Clinical stage drug maker Lynk Pharmaceuticals Co. has completed a Series B round of financing, raising as much as $50 million, led by the Shanghai-based venture capital firm Lilly Asia Ventures (LAV), the investor announced on Friday.
New investors New Alliance Capital and Hangzhou Heda Industry Fund participated in the round, while returning investors Legend Capital and Med-Fine Capital made follow-on investments. Investment bank CEC Capital facilitated the transaction.
Legend Capital had exclusively pumped $20 million in Lynk’s Series A+ round in early-2021.
With the new proceeds, Lynk Pharmaceuticals plans to develop new drug candidates, international partnerships, and new pipelines.
Located in East China’s Hangzhou city, Lynk is active in the R&D of innovative drugs and therapies to serve unmet medical needs. Since its inception in 2018, the firm has been engaged in the areas of oncology, immunology, and inflammatory diseases.
“We are positive on the potential of immunology and oncology treatments, and we are looking forward to major breakthroughs by Lynk,” said Lilly Asia Ventures vice president Dr. Ting Feng.
In 2020, Lynk had out-licensed a preclinical drug candidate to an American company in a deal valued at nearly $200 million. It also had in-licensed RAS inhibitors — a key driver in numerous cancers such as pancreatic, colon, and lung adenocarcinomas — from Kobe university & RIKEN research institute in Japan.
Lynk is backed by Kaitai Capital, state-owned Sinopharm Capital, Zheshang Group, and QS Capital.