safety advantages, holding promise to benefit gout patients worldwide. The company has also established a presence in the treatment of metabolic disorders, including non-alcoholic steatohepatitis (NASH).

Xicheng Jinrui is a market-oriented professional investment institution with state-owned capital background, jointly initiated by Financial Street Capital Operation Group Co., Ltd., China State-Owned Enterprise Structural Adjustment Fund Co., Ltd., and China Reform Holdings Corporation Ltd. It focuses on high-quality enterprises in fields such as information security, new energy, industrial intelligence, healthcare, and enterprise services. In the healthcare sector, Xicheng Jinrui strategically prioritizes investment opportunities in innovative drugs, medical devices, upstream supply chain segments, and CXO (CRO/CMO/CDMO) services.

Founded in Shenzhen in 2001, GTJA Investment Group focuses on investments in the healthcare and medical industry. Guided by strategic equity investments, its portfolio spans all stages, including mergers and acquisitions (M&A), private equity (PE), venture capital (VC), and angel investing. Boasting one of the largest professional healthcare investment teams in China, the firm has built an investment ecosystem platform for the healthcare industry and is committed to becoming a globally influential healthcare investment institution. With assets under management exceeding RMB 20 billion, it manages 25 healthcare industry funds (including USD-denominated funds). It has invested in over 150 companies, including more than 80 in the healthcare sector, and facilitated the successful listing of 31 companies. With its operations rooted in China and oriented towards the global market, GTJA Investment Group has established operational centers in Shenzhen, Shanghai, Beijing, Nanjing, Hong Kong, and other locations. It is dedicated to investing in outstanding healthcare enterprises worldwide, bridging Chinese momentum with global capital and medical enterprises, and assisting entrepreneurs in building great companies.

Kaitai Capital is an innovative capital management firm focused on investments in biopharmaceuticals and life sciences, artificial intelligence and digital technology, as well as data intelligence and tech-enabled consumer sectors. With a global perspective, forward-looking industry research, and an investment philosophy centered on industrial ecosystem development, Kaitai Capital has invested in more than 100 biopharmaceutical and life science companies both domestically and internationally, initially establishing a collaborative industrial ecosystem. The firm has built an ecosystem-oriented investment portfolio across therapeutic areas including oncology, autoimmune diseases, metabolic disorders, anti-infectives, respiratory diseases, cardiovascular diseases, neuroscience, nephrology, ophthalmology, and dermatology, as well as in gene therapy and cell-based medicines, pharmaceutical manufacturing, innovative biotechnologies, and the broader health and wellness industry.

Livzon Pharmaceutical Group (1513.HK, 000513.SZ) is a leading comprehensive pharmaceutical group in China, integrating research and development, manufacturing, and sales. Zhuhai Livzon Pharmaceutical Equity Investment Management Co., Ltd. is a wholly-owned investment platform established by Livzon Pharmaceutical in Hengqin, Zhuhai, dedicated to identifying and supporting leading innovative pharmaceutical technologies and product development in China.

HongShan has always been committed to helping entrepreneurs build enduring, great companies by providing its portfolio companies with abundant global resources and valuable historical expertise. As “entrepreneurs behind entrepreneurs,” HongShan focuses on investment opportunities in three sectors: TMT, healthcare, and consumer products/services. Over the past 16 years, HongShan has invested in more than 900 companies characterized by distinct technological advantages, innovative business models, and high growth potential.

Efung Capital is one of the earliest professional biopharmaceutical investment firms in China. Its investment team comprises PhDs in biopharmaceutical sciences from top-tier universities both domestically and internationally, focusing on global venture capital (VC) and private equity (PE) investments in the biopharmaceutical sector, and has successfully facilitated the public listings of numerous portfolio companies. With outstanding investment performance and robust investment research capabilities, Efung Capital has been honored as one of the Top 30 Healthcare Investment Institutions in China by Zero2IPO, listed among the Top 10 Best Exit Cases in the Biopharmaceutical Sector, and recognized as China’s Most Dynamic Innovative Drug Investment Institution. It was also featured in an exclusive interview by Nature, a world-renowned scientific journal. Efung Capital maintains a strong focus on original innovative drugs and high-end medical devices, deeply identifying high-potential enterprises, driving the industrialization of scientific and technological achievements through capital, and striving for the advancement of life sciences.

Since its establishment in 2001, Oriza Holdings has focused on the field of equity investment, with assets under management exceeding RMB 100 billion, making it one of the leading equity investment institutions in China. Since its inception, the company has prioritized investment opportunities in emerging industries such as integrated circuits, biopharmaceuticals, artificial intelligence, and nanotechnology applications, adhering to its commitment to supporting the real economy and promoting industrial transformation and upgrading. To date, it has directly invested in over 1,000 projects, while its fund-of-funds platform has invested in more than 140 sub-funds.

Qiandao Group, founded in 2011, adheres to the philosophy of “empowering finance with technology, serving industries through financial services, and contributing to the nation through industrial development.” Deeply engaged in China’s economic growth and industrial upgrading, the group is committed to becoming a comprehensive holding conglomerate that leads innovation through technology and serves the real economy. Qiandao specializes in asset management and investment activities, including equity investment, industrial investment, and special opportunity investment. Its subsidiaries include Qiandao Investment Fund Management (Beijing) Ltd.Co., which focuses on pharmaceuticals and medical technology, advanced manufacturing, and new energy, as well as China Xinxing Asset Management Co., Ltd., a subsidiary of a central state-owned enterprise undergoing mixed-ownership reform, among other member companies.In the field of pharmaceutical and healthcare investment, Qiandao strategically positions itself in high-quality sectors such as innovative drugs (including biopharmaceuticals), in vitro diagnostics, innovative medical devices, and healthcare services and technology. It has invested in numerous high-quality projects, including Tengrui Pharmaceutical, Northland Biotech, Lipin Pharmaceutical, Xunuo Pharmaceutical, Yueyang Pharmaceutical, MoreHealth, Lianxin Medical, Kailian Medical, and Diannai Technology. Notably, Northland Biotech was among the first batch of companies listed on the Beijing Stock Exchange.