InxMed, a Nanjing, China-based clinical-stage biotechnology company, raised $15M in Series B+ funding.
The round was led by Hyfinity Investments.
The company intends to use the funds to accelerate ongoing clinical trials of IN10018 for multiple cancer types in both US and China, including the initiation of pivotal trials in the second half year, and advance more stroma targeting pipelines into clinics in both US and China this year, and strengthen the R&D capabilities in Nanjing.
Established in the end of 2018 and Dr. Zaiqi Wang, Chief Executive Officer, InxMed is a clinical-stage biotech company that develops therapies targeting stroma microenvironment and solid tumor resistance and metastasis, especially drug development on anti PD-1/PD-L1 treatment drug resistance.
IN10018 is a potent and highly selective adenosine triphosphate competitive FAK inhibitor, and InxMed has its exclusive global development and commercial operation rights. IN10018 received fast track designation from the U.S. Food and Drug Administration (FDA) in August 2021, and breakthrough designation from China National Medical Products Administration (NMPA) for the treatment of patients with platinum-resistant ovarian cancer.
The company, which plans to disclose more data on IN10018 at the Annual Meeting of the American Society of Clinical Oncology in June 2022, has established partnership with various multinational pharmaceutical companies including Merck, Roche and Boehringer Ingelheim.