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The series A investment round secures resources for advancing global Phase I/II clinical programs and orchestrating the company's global footprint expansion.
BEIJING, Nov. 28, 2024 /PRNewswire/ -- Allink Biotherapeutics, a clinical-stage biotechnology company pioneering next-generation bispecific antibody and antibody-drug conjugate (ADC) therapeutics, today announced successful completion of an $42 million Series A financing. The financing round was led by Lanchi Ventures, a preeminent global early-stage technology investor known for backing breakthrough innovations, with participation from an elite syndicate of new investors including Yuanbio Venture Capital, Legend Capital and C&D Emerging Industry Equity Investment, alongside strong support from existing shareholders Gaorong Ventures and Med-Fine Capital.
"Since company inception a little over a year ago, AllinkBio has rapidly advanced from lead asset PCC to clinical development stage," said Hui Feng, Ph.D., Founder and Chief Executive Officer of AllinkBio, "We are grateful for the continued support from existing shareholders and delighted to welcome new investors who recognize both our scientific excellence and capability of translating scientific findings into clinical applications. Their support enables us to accelerate the development of our diverse pipeline spanning multiple modalities including next-generation ADCs and bispecific antibodies targeting oncology and immunology diseases. Looking ahead, we are poised to achieve multiple pipeline milestones in the coming months as we pursue our long-term mission of bringing innovative therapeutics to patients with significant unmet medical needs."
"AllinkBio's exceptional execution speed and quality in advancing its lead program from preclinical to clinical stage, led by Dr. Feng, one of the leading figures in China's biopharmaceutical industry, demonstrates the company's high competitiveness in the field," commented Lanchi Ventures. "AllinkBio's innovative approach to ADC development presents a compelling opportunity in the targeted oncology therapeutics space."
The Series A financing proceeds will be deployed to advance:
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Global clinical development of lead candidates ALK201 and ALK202 through Phase 1 studies in Australia, the United States and China
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Enrichment of current portfolio by developing multiple highly competitive new assets in oncology and immunology
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Further development of the company's proprietary bispecific antibody and ADC technology platform
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Global footprint expansion to achieve world prominence