NANJING, China, Sept. 3, 2020 /PRNewswire/ -- InxMed (Nanjing) Co., Ltd. ("InxMed" or "Company"), a clinical stage biotech company dedicated to developing innovative, individualized medicines with international impact, today announced the completion of its Series A+ financing of 130M RMB (~US$19Million). The financing was led by Ennovation Ventures and China Growth Capital and followed by InnoMed Capital and Grand Yangtze Capital.
The funding will support the acceleration of IN10018 clinical program and expand InxMed's portfolio. IN10018 is a potent and selective ATP-competitive focal adhesion kinase (FAK) small molecule inhibitor, with three indications undergoing clinical trials in the USA, Australia and China. These indications include Uveal Melanoma and NRAS mutant Metastatic Melanoma,Diffuse Gastric Cancer and Platinum-resistant Ovarian Cancer. InxMed owns the exclusive global rights for development and commercialization of IN10018. The funding will also help to strengthen the company's highly efficient translational platform and enrich differentiable pipeline to enable the company's "best-in-disease combination" strategy.
Dr. Zaiqi Wang, InxMed's Chairman and CEO, said: "The successful completion of A+ round financing would allow us to advance our clinical program and strengthen the company's R&D capability and capacity. The financing demonstrates investors' full recognition of our existing assets and R&D strategy. Driven by the deep understanding of disease biology, we are determined to implement our 'best-in-disease combination" strategy and bring novel effective treatment regimen to address the real unmet medical needs. We are also looking for global strategic partners to unleash value together ."
Dr. Renhai Chen, Founding Partner of Ennovation Ventures, commented: " We are pleased to support InxMed at this critical moment to rapidly advance the product development and further enrich pipeline. We are very confident in the great potential of InxMed's current asset and translational engine. Ennovation Ventures has been dedicated to investing top-notch start-up companies in healthcare area, and we will leverage our resources to help InxMed become a world-class biotech company."
"We fully recognized InxMed's 'best-in-disease combination' strategy. Combination therapy is the future for cancer treatment", said by Mr. Wayne Shiong, Partner of China Growth Capital: "We are deeply impressed by InxMed's core team members, who have had exceptional R&D experience in leading multinational pharmaceutical companies such as Merck, Roche, Novartis, GSK and Johnson & Johnson, and delighted to support InxMed's management team led by Dr. Zaiqi Wang. China Growth Capital has started to invest in healthcare field in recent years and we are committed to growing together with first-class companies. We will be a reliable partner to help InxMed to invent medicine with global impact."
InxMed is a clinical-stage biotech company focusing on developing "Best-in-Disease Combination" medicines to bring novel treatment option for patients. Our innovations are inspired by patients and driven by in-depth understanding of disease biology and pharmacology. InxMed is committed to building a translational platform equipped with global-level top-notch know how and efficient execution capabilities. Established in the end of 2018, InxMed has raised tens of millions of US dollars in financing, established an integrated high caliber research and clinical development team across Shanghai, Beijing, United States, Canada and Australia. We have built a highly differentiated pipeline, and established licensing or co-development partnership with various multinational pharmaceutical companies.
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