The Chinese pharmaceutical R&D company, Lynk Pharmaceuticals Co. Ltd., has successfully raised $50 million in Series B funding round.
It was founded in 2018 by the Chairperson and CEO, Dr. Zhao-Kui (ZK) Wan, with the aim to develop FIC/BIC small molecule drugs globally for different cancers, autoimmune and inflammatory diseases.
Within the three and half years of its existence, the pharmaceutical R&D company has managed to receive IND approvals in China and U.S. for three of its products, initiated worldwide clinical development efforts and completed ex-Chinese rights out-license of LNK01001 to a U.S. company and also in-license of the top-tier RAS program of Japan’s Kobe University and RIKEN in 2020.
The Series B financing round was headed by Lilly Asia Ventures (LAV) as a lead investor. New Alliance Capital and Hangzhou HEDA Biological Medicine Venture Capital Partnership (L.L.P.), together with its original shareholders Legend Capital and Med-Fine Capital, also took part for the cause.
The company now plans to utilize these funds for phase I and II clinical trials of certain projects in its R&D pipeline. Moreover, these funds will be used for extending international business of the company Lynk Pharmaceuticals upholding international collaborations with various companies and aiding preclinical development of new projects.
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