LaNova Medicines Ltd, a Shanghai-based developer of cancer therapies, has announced the successful completion of a Series C1 financing round, raising RMB 300 million (USD 42.1 million). The funding round was led by Sino Biopharmaceutical Ltd (HKG: 1177), with significant contributions from Shanghai Pudong Venture Capital, Zhangjiang Haoheng Innovative Equity Investment, and returning investors Qiming Venture Partners and Shanghai Healthcare Capital. The company has also recently initiated a Series C2 financing round.
The funds raised will be directed towards accelerating the clinical development of LaNova’s pipeline, with a particular focus on LM-302 and LM-108. Additionally, the proceeds will support the research and development of the company’s antibody discovery platform, next-generation antibody drug conjugate (ADC) technology platform, and bispecific antibody technology platform.
LM-302, a first-in-class ADC targeting Claudin 18.2, was developed using LaNova’s proprietary multipass transmembrane protein antibody discovery platform. LM-108, an in-house developed monoclonal antibody (mAb) targeting CCR8, was also developed through the same platform, showcasing LaNova’s commitment to innovation in cancer therapy.- Flcube.com
