LaNova Medicines Completes USD 42 Million Series C1 Financing to Accelerate Clinical Progress and Innovation Platform Development

Shanghai, October 18th 2024 - LaNova Medicines Limited ("LaNova" or "The Company") announced the successful completion of its Series C1 financing, raising USD 42 million. This round of financing was led by Sino Biopharmaceuticals Limited ("Sino Biopharmaceuticals"), a prominent player in the domestic industry, with co-investments from Pudong Innovation Investment and Zhangjiang Haoheng. Existing investors, Qiming Venture Partners and Shanghai Healthcare Capital also continued their support. Zhong Lun Law Firm acted as the legal advisor for this round of financing.

LaNova has recently initiated its Series C2 financing round. The funds raised will be primarily used to advance the clinical development of the company's pipeline, particularly LM-302 and LM-108. The funds will also support LaNova's proprietary antibody discovery platform, next-generation ADC technology platform, and bispecific antibody technology platform, driving the creation of globally competitive innovative therapies.

Dr. Crystal Qin, LaNova's founder, chairwoman and CEO, stated: "Since its establishment, LaNova has been dedicated to original innovation, with a focus on the tumor microenvironment and the development of tumor-specific targeted ADCs and immune-modulating biologics. We have established a robust pipeline of differentiated innovative drugs, spanning from preclinical to Phase III clinical stages, with independent Intellectual Property rights and global competitiveness. We are thrilled to have completed the C1 financing round and are especially grateful for the continued support and confidence of our new and long-standing investors during this challenging period for pharmaceutical investments. This funding will allow us to expedite the late-stage clinical programs for LM-302 and LM-108, moving us closer to market approval. Our mission also includes building a portfolio of early-stage innovative pipelines that address unmet needs in the fields of immuno-oncology and tumor microenvironment. We look forward to strengthening our partnerships across the industry and enhancing our self-sustainability through business development collaborations. Together, we aspire to bring China's innovative drugs to a global stage, ultimately providing high-quality treatment solutions to more patients and promoting healthier lives worldwide.”

Miss Theresa Tse, Chairwoman of the Board at Sino Biopharmaceuticals, the lead investor in the Series C1 round, stated, “As a leading oncology company in China, Sino Biopharmaceutical has successfully launched significant cancer treatments, including Anlotinib, and remains committed to investing in innovative drug development and collaborations. We have closely followed advancements in immuno-oncology and ADC drug development. LaNova stands out as an innovative biopharmaceutical company with a strong focus on immuno-oncology and the tumor microenvironment. We are highly impressed by its differentiated pipeline, robust GPCR multi-transmembrane antibody discovery platform, bispecific antibody platform, and ADC platform. We have great confidence in LaNova's team, product pipeline, and platform technologies. Through our collaboration with LaNova, we aim to further address critical clinical gaps in the oncology field, benefiting a wider patient population. Sino Biopharmaceutical will continue to uphold our mission and, alongside our partners, remain dedicated to innovation and patient care.”

About LaNova Medicines Ltd.

Founded in September 2019, LaNova Medicines Ltd. is a privately held biotech company headquartered in Shanghai. With the mission of "Care for life, Dedicate to innovation", The Company focused on discovering novel biologic therapies in the fields of ADC and Immuno-Oncology, with a commitment to developing best-in-class or first-in-class therapies that address significant unmet medical needs.

LaNova's robust portfolio is made possible by an industry-leading R&D engine, which includes three distinct platform: a proprietary antibody platform capable of generating antibodies against a range of targets, including multi-transmembrane proteins and GPCRs; a next-generation ADC platform that utilizes proprietary payload and linker technologies to produce highly differentiated ADCs; and a modular 4-1BB-based T-cell engager (TCE) platform for developing bispecific antibodies targeting distinct tumor-associated antigens (TAAs).

Currently, LaNova's pipeline includes 6 clinical-stage assets and over 10 innovative preclinical programs. Its leading clinical-stage candidates include LM-302, a differentiated anti-Claudin 18.2 ADC in Phase 3 development in China; LM-108, a potential best-in-class CCR8-targeting monoclonal antibody in Phase 2; and several Phase 1 programs such as LM-101 (anti-SIPRα monoclonal antibody), LM-305 (anti-GPRC5D ADC with global rights licensed to AstraZeneca), and LM-24C5 (anti-CEACAM5 bispecific antibody). Through internal R&D innovation and strategic external partnerships, LaNova is committed to advancing its pipeline to benefit patients worldwide.

About LM-302 (Anti-Claudin 18.2 ADC)

LM-302 is an innovative antibody-drug conjugate (ADC) developed by LaNova, targeting Claudin 18.2, using the company's proprietary multi-transmembrane protein antibody discovery platform. The drug consists of a Claudin 18.2-specific antibody linked to the cytotoxic agent monomethyl auristatin E (MMAE) via a cleavable VC-PAB linker. Claudin 18.2 is a transmembrane protein highly expressed in gastrointestinal cancers, including gastric, gastroesophageal junction, pancreatic, and biliary tract cancers. Treatments targeting Claudin 18.2 have shown significant anti-cancer potential in clinical settings. In the first quarter of 2024, LM-302 entered a Phase III registration clinical trial in China, making it one of the top three candidates globally in terms of development progress for this target. Additionally, Phase II clinical trials exploring LM-302 in combination with PD-1 monoclonal antibodies are actively underway.

About LM-108 (Anti-CCR8 monoclonal antibody)

LM-108 is a monoclonal antibody targeting CCR8, independently developed by LaNova using its proprietary multi-transmembrane protein antibody discovery platform. LM-108 effectively eliminates tumor-infiltrating regulatory T cells (Tregs) via antibody-dependent cell-mediated cytotoxicity (ADCC), while sparing peripheral Tregs. This enhances the immune system's ability to attack tumor cells. Due to the specificity of CCR8, many global pharmaceutical companies are pursuing this target. LaNova has advanced LM-108 to Phase II clinical trials, making it one of the top three most advanced projects worldwide targeting CCR8. Preliminary clinical data show that LM-108 has demonstrated excellent safety and efficacy across multiple solid tumor types with significant unmet clinical needs. It holds promise as a new immunotherapy option, particularly for patients with advanced tumors who have become resistant to PD-1 treatments.

About LM-299 (Anti-PD-1/VEGF bispecific antibody)

LM-299 is a bispecific antibody developed by LaNova that targets both PD-1 and VEGF. This innovative therapy can simultaneously block the PD-1/PD-L1 and VEGF/VEGFR signaling pathways, achieving a synergistic anti-tumor effect that combines tumor immunity with anti-angiogenesis. LM-299 features a differentiated molecular design, comprising an anti-VEGF antibody linked to a C-terminal anti-PD-1 antibody, which ensures high expression, optimal druggability, and best-in-class potential. Preliminary studies have demonstrated that LM-299 effectively inhibits the PD-1 and VEGF signaling pathways, enhancing anti-tumor efficacy. Additionally, toxicological and pharmacokinetic evaluations indicated that LM-299 possesses a superior safety profile. As a promising cornerstone therapy for the next generation of tumor immunotherapy, LM-299 can be combined with various treatment modalities, including immuno-oncology drugs, small molecule targeted therapies, antibody-drug conjugates, and T cell activators, thereby significantly broadening the market potential for LM-299-based combination therapies. Currently, the Phase I clinical trial for LM-299 has been initiated in China. US IND will be submitted in Q4 2024.

About Sino Biopharmaceutical

Sino Biopharmaceutical Ltd. and its subsidiaries are leading innovators in China’s pharmaceutical industry, with a strong focus on R&D and a business model that spans the entire pharmaceutical value chain, including R&D platforms, intelligent production, and a robust sales network. The company offers a diverse portfolio of biologic and chemical drugs, holding a dominant position in four key therapeutic areas: oncology, liver disease, respiratory conditions, and surgery/analgesia.

Listed on the Hong Kong Stock Exchange in 2000, Sino Biopharmaceutical has garnered significant recognition over the years. It was added to the MSCI Global Standard Index China in 2013, the Hang Seng Index in 2018, the Hang Seng China Enterprises Index in 2019, and the Hang Seng Shanghai-Shenzhen-Hong Kong Stock Connect Biotech 50 Index and Hang Seng China (Hong Kong Listed) 25 Index in 2020. The company has also been featured in Pharmaceutical Executive magazine's "Top 50 Global Pharmaceutical Companies” for six consecutive years and named one of “Asia's Top 50 Best Public Companies" by "Forbes" for three consecutive years.

Sino Biopharmaceutical has multiple subsidiaries (including several manufacturing sites) bases in key cities such as Beijing, Shanghai, Nanjing, Lianyungang, etc. Since its founding, the company has consistently delivered remarkable achievements and steady growth. Its core subsidiaries, Chia Tai Tianqing Pharmaceutical and Beijing Taide Pharmaceutical have been ranked among the top 100 Chinese pharmaceutical enterprises for many years.

About Pudong Innovation Investment

Shanghai Pudong Innovation Investment (Group) Co., Ltd ("Pudong Innovation Investment") was established with the approval of the Pudong New Area People's Government, with a registered capital of 10 billion yuan.

Pudong Innovation Investment is committed to fostering technological innovation and promoting the growth of emerging industries. The company focuses on cultivating large, strong enterprises through its “Invest in Big and Strong” initiative, strengthening key industrial chains via its “Invest in New and Good” approach, and supporting early-stage ventures and innovations with its “Invest Early, Invest Small” strategy. These efforts are driven by three key funds: the Leading District Fund, the Technology Innovation Parent Fund, and the Angel Parent Fund.

By coordinating its six major business segments – angel investment, industrial investment, strategic investment, fund investment, post-investment management, and industrial research – Pudong Innovation Investment has built an investment ecosystem that supports the full life cycle of technology-driven enterprises. Through its state-owned venture capital leadership, the company aims to foster a dynamic regional economy where both small enterprises thrive and large enterprises excel, advancing a high-level cycle of “technology-industry-finance”.

About Zhangjiang Haoheng

Shanghai Zhangjiang Haoheng Innovative Equity Investment Management Co., Ltd. is an equity investment management firm established in late 2019, with Zhangjiang Hi-Tech (600895.SH) as the primary sponsor, alongside Pudong Innovation Investment and Pudong Construction. The company specializes in investing in technology-driven enterprises across key sectors, including integrated circuits, biomedicine and medical devices, next-generation information technology, and intelligent manufacturing. Currently, the company manages the Zhangjiang Suifeng Fund and the Zhangjiang Suifeng Phase II Fund, with a combined a fund size exceeding RMB 3 billion.

About Qiming Venture Partners

Founded in 2006, Qiming Venture Partners manages 11 USD funds and 7 RMB funds, with total assets under management of USD 9.5 billion. The firm focuses on investing in exceptional early-stage and growth-stage companies in sectors such as Technology & Consumer (T&C) and Healthcare.

Up to now, Qiming Venture Partners has invested over 530 rapidly growing innovative companies, of which over 200 have been listed on NYSE, NASDAQ, Hong Kong Stock Exchange, Shanghai Stock Exchange, and Shenzhen Stock Exchange, or exited through mergers and acquisitions. More than 70 companies have become industry recognized unicorns or super unicorns.

About Shanghai Healthcare Capital

With the approval of the Shanghai municipal government, Shanghai Industrial Investment (Holdings) Co., Ltd. (SIIC) established Shanghai Healthcare Capital (SHC) with market-oriented, professional and international operation principles. The total fund scale of SHC reached 50 billion RMB.

By making full use of the comprehensive advantages of Shanghai, Shanghai Healthcare Capital utilizes the industrial resources to create a leading innovative investment platform in the life science industry based in Shanghai and Hong Kong, with strong links to the Yangtze River Delta and the world, so as to assist Shanghai to establish a top tier biomedical research and development center and manufacturing center in the world.

We focus on breakthrough biologics, innovative chemical drugs, high-end medical devices and diagnostics, and innovative business platforms, not only through the integration of capital and industrial resources but also international and domestic operations. For more information, please visit www.siicshc.com.