Adlai Nortye Biopharma Co., Ltd., a Hangzhou, China-based biopharmaceutical company, raised $53m in Series B financing round.
Backers included YuanMing Capital, Matrix Partners China, DT Capital Partners, and Yahui Precision Medicine Fund.
Led by Carsten Lu, CEO, Adlai Nortye is a clinical-stage biopharmaceutical company focusing on the discovery, development and commercialization of novel treatments for cancer, with primary concentration on immuno-oncology. Adlai Nortye is advancing a pipeline of more than 10 diverse product candidates.
The company has two clinical stage immune-oncology product candidates. Reolysin®, an intravenously delivered immuno-oncolytic virus (IOV) for the treatment of solid tumors is ready to enter Phase III study. FDA has granted Fast Track designation for Reolysin®. This will facilitate the development, and expedite the review of the drug.
The first-in-class EP4 antagonist AN0025 to treat solid tumors is currently in Global Phase Ib trial.