InxMed Raised $15 million in Series B+ Financing to Advance Innovative Therapies to Drug-resistant Cancers
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, today announced that it had completed $15 million in Series B+ Financing. The Series B+ was funded by Hyfinity Investments.
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 in the second half year, 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 highly selective adenosine triphosphate competitive FAK inhibitor, and InxMed has its exclusive global development and commercial operation rights. InxMed Nanjing Translational Medicine Center has conducted extensive original exploratory research on IN10018 and FAK targets and has published research results in renowned academic journals. Early clinical data on IN10018 showed its safety and efficacy in multiple tumor types, and the latest research results and preclinical data demonstrated that IN10018 can also be effective in combination therapies. It is expected to overcome the tumor-associated fibrosis barrier and improve local immunity, and therefore has the potential to act as an important anchor molecule in synergy with different therapeutic modalities including immunotherapy, chemotherapy, and targeted therapy.
IN10018 received fast track designation from the U.S. Food and Drug Administration (FDA) in August 2021, and breakthrough designation from China National Medical Products Administration (NMPA) for the treatment of patients with platinum-resistant ovarian cancer. The company plans to disclose more data on IN10018 at the Annual Meeting of the American Society of Clinical Oncology in June 2022.
“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, and promising preliminary efficacy data. 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. Xin He, managing partner of Hyfinity Investments, added, “InxMed’s vision and pipeline strategy aligns with the purpose of our fund. In past three years, InxMed has proven its value and potential through its capability of global innovation, strong execution, highly synergistic pipeline and encouraging clinical efficacy of IN10018. We think InxMed is well positioned to become the first-tier China-based biotechnology innovator with a global impact and we are pleased to partner with InxMed and provide our unreserved support all along.”
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