The capital would support the acceleration of IN10018 clinical program and expand InxMed's portfolio. IN10018 is a selective and potent ATP-competitive focal adhesion kinase (FAK) small molecule inhibitor, with three indications undergoing clinical trials in the USA, China, and Australia.
Fremont, CA: InxMed (Nanjing), a clinical-stage biotech company focused on developing innovative, individualized medicines with international impact, completed of its Series A+ financing of 130M RMB (~US$19Million). The funding round was led by Ennovation Ventures and China Growth Capital and followed by Grand Yangtze Capital and InnoMed Capital.
The capital would support the acceleration of IN10018 clinical program and expand InxMed's portfolio. IN10018 is a selective and potent ATP-competitive focal adhesion kinase (FAK) small molecule inhibitor, with three indications undergoing clinical trials in the USA, China, and Australia. These indications include NRAS mutant Metastatic Melanoma and Uveal Melanoma, Platinum-resistant Ovarian Cancer, and Diffuse Gastric Cancer. InxMed owns the exclusive global rights for commercialization and development of IN10018. The funding would also help bolster the company's highly efficient translational platform and enhance the differentiable pipeline to enable its "best-in-disease combination" strategy.
Dr.Zaiqi Wang, InxMed's Chairman and CEO, stated, "The successful completion of A+ round financing would allow us to advance our clinical program and strengthen the company's R&D capability and capacity. The financing demonstrates investors' full recognition of our existing assets and R&D strategy. Driven by the deep understanding of disease biology, we are determined to implement our 'best-in-disease combination" strategy and bring novel effective treatment regimen to address the real unmet medical needs. We are also looking for global strategic partners to unleash value together."
Dr.Renhai Chen, Founding Partner of Ennovation Ventures, commented, " We are pleased to support InxMed at this critical moment to rapidly advance the product development and further enrich pipeline. We are very confident in the great potential of InxMed's current asset and translational engine. Ennovation Ventures has been dedicated to investing top-notch start-up companies in healthcare area, and we will leverage our resources to help InxMed become a world-class biotech company."