Inmagene Biopharmaceuticals, a Shangai, China-based drug development company, closed a $21m Series B financing.
The round was led by Vertex Ventures China, and co-invested by Panacea Venture, Kunlun Capital, SCVC and a few other investors.
The company, which has raised over $40m to date, intends to use the funds to conduct global clinical trials, research and development, and product in-licensing activities.
Led by Dr. Jonathan Wang, Chairman and CEO, Inmagene is a drug development company focused on immunology-related therapeutic areas.
Its pipeline is driven by two “engines”. First, Inmagene in-licenses clinical-stage foreign products which fit China, and, together with its overseas partners, carries out global multi-center clinical trials . Also, the company utilizes China’s cost-efficient resources to develop drugs with best-in-class potentials. It has initiated four innovative programs for validated drug targets. IMG-20, Inmagene’s most advanced drug candidate, is about to enter the global registration trials for multiple indications.