Yantai Dongcheng Pharmaceutical Group Co., Ltd (SHE: 002675) has announced that its controlling subsidiary, Yantai Lannacheng Biotechnology Co., Ltd., has successfully raised RMB 300 million (USD 41.4 million) in a Series B+ financing round. The funding round was led by Shenzhen Capital Group, with participation from Qianhai Ark Asset Management and other investors. Previously valued at RMB 1.95 billion (USD 270 million), Lannacheng now has a registered capital of RMB 84.58 million, indicating that an initial public offering (IPO) may be in the near future.
Established in 2021, Lannacheng Bio is dedicated to the research and development of oncology-focused nuclear medicines. The company’s pipeline includes treatments for a range of cancers such as prostate cancer, solid tumors, gliomas, and neuroendocrine tumors. Their therapeutic approach encompasses targeted small molecules, peptides, and antibodies.- Flcube.com
