TYK Medicines Raises ￥400 million in Extended Series B Round

(VCBeat) May. 24, 2021 -- Recently, Zhejiang-based TYK Medicines, Inc. ("TYK Medicines") announced that it has closed an additional Series B round of nearly 400 million yuan. This financing was led by Sealand Innovation, with participation from Haibang Fenghua and Zheshang Venture Capital and the existing investors Wenzhou Investment and Changxing Financial Holding. Haoyue Capital continues to serve as the exclusive financial adviser.

This round of financing will be used for TYK Medicines' Phase 2/3 clinical trials of two Class 1.1 drug programs, preclinical application and clinical trials of several leading small-molecule drug programs, and the construction of a GMP-compliant manufacturing facility for innovative drugs.

TYK Medicines has gathered a group of senior drug R&D experts led by Dr. Wu Yusheng, focusing on the research and development of innovative small-molecule drugs for tumors. In less than half a year, Haoyue Capital has accompanied the company to complete two rounds of financing with a total amount of 640 million RMB.

Founded in November 2017, TYK Medicines is an innovative bio-pharmaceutical high-tech company based in China and facing the international market. It has a world-class drug research and development center. It has set up a new drug research and development center of 6,000 square meters in Changxing Life Science Park, Zhejiang, and new drug research and development centers in Zhengzhou and Shanghai successively. The company has also established a clinical medicine department and business development department in Shanghai.

Sealand Innovation was established in January 2012. It is a private equity fund management subsidiary of securities companies approved by the China Securities Regulatory Commission, with a registered capital of 2 billion yuan. By the end of December 2020, the assets under management have exceeded 17.6 billion yuan, and both the assets under management scale and the investment return rate are at the forefront of the industry.

ZSVC is a private venture capital firm. Its core team has a wealth of industrial management and investment management experience. ZSVC has managed nearly 40 equity and merger funds of various types, with assets under management of more than 55 billion yuan.