HANGZHOU, China, July 5, 2018 /PRNewswire/ -- Adlai Nortye Biopharma Co., Ltd. ("Adlai Nortye" or "the Company"), a biopharmaceutical company, announced that it has raised $53 million in a Series B financing round. Leading investors in biotech including YuanMing Capital, Matrix Partners China, DT Capital Partners, and Yahui Precision Medicine Fund participated in this funding round.
Adlai Nortye is a clinical-stage biopharmaceutical company focusing on the discovery, development and commercialization of novel treatments for cancer, with primary concentration on immuno-oncology. Adlai Nortye is advancing a robust pipeline of more than 10 diverse product candidates. Over 20 members of its executive and core research and development team have worked for years as executives at top-tier biopharmaceutical companies in the world. This new round of investment will strengthen Adlai Nortye's position to become a leading biopharmaceutical company for innovative drugs.
Adlai Nortye has two clinical stage immune-oncology product candidates. Reolysin®, an intravenously delivered immuno-oncolytic virus (IOV) for the treatment of solid tumors is ready to enter Phase III study. FDA has granted Fast Track designation for Reolysin®. This will facilitate the development, and expedite the review of the drug. The first-in-class EP4 antagonist AN0025 to treat solid tumors is currently in Global Phase Ib trial.
"We are extremely delighted to have the trust and support from China's premier investors in this financing round. Adlai Nortye is totally committed to the development of innovative drugs in immune-oncology. We will work tirelessly to enhance the lives of cancer patients with a goal to turn cancer into a chronic disease", said Carsten Lu, CEO of Adlai Nortye.
"YuanMing Capital focuses our investment on outstanding companies in the medical space, especially in advanced companies in life sciences", said Lawrence Y. Tian, Ph.D., founding partner of YuanMing Capital. "We are confident in Adlai Nortye's potential to evolve into a leader in the field of immune-oncology. We hope to support the innovative research and development, and fuel the growth of the company through close collaboration with Adlai Nortye."
"Adlai Nortye is dedicated to shaping itself into a global I/O company. It has demonstrated strong ability of innovation and act proactively in the I/O space. Adlai Nortye has a world-class team with rich global experiences and definitive focus on execution under the leadership of CEO Carsten Lu. It truly stands out among competitions worldwide with its deep understanding of the requirements for clinical trials. I look forward to an even brighter future for Adlai Nortye", commented Eric Yu, Ph.D., Director of Matrix Partners China.