Lupeng Pharmaceutical completed the second round of pre-B financing of US$35 million, and is committed to the key registration clinical research of the company’s core projects

On November 14, 2022 Lupeng Pharmaceutical Ltd. ("Lupeng Pharmaceutical") reported that successfully completed the second phase of the Pre-B round of financing totaling US$35 million (Press release, Guangzhou Lupeng Pharmaceutical, NOV 14, 2022, View Source [SID1234624136]).

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The second phase of the Pre-B round of financing was led by world-renowned investment institutions Kaitai Capital and Temasek, followed by other strategic investors such as Lilly Asia Ventures (LAV), Fengchuan Capital, and Qingchi Capital.

The funds raised in this round of financing will be used for the clinical research of the industry-leading product LP-168, the highly selective Bcl-2 inhibitor LP-108, and LP-118.

Dr. Tan Fenlai and Dr. Chen Yi, co-founders of the company, said: "Under the influence of the current market environment and the macro environment, investors are more pursuing certainty and stability. In our core projects LP-168 and LP-108 We are about to enter the stage of critical registration clinical research for listing, and we are honored to receive further financial support from well-known investment institutions and recognition in terms of technical level and value potential. This financing is another milestone for Lupeng Pharmaceuticals. An important milestone, after this financing, the company will focus its resources on the clinical registration research of core projects, accelerate the research process of core products, and bring good medicines to cancer patients around the world as soon as possible."

Mr. Li Xianxian, partner of Kaitai Capital, said: "Congratulations to Lupeng for completing the new round of financing. As the company’s seed round investor, Kaitai Capital has witnessed the rapid and high-quality development of Lupeng Pharmaceuticals. During this process, the Lupeng team Demonstrating excellent innovation and execution capabilities, Kaitai has also participated in the company’s subsequent rounds of financing for many times. The completion of this financing symbolizes that the company has entered a new stage closer to industrialization and capitalization. We Continue to participate in this round of financing, hope to continue to support Lupeng’s new drug development business, and wish Lupeng greater achievements in the new stage!"