China-based biotech firm InxMed (Nanjing) Co., Ltd announced it has received $10 million in debt financing from SPD Silicon Valley Bank. The funding will support the development of IN10018 (BI853520), a focal adhesion kinase (FAK) inhibitor licensed from iPharma Ltd and Boehringer Ingelheim.
Drug Profile
IN10018 is under clinical investigation in China and the U.S. for multiple tumor types. The drug has been granted FDA fast-track designation (August 2021) and NMPA breakthrough therapy status (April 2022) for its potential in treating cancers.
Financing Details
The $10 million debt financing from SPD Silicon Valley Bank will aid InxMed’s global development and commercialization efforts for IN10018, leveraging its exclusive rights acquired in 2018.-Fineline Info & Tech