Allink Biotherapeutics Raises $42M Series A Financing to Accelerate Global Development of Bispecific Antibody and ADC Pipeline
The series A investment round secures resources for advancing global Phase I/II clinical programs and orchestrating the company's global footprint expansion.
SHANGHAI, Nov. 28, 2024 /PRNewswire/ -- Allink Biotherapeutics, a clinical-stage biotechnology company pioneering next-generation bispecific antibody and antibody-drug conjugate (ADC) therapeutics, today announced the successful completion of a $42 million Series A financing. The financing round was led by Lanchi Ventures, a preeminent global early-stage technology investor known for backing breakthrough innovations, with participation from an elite syndicate of new investors including Yuanbio Venture Capital, Legend Capital and C&D Emerging Industry Equity Investment, alongside strong support from existing shareholders Gaorong Ventures and Med-Fine Capital.
"Since our company's inception a little over a year ago, AllinkBio has rapidly advanced from lead asset PCC to clinical development stage," said Hui Feng, Ph.D., Founder and Chief Executive Officer of AllinkBio. "We are grateful for the continued support from existing shareholders and delighted to welcome new investors who recognize 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."
"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," said Lanchi Ventures. "AllinkBio's innovative approach to ADC development presents a compelling opportunity in the targeted oncology therapeutics space."
"Our continued investment in AllinkBio reflects our strong conviction in the company's scientific excellence and execution capabilities," said Jiangtao Yu, Ph.D., Managing Director at Gaorong Ventures. "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."
"We are delighted to have witnessed the fast and steady development of AllinkBio. Dr. Feng and his team's dedicated work in progressing two highly promising ADC drug candidates into clinical stage within one and half years since company inception has been really impressive. We believe the company has great potential and will continuously support its endeavor in developing innovative drugs for patients in need globally." said Angel Round lead investor Vince Deng, Ph.D., Partner of Med-Fine Capital.
The Series A financing proceeds will be deployed to advance:
- Global clinical development of lead candidates ALK201 and ALK202 through Phase 1 studies in Australia, the United States and China
- Enrichment of current portfolio by developing multiple highly competitive new assets in oncology and immunology
- Further development of the company's proprietary bispecific antibody and ADC technology platform
- Global footprint expansion to achieve world prominence
The successful completion of this round of financing marks a pivotal moment in AllinkBio's growth trajectory. With the new financial resources in place, combined with the company's efficient R&D capabilities, AllinkBio is well-positioned for expedited growth toward new heights on both its product and corporate development fronts.
About AllinkBio
Founded in 2023, AllinkBio is a clinical stage biotechnology company leveraging its innovative proprietary platforms in bispecific antibodies and ADCs to develop a diverse pipeline of First-in-Class (FIC) and Best-in-Class (BIC) therapeutics. AllinkBio aims to develop treatment paradigm shifting new drugs for patients in the oncology and immunology disease areas and address critical unmet medical needs globally.
About Lanchi Ventures
Lanchi Ventures (LCV), a leading early-stage venture capital firm with offices in Singapore, Hong Kong, and Beijing, focuses on investing in entrepreneurs who leverage technological innovations to create a sustainable impact. With its heritage in Silicon Valley since 1998, Lanchi Ventures (LCV) manages over $2 billion in capital through multiple funds and has invested in over 200 portfolio companies, including Gaussian Robotics, TCab, UniUni, Agibot, Galbot, Moonshot, Li Auto (NASDAQ:LI), QingCloud (688316.SH), WaterDrop (NYSE:WDH), Ganji/58.com, Guazi, etc. The firm has been recognized by Forbes, Fortune, Preqin, and others. For further information, please visit https://www.lanchiventures.com.
About Gaorong Ventures
Founded in 2014, Gaorong Ventures is focused on early and growth-stage investments, with a specialty in new technology, healthcare, internet and new consumption. We have 24 IPO portfolios, amongst which, many of them have advanced to be leaders in their perspective industries, including Pinduoduo (NASDAQ:PDD), Huya (NYSE:HUYA), BOSS Zhipin (NASDAQ:BZ), Roborock (688169.SH), etc. We continue to invest in the healthcare industry and are committed to discovering and accompanying leading companies in the fields of drug discovery, medical instrumentation and testing, digital health and medical services. Representative examples include Alto Neuroscience（NYSE: ANRO）, ProfoundBio (acquired by Genmab）, Sironax, Cornerstone Robotics, HYGEA, United Family Healthcare, Saint Bella, etc.
About Yuanbio Venture Capital
Yuanbio Venture Capital is a leading healthcare investment firm focusing on early and growth stage companies. Based in Suzhou bioBay, YuanBio keeps a global vision. With both RMB and USD funds, YuanBio has built up a portfolio of over 190 companies, covering biotech, medical devices, IVD, and healthcare services fields. The firm has seen great investment returns with 19 of its portfolio companies listed on the STAR, Hong Kong Stock Exchange and Nasdaq. YuanBio has received multiple awards as one of the leading healthcare VCs in China. With passion, dedication and expertise, YuanBio strives to become one of the most successful healthcare venture capital firms in China.
About Med-Fine Capital
Med-Fine Capital is a leading healthcare-focused venture capital firm in China, known for its capability of identifying promising entrepreneurs and investing in their NewCo formation round. Med-Fine manages multiple RMB and USD funds, investing across the healthcare sector including biotech, medical devices, diagnostics, healthcare technology and services. To date, it has grown a portfolio of approximately 70 companies, including Hanyu Medical, Mabworks, ImmVira Pharma, Zion Pharma, LYNK Pharmaceuticals, Eccogene, Pharma Legacy, MagAssist, Alebund, Allorion Therapeutics, Allink Biotherapeutics, Castalysis Bioscience, and VelaVigo. Med-Fine is dedicated to becoming a reputable investment institution with global impact.
About Legend Capital
Founded in 2001, Legend Capital is a leading VC&PE investor focusing on the early-stage and growth-stage opportunities in China, with offices across Beijing, Shanghai, Shenzhen, Hong Kong, Seoul and Singapore. It currently manages USD and RMB funds of over US$10 billion and has invested in around 600 companies, covering technology, healthcare, consumer, enterprise service and intelligent manufacturing sectors. Over the years, Legend Capital has become a widely recognized name in bridging key resources in China and overseas through cross-border activities, and a valuable partner to Chinese and overseas investors. Legend Capital values long-term sustainable investment and incorporates ESG into its long-term development strategy. As a UNPRI signatory since November 2019, Legend Capital is among the first group of top VC/PE firms in China to join the initiative.
About C&D Emerging Industry Equity Investment
C&D Emerging Industry Equity Investment is a professional equity asset management institution under C&D Group (Fortune Global 500). Established in 2014, our mission is to "create new value and help more emerging enterprises achieve better development." We specialize in new economic fields such as healthcare, advanced manufacturing, TMT/consumption.
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SOURCE Allink Biotherapeutics