On March 4, 2022 InxMed Co., Ltd, a clinical-stage biotechnology company dedicated to developing innovative therapies targeting stroma microenvironment and drug resistance for hard-to-treat solid tumors, reported that it had completed $50 million in Series B Financing (Press release, InxMed, MAR 4, 2022, View Source [SID1234609521]). The Series B was led by CS Capital, with the participation of AIHC Fund, Growth Fund and Hosencare Fund. Ennovation Venture as the existing investor continued to support the company with additional funding.
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InxMed will 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, and advance more stroma targeting pipelines into clinics in both US and China this year, and strengthen the R&D capabilities in Nanjing.
IN10018 is a potent and selective ATP-competitive focal adhesion kinase (FAK) small molecule inhibitor, with multiple indications in ongoing clinical trials including NRAS mutant Metastatic Melanoma, Platinum-resistant Ovarian Cancer and Triple Negative Breast Cancer, etc. U.S. Food and Drug Administration (FDA) has granted Fast Track designation to IN10018 for the treatment of platinum-resistant ovarian cancer patients in August 2021 based on the promising preliminary efficacy data.
"InxMed is focused on the development of innovative treatments to address the true global unmet medical needs. Our strategy is targeting the ecosystem fostered by tumor cells including tumor microenvironment to develop effective therapeutic regimens to combat or even cure cancer. We have built robust pipelines with different, yet complementary Mechanism of Actions. Building partnership is also our important strategy to maximize the value of our assets, and we are actively exploring global partnership opportunities to accelerate more value inflections of IN10018 and other programs," said Dr. Zaiqi Wang, Founder and Chief Executive Officer of InxMed.
Dr. Hua Yi, Managing Director of CS Capital, added, "It is a great honor to lead InxMed’s series B financing. We have great confidence in company’s truly differentiated innovation strategies, high-caliber management team, and superior translational capabilities. In past three years, the company has manifested its strong execution through its rapid R&D progress across different development stages and generated highly encouraging clinical results. We think InxMed is well positioned to becoming the first-tier China-based global biotechnology innovator, and we are pleased to partner with the team and provide the company with our unyielding support in the long run."