Chinese clinical-stage biotech company, LaNova Medicines, has raised $42 mn in a Series C1 funding round as it pursues innovations focusing on tumor microenvironment and developing innovative drugs for tumor specificity targeted ADCs and immunoregulatory large molecules.

The company plans to use the funding to speed up clinical progress of its products at clinical phase - including LM-302 and LM-108 - and develop an antibody platform, next-generation ADC technology platform, and dual-antibody technology platform.

Following promising preclinical results, the company has initiated its first-in-human clinical trial for LM-299, an anti-PD-1/VEGF BsAb targeting advanced solid tumors.

The following article originally appeared in thepharmaletter.

LaNova Medicines, a Shanghai-based biopharma company, has announced that it has secured 3 billion yuan ($41 million) in its series C funding round.

The financing was led by China Biopharmaceuticals, with participation from Pudong Venture Capital, Zhangjiang Haoheng, and returning investors Qiming Venture Partners and Shanghai Biomedical Fund.

The company plans to use the funds to advance its clinical pipeline, particularly its lead assets LM-302 and LM-108, and to expand its innovative discovery platforms.

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