China-based biotechnology company Allink Biotherapeutics (AllinkBio) has closed a $42m Series A financing to advance the development of bispecific antibody and ADC pipeline.
The Series A round was led by early-stage technology investor Lanchi Ventures, with participation from a syndicate of new investors.
The syndicate includes Yuanbio Venture Capital, Legend Capital and C&D Emerging Industry Equity Investment.
Existing investors Gaorong Ventures and Med-Fine Capital also participated in the financing.
Gaorong Ventures managing director Jiangtao Yu said: “Since our initial investment, we have been impressed by the company’s rapid advancement in both platform development and pipeline progression. We are excited to strengthen our commitment through this Series A financing.”
Lanchi Ventures said: “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.
“AllinkBio’s innovative approach to ADC development presents a compelling opportunity in the targeted oncology therapeutics space.”
Established in 2023, AllinkBio is a clinical-stage biotechnology company developing next-generation bispecific antibody and antibody-drug conjugate (ADC) therapeutics.
The company leverages advanced in-house developed platforms in bispecific antibodies and ADCs to develop a pipeline of First-in-Class (FIC) and Best-in-Class (BIC) therapeutics.
AllinkBio intends to use the financing to advance the clinical development of lead candidates ALK201 and ALK202 through Phase 1 studies in Australia, the US and China.
It will also use the funds to develop multiple highly competitive new assets in oncology and immunology, and further develop its unique bispecific antibody and ADC platform.
With the new financing round, combined with its R&D capabilities, the company is well-positioned to experience growth in its product and corporate development, said AllinkBio.
AllinkBio founder and CEO Hui Feng said: “Since our company’s inception a little over a year ago, AllinkBio has rapidly advanced from lead asset PCC to clinical development stage.
“We are grateful for the continued support from existing shareholders and delighted to welcome new investors who recognise 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.”
