Exclusive: Allygen Biologics Completes Over RMB 300 Million in Series A Financing, Accelerating Clinical Trials for Its Global First-in-Class Bispecific ADC Pipeline Based on the STAR Technology Platform

VCBeat learned that Allygen Biologics recently completed a Series A financing round exceeding RMB 300 million. The round was led by Sherpa Investment, with participation from the Beijing Pharmaceutical and Health Industry Investment Fund, Qiming Venture Partners, Zhuhai Technology Industry Group, Huagai Capital, TigerYeah Capital, W Capital, and other investors. Fu'an Capital served as the exclusive financial advisor for the round.

Allygen Biologics is an innovative biotechnology company focused on the development of targeted conjugate drugs. It possesses multiple proprietary technologies, including Smart TME Activated Release (STAR), and has established three major technology platforms covering bispecific antibody-drug conjugates (BsADCs), antibody-oligonucleotide conjugates (AOCs), and antibody-degrader conjugates (ADOCs). The company boasts a robust pipeline of investigational candidates targeting solid tumors across multiple indications. This round of funding will accelerate the entry of Allygen Biologics' first STAR-BiADC candidate, ALG01, into Phase I clinical trials, while also supporting the development of additional pipeline products.

Allygen Biologics' independently developed STAR technology platform integrates intelligent delivery and multiple mechanisms of action into a single molecule, representing the world's first next-generation targeted conjugation technology system that simultaneously encompasses three major molecular formats: Antibody-Drug Conjugates (ADCs), Antibody-Oligonucleotide Conjugates (AOCs), and Antibody-Drug-Oligonucleotide Conjugates (ADOCs). Through a "smart switc" design specifically activated by the tumor microenvironment, the platform achieves high stability in systemic circulation and precise drug release at tumor sites, systematically addressing the industry-wide challenges of high toxicity and narrow therapeutic windows associated with traditional ADCs.

ALG01 is the lead candidate from Allygen Biologics' STAR-BiADC platform and the world's first bispecific antibody-drug conjugate (ADC) that integrates the immune checkpoint PD-L1 with the tumor-associated antigen TROP2 into a single molecule, featuring intelligent release capabilities within the tumor microenvironment. This molecule employs a unique "IO+TAA" dual-targeting STAR structure to achieve clear synergistic effects between targeted chemotherapy and immunotherapy. Preclinical study data demonstrate that ALG01 exhibits significant advantages across multiple dimensions, including in vivo efficacy, toxic side effects, and safety window.

Allygen Biologics Team stated: "Bispecific ADCs that combine targeted chemotherapy with immunotherapy represent one of the key directions in the development of next-generation ADC drugs. We believe that Allygen Biologics' STAR technology platform can effectively integrate multiple mechanisms of action within a single drug molecule, precisely addressing several current pain points in the ADC industry through targeted, sophisticated molecular design, technological innovation, and process optimization. Furthermore, Allygen Biologics' platform technology offers broad scalability. We sincerely thank Sherpa Capital and all investors for their trust in Allygen Biologics; the completion of our Series A financing marks a significant milestone in the company's development. We will accelerate the clinical trials of ALG01 to further validate its safety and efficacy in humans, while continuously expanding our R&D pipeline to provide more effective and safer treatment options for cancer patients worldwide."

Sherpa Capital stated: "Allygen Biologics' STAR platform represents the next-generation evolution of conjugated drug technology, with its 'smart activation' design philosophy fundamentally addressing the toxicity bottlenecks of traditional ADCs. The exceptional preclinical data of ALG01, particularly its ability to induce durable tumor immune memory, offers new possibilities for the treatment of solid tumors. We are confident in the Allygen Biologics team's execution capabilities in the field of global innovative drugs and will fully support the company in advancing clinical validation."

Beijing Pharmaceutical and Health Industry Investment Fund stated: "As an innovative pharmaceutical company with global independent intellectual property rights, Allygen Biologics' development model of 'global layout + China-based operations' aligns with Beijing's strategic direction to build itself into an international science and technology innovation center and a national biopharmaceutical industry base."

Qiming Venture Partners stated: "The ADC field is undergoing a paradigm shift from single-targeting to multi-mechanistic synergy. Traditional ADCs rely solely on toxin-mediated tumor cell killing and struggle to simultaneously activate the body's anti-tumor immune response. Allygen Biologics' proprietary STAR platform breakthroughly integrates targeted chemotherapy and in situ tumor immune activation within a single molecule, precisely killing tumor cells while reshaping the tumor microenvironment, with the potential to overcome the efficacy bottlenecks of existing therapies. We look forward to ALG01 demonstrating similar breakthrough potential in clinical stages, unlocking differentiated therapeutic value."

Dr. Niu Xinle, Chief Investment Officer of Huajin Capital, a subsidiary of Zhuhai Science and Technology Industry Group, stated: "Allygen Biologics is a conjugate drug company with capabilities in source innovation and global operations. Its STAR platform covers three major areas: ADC, AOC, and ADOC. ALG01 has demonstrated superior efficacy compared to existing TROP2 ADCs and their combination with PD-L1 monoclonal antibodies in preclinical data, while also exhibiting a favorable safety window, potentially pioneering a new paradigm for cancer treatment in clinical practice."

Huagai Capital Medical Early-Stage Fund stated: "Huagai Capital has long focused on platform-type opportunities in the healthcare and medical sector. Allygen Biologics has built a next-generation targeted conjugate drug technology system based on its STAR platform. As the world's first IO+TAA bispecific antibody ADC, ALG01 demonstrates differentiated advantages in efficacy, safety, and immune memory, with a pipeline that exhibits both depth and scalability. We highly recognize the founding team's end-to-end experience spanning from multinational R&D to industrialization, and we look forward to the company becoming a key player in the global field of conjugate therapeutics."

Dr. Ji Tianrong, Founder & General Manager of TigerYeah Capital, stated: "Allygen Biologics' core team has been deeply engaged in the R&D of novel drugs and antibody-drug conjugates (ADCs) for many years, focusing on technological innovation in targeted conjugate therapeutics. Leveraging its proprietary STAR targeted drug conjugate technology platform, the team enables intelligent delivery of diverse payloads, significantly enhancing drug bioavailability. The lead candidate, ALG01, has demonstrated superior efficacy in preclinical animal studies. Its bispecific ADC design achieves a synergistic anti-tumor effect where '1+1>2,' offering significant differentiated advantages and strong potential for clinical development. We look forward to the early completion of clinical validation for ALG01, thereby benefiting a broad population of cancer patients."