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Press release content from PR Newswire. The AP news staff was not involved in its creation.
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Press release content from PR Newswire. The AP news staff was not involved in its creation.

Lynk Pharmaceuticals announced the completion of Series B financing of $50 million

August 27, 2021 GMT

HANGZHOU, China, Aug. 27, 2021 /PRNewswire/ -- Lynk Pharmaceuticals CO., LTD (hereinafter referred to as “Lynk Pharmaceuticals”), an innovative pharmaceutical R&D company, today announced that it has successfully completed Series B financing of $50 million, with Lilly Asia Ventures (LAV) as lead investor, New Alliance Capital and Hangzhou HEDA Biological Medicine Venture Capital Partnership (L.L.P.) as co-investors, and its original shareholders Legend Capital and Med-Fine Capital as participating investors. The proceeds from this round of financing will mainly be used to conduct Phase I and II clinical trials for multiple programs in the R&D pipeline of Lynk Pharmaceuticals. In addition, the funding will be used to expand international business, strengthen international collaborations with leading companies and support preclinical development of new projects. CEC Capital acted as the exclusive financial advisor to Lynk Pharmaceuticals in this transaction.

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Founded in 2018, Lynk Pharmaceuticals is a globally leading innovative drug R&D company. Based on the team’s world-leading experience in medicinal chemistry and small molecule clinical development, it is dedicated to the development of global FIC/BIC small molecule drugs for autoimmune diseases, inflammation and cancers. In three and a half years since its establishment, Lynk has obtained IND approvals for three original products in China and the United States, launched global clinical development efforts, and completed the ex-Chinese rights out-license of LNK01001 to a US company and the in-license of the first-in-class RAS program from Japan’s Kobe University and RIKEN, both in 2020.

Dr. Zhao-Kui (ZK) Wan, Chairman and CEO of Lynk Pharmaceuticals, said, “We are very much grateful for the recognition and support from the top investors in the industry. Since the establishment of Lynk Pharmaceuticals, we have been advancing our projects with efficient execution, and we have made significant progress in just three and a half years. This round of financing will lay a solid foundation for us to further develop our pipeline and continue to advance innovative therapies. Owing to the great efforts of many scientists and investigators, I believe that we will benefit patients with innovative therapies as soon as possible.”

According to Dr. Ting Feng, Vice President of Lilly Asia Ventures (LAV), “We are deeply impressed by the efficient execution and global vision of Lynk Pharmaceuticals’ management team. We are also very optimistic about the future huge market space and the unmet patient needs in the field of autoimmune disease and cancer. We are excited to partner with the Lynk team to accelerate its growth and look forward to more breakthroughs and successes in the future with our innovation capability.”

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Lei Cai, Managing Director at New Alliance Capital, commented:“there have been huge unmet needs as well as great potential for small molecule drugs to treat autoimmune disease and cancer. Lynk’s international vision and strong team execution have left a deep impression on us; we are very happy to have the opportunity to work with Lynk. New Alliance Capital will provide full support in all aspects of capitals and industry resources to support the company to become a global leader and bring more effective solutions to benefit patients across the world.”

About Lynk Pharmaceuticals:

Lynk Pharmaceuticals, a clinical stage company, was founded in 2018 by senior drug R&D experts and executives from Pfizer, Merck and Johnson & Johnson. Lynk Pharmaceuticals is dedicated to the discovery and development of innovative drugs for the treatment of cancer, as well as immune and inflammatory diseases. Driven by a higher goal, Lynk Pharmaceuticals aims to be a market leader to address unmet medical demands by the development of innovative therapies. To date, Lynk Pharmaceuticals has independently developed a number of Class I clinical innovative new drugs, and independently as well as jointly with its US partner launched a number of clinical studies globally. For more information about Lynk Pharmaceuticals, please visit: https://www.lynkpharma.com.

About Lilly Asia Ventures (LAV)

Lilly Asia Ventures (LAV) is a leading biomedical venture capital firm founded in 2008, with offices in Shanghai, Hong Kong, and Palo Alto. Our vision is to become the trusted partner for exceptional entrepreneurs seeking smart capital and to build great companies developing breakthrough products that treat diseases and improve human health.

About New Alliance Capital

Founded in 2008 in Shanghai, New Alliance Capital is one of China’s leading investment firms with domain expertise and insight across healthcare and TMT sectors. New Alliance Capital manages over 12 billion RMB across 8 funds. New Alliance Capital take value-added services as its core competency. The core team members have a wealthy of investment and management experience in such fields as SOE reform, venture capital investment of private enterprises, localization of transnational corporations, etc. With over 100 investments and over 30 portfolio companies listed, New Alliance Capital has been committed to investments in leading companies in healthcare services, pharmaceuticals, medical devices and various other industries.

About Hangzhou HEDA Biological Medicine Venture Capital Partnership (L.L.P.)

Focusing on cooperation with domestic and foreign well-known investment institutions in professional areas, Hangzhou HEDA Industrial Fund Investment Co., Ltd. jointly funded and established 27 sub-funds, with a total scale of 18 billion RMB. Hangzhou HEDA Biological Medicine Venture Capital Partnership (L.L.P) is part of Hangzhou HEDA Industry Fund Investment Co., Ltd..

About CEC Capital

CEC Capital is a leading Chinese FA with a focus on the global TMT, consumption and health sectors. In addition to investment banking, CEC Capital is managing a RMB fund and a dollar fund with offices in Beijing, Shanghai, Los Angeles and San Francisco, and it also has a license to the US securities market. The healthcare industry is an advantageous industry that CEC Capital is concerned about. Meanwhile, CEC Capital has the largest and most professional health investment banking team in China with the most complete industry chain.

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SOURCE Lynk Pharmaceuticals Co., Ltd.