Hangzhou Kind Pharmaceutical Completes $50 Million Series B Financing to Advance Global Phase II Trials of Core Asset AND017

Hangzhou Andao Pharmaceutical Co., Ltd. Announces Completion of $50 Million Series B FinancingRecently, Hangzhou Andao Pharmaceutical Co., Ltd. announced the completion of its $50 million Series B financing round. The round was co-led by Northern Light Venture Capital and Gaorong Capital, with participation from Decheng Capital, Ancheng Capital, and Yifeng Capital.

Hangzhou Andao Pharmaceutical Co., Ltd., founded in 2014 and located in the Linping Economic and Technological Development Zone of Hangzhou, is a high-tech pharmaceutical company dedicated to the research and development of novel drugs for kidney diseases and cancer. Its lead investigational product is AND017, an orally administered small-molecule compound independently developed by the company, primarily indicated for the treatment of anemia associated with chronic kidney disease. The drug’s mechanism of action aligns with the scientific discoveries honored with the 2019 Nobel Prize in Physiology or Medicine. In 2021, AND017 received approval from both Chinese and U.S. regulatory authorities to proceed to Phase II clinical trials, and global multicenter patient enrollment has now been successfully initiated.

AND019, another investigational new drug from Andao Pharmaceutical, is a third-generation selective estrogen receptor degrader (SERD) with a novel chemical structure. AND019 leverages the protein self-degradation mechanism to specifically degrade ER, block ER signaling, and thereby inhibit the proliferation of breast cancer cells. AND019 is being developed as a cornerstone therapy for hormonal treatment of breast cancer. The drug also received clinical trial approval in both China and the United States this October.

Andao Pharmaceutical’s product pipeline also includes multiple preclinical small-molecule and large-molecule candidate compounds.

The funds raised in this round will be primarily used to accelerate the global clinical development of AND017 and AND019, as well as to advance Investigational New Drug (IND) studies for the Company’s pipeline of small-molecule drugs, antibody-drug conjugates (ADCs), and antibody-based therapeutics.Previously, the Company completed a US$35 million Series A financing round invested by Decheng Capital in 2019. The successful completion of these two financing rounds fully demonstrates the recognition by domestic and international capital markets of the R&D capabilities of Andao’s core team, as well as their affirmation of the broad market prospects for the Company’s pipeline of investigational new drugs.

Dr. Liu Dong, Chairman and CEO of Andao Pharmaceutical“We extend our heartfelt gratitude to both new and existing investors for their trust and support in Hangzhou Andao Pharmaceutical Co., Ltd. After nearly seven years of relentless effort, the company has entered a phase of rapid development. This year, we successfully obtained three clinical trial approvals for two new drugs and secured investment from renowned domestic and international capital firms. These achievements are the result of our team’s diligent efforts, guided by Andao’s core philosophy of ‘treating humanity with kindness, respecting science, and benefiting patients.’ Building on this round of financing as a new starting point, Andao will spare no effort to accelerate the research and development of its pipeline of investigational new drugs. We are committed to honoring the support and trust placed in us by our investors, striving to establish Andao as a respected innovative pharmaceutical R&D enterprise, and working to deliver new drugs with genuine clinical value to patients at the earliest possible time.”

Aurora Venture Capital Partner, Song Gaoguang“The fields of nephrology and oncology present significant unmet clinical needs worldwide, and Hangzhou Andao Pharmaceutical Co., Ltd. boasts a rich and promising product development pipeline. We are delighted to collaborate with such an outstanding company and entrepreneurs to jointly advance product development. The company’s core product candidate, AND017, has already entered Phase II clinical trials. Its development efficiency and impressive clinical data have left a deep impression on us. We look forward to working closely with the management team and board of directors of Hangzhou Andao Pharmaceutical to accelerate the commercialization of its products, thereby benefiting patients globally.”

Yang Kun, Partner at Gaorong Capital“GaoRong Capital has long focused on global innovations in the healthcare and technology sectors. Hangzhou Andao Pharmaceutical Co., Ltd. boasts an excellent international team and has independently developed multiple innovative pipelines with global intellectual property rights in the fields of nephrology and oncology, currently conducting clinical trials simultaneously in China and the United States. We are delighted to partner with Andao and look forward to seeing its products reach the market as soon as possible, addressing the significant unmet clinical needs in nephrology and oncology, thereby benefiting patients.”

Dr. Cui Xiangmin, Founder of Decheng Capital“Decheng Capital is honored to continue supporting Hangzhou Andao Pharmaceutical Co., Ltd. and collaborating with its outstanding team. In recent years, Andao Pharmaceutical has achieved significant research breakthroughs and clinical progress with AND017, AND019, and other pipeline projects. We look forward to more milestones in the future that will benefit patients worldwide.”

Ancheng Capital“He stated: ‘Hangzhou Andao Pharmaceutical Co., Ltd. is a high-quality enterprise in the biopharmaceutical industry of the Development Zone. In recent years, under the leadership of Dr. Liu, the team has intensified R&D investment, achieving remarkable results in product development. This October, Andao’s pharmaceutical R&D and production base in the Development Zone officially broke ground, which will further accelerate the commercialization of the company’s new drug R&D achievements. The Development Investment Group is pleased to collaborate with high-quality enterprises like Andao Pharmaceutical. The Group will actively coordinate its own resources and those of the Development Zone to support Andao Pharmaceutical’s rapid growth. We are also confident that, under the leadership of the team centered around Dr. Liu, Andao Pharmaceutical will grow into a leading enterprise in China’s biopharmaceutical industry. We look forward to the early market launch of the company’s products, benefiting a wide range of patients and contributing Andao’s share to the Healthy China initiative.’”

Zhu Pai, Managing Partner at Yifeng Capital“He stated, ‘Hangzhou Andao Pharmaceutical Co., Ltd. has assembled an R&D team comprising senior experts in biopharmaceuticals from both domestic and international arenas. The company boasts extensive research experience in the development of innovative small-molecule drugs for anemia associated with chronic kidney disease, while also demonstrating top-tier capabilities in oncology drug pipeline development. We look forward to Hangzhou Andao Pharmaceutical bringing its drugs to market at an early date, thereby benefiting a broad patient population.’”

Northern Light Venture Capital, founded by Mr. Deng Feng in 2005, is a venture capital firm dedicated to “empowering Chinese entrepreneurs to become world-class leaders and cultivating Chinese enterprises into global champions.” The firm currently manages six U.S. dollar funds and four RMB funds, with assets under management exceeding RMB 30 billion. It has long focused on investing in high-potential early-stage, technology-driven innovative companies, emphasizing “team, market, and innovation” while growing alongside its portfolio companies.

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Gaorong Capital is one of China’s most active venture capital firms, focusing on early-stage and growth-stage investments, with a particular emphasis on innovative startups in new consumption, new technologies, healthcare, and other sectors. Over seven years, the total assets under management of Gaorong Capital’s USD and RMB funds amounted to approximately RMB 33 billion. To date, 20 companies invested in or held by Gaorong have successfully completed initial public offerings (IPOs), and more than 30 portfolio companies have achieved valuations exceeding USD 1 billion. Many of these companies have grown into industry leaders, including Pinduoduo, Huya Live, BOSS Zhipin, Roborock, and Dingdong Maicai. Gaorong Capital continues to maintain a strong focus on the healthcare sector, investing in companies across digital health, medical services, new drug development, medical devices, and diagnostics. Its portfolio in this space includes Shuidi Inc., Ping An Good Doctor, Xbiome, Abogen Biosciences, Constar Medical, and Vapy Medical.

Decheng Capital, established in 2012, is a venture capital firm focused on the healthcare sector. Leveraging the historic opportunity of rapid growth in China’s healthcare industry and revolutionary innovations in global life sciences, Decheng Capital provides funding and strategic support to entrepreneurs, founders, and inventors. The firm has offices in Silicon Valley and New York in the United States, as well as in Shanghai, China.

Yifeng Capital is among the earliest specialized biomedical investment firms in China. Its investment team comprises PhDs in biomedical sciences from top-tier universities both domestically and internationally, focusing on global venture capital (VC) and private equity (PE) investments in the biomedical sector and successfully facilitating the public listings of numerous portfolio companies. Owing to its outstanding investment performance and robust investment research capabilities, Yifeng Capital has been honored as one of the “Top 30 Healthcare Investment Institutions in China” by Zero2IPO, recognized among the “Top 10 Best Exit Cases in the Biopharmaceutical Sector,” and acclaimed as one of “China’s Most Dynamic Innovative Drug Investment Institutions.” It has also been featured in an exclusive interview by Nature, a world-renowned scientific journal. Yifeng 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 dedicating itself to advancing life sciences.