Ascentawits Pharmaceuticals Secures RMB 100 Million Series A+ Financing to Advance AST-3424 Through Phase I/II Clinical Trials in China and Expand Pipeline

VCBeat (WeChat Official Account: vcbeat) has learned that Shenzhen Aixin Dawei Pharmaceutical Technology Co., Ltd. (“Aixin Dawei”), a portfolio company of Sangel Capital, recently announced the completion of its RMB 100 million Series A+ financing round at the end of 2019. The round was led by China International Capital Corporation Venture Capital (CICC VC), with co-investment from BGI Win-Win, Cowin Capital, Kangchengheng, and existing shareholder Sulan Investment. In 2017, Sangel Capital made its initial investment in Aixin Dawei and has continuously participated in subsequent funding rounds.

The proceeds from this financing will be primarily used to continue advancing the Phase I/II clinical trials of the Company’s AST-3424 project in China, accelerate preclinical registration studies for multiple innovative candidates in its product pipeline, and further expand the Company’s team.

Dr. Duan Jianxin, Chairman of Aixin Dawei, stated that the company’s clinical development and financing activities are both progressing smoothly. We deeply appreciate investors’ recognition, attention, and support. We will fully advance our clinical R&D efforts, leveraging the strengths of our independently innovative drug design team and our experienced clinical development team to enrich our product pipeline. This will drive the company’s rapid and healthy growth, delivering safe, effective, and affordable novel therapies to cancer patients in China and worldwide, while generating stronger returns for our investors.

AST-3424 is a first-in-class small-molecule novel drug with a unique mechanism of action and high target specificity. It selectively kills tumor cells overexpressing AKR1C3, while having minimal or no impact on normal cells. This characteristic of highly selective intracellular targeting, activation, and enrichment in tumor cells significantly enhances both efficacy and safety compared to traditional non-selective chemotherapeutic agents. Literature indicates that AKR1C3 is highly expressed in up to 15 types of solid tumors and hematologic malignancies, particularly in various drug-resistant and refractory tumor cells, such as hepatocellular carcinoma (HCC), castration-resistant prostate cancer (CRPC), and T-cell acute lymphoblastic leukemia (T-ALL).

Another feature of AST-3424 is that AKR1C3 expression levels can be measured by immunohistochemical staining, thereby serving as a companion diagnostic to select patients with high AKR1C3 expression for precision therapy.

Shenzhen Ascentawits Pharmaceuticals, Ltd. is a high-tech enterprise dedicated to the research and development of novel anti-tumor drugs. Leveraging specific tumor microenvironments, the company’s team conducts independent innovation in prodrug design and screening, resulting in a series of precision-targeted small-molecule anticancer prodrug compounds protected by global intellectual property rights. The company has established a strategic product portfolio and reserve in multiple areas of urgent clinical need and is currently advancing preclinical and clinical studies in an orderly manner. Committed to its mission, Ascentawits aims to benefit patients worldwide with innovative pharmaceuticals developed in China.

Aixin Dawei’s AST-3424 has secured patent rights or the right to apply for patents in Asia.

Sangel Capital is one of China’s earliest established professional equity investment firms specializing in biomedicine. Focusing on biopharmaceuticals, medical devices, and biotechnology, Sangel Capital boasts leading professional expertise and a rich project pipeline within the biomedical investment industry. Anchored in the most promising sectors, Sangel Capital identifies innovative, high-growth enterprises with significant capital value and commercial potential, cultivating a portfolio of benchmark companies across various niche industries. With offices in Shenzhen, Beijing, Suzhou, and the United States, Sangel Capital has assembled an investment and advisory team comprising industry experts, scientists, and investors from the life sciences sector. The firm manages and operates a series of RMB and USD-denominated funds and has received numerous honorary awards from reputable institutions.