On August 27, 2021 Lynk Pharmaceuticals CO., LTD (hereinafter referred to as "Lynk Pharmaceuticals"), an innovative pharmaceutical R&D company, reported that it has successfully completed Series B financing of $50 million, with Lilly Asia Ventures (LAV) as lead investor, New Alliance Capital and Hangzhou HEDA Biological Medicine Venture Capital Partnership (L.L.P.) as co-investors, and its original shareholders Legend Capital and Med-Fine Capital as participating investors (Press release, Lynk Pharmaceuticals, AUG 27, 2021, View Source [SID1234586971]). The proceeds from this round of financing will mainly be used to conduct Phase I and II clinical trials for multiple programs in the R&D pipeline of Lynk Pharmaceuticals. In addition, the funding will be used to expand international business, strengthen international collaborations with leading companies and support preclinical development of new projects. CEC Capital acted as the exclusive financial advisor to Lynk Pharmaceuticals in this transaction.
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Founded in 2018, Lynk Pharmaceuticals is a globally leading innovative drug R&D company. Based on the team’s world-leading experience in medicinal chemistry and small molecule clinical development, it is dedicated to the development of global FIC/BIC small molecule drugs for autoimmune diseases, inflammation and cancers. In three and a half years since its establishment, Lynk has obtained IND approvals for three original products in China and the United States, launched global clinical development efforts, and completed the ex-Chinese rights out-license of LNK01001 to a US company and the in-license of the first-in-class RAS program from Japan’s Kobe University and RIKEN, both in 2020.
Dr. Zhao-Kui (ZK) Wan, Chairman and CEO of Lynk Pharmaceuticals, said, "We are very much grateful for the recognition and support from the top investors in the industry. Since the establishment of Lynk Pharmaceuticals, we have been advancing our projects with efficient execution, and we have made significant progress in just three and a half years. This round of financing will lay a solid foundation for us to further develop our pipeline and continue to advance innovative therapies. Owing to the great efforts of many scientists and investigators, I believe that we will benefit patients with innovative therapies as soon as possible."
According to Dr. Ting Feng, Vice President of Lilly Asia Ventures (LAV), "We are deeply impressed by the efficient execution and global vision of Lynk Pharmaceuticals’ management team. We are also very optimistic about the future huge market space and the unmet patient needs in the field of autoimmune disease and cancer. We are excited to partner with the Lynk team to accelerate its growth and look forward to more breakthroughs and successes in the future with our innovation capability."
Lei Cai, Managing Director at New Alliance Capital, commented："there have been huge unmet needs as well as great potential for small molecule drugs to treat autoimmune disease and cancer. Lynk’s international vision and strong team execution have left a deep impression on us; we are very happy to have the opportunity to work with Lynk. New Alliance Capital will provide full support in all aspects of capitals and industry resources to support the company to become a global leader and bring more effective solutions to benefit patients across the world."