InxMed Closes ￥130M Series A+ Round of Financing

According to China Money Network, Chinese biotech company InxMed has recently raised RMB130 million (US$19 million) in a Series A+ round financing co-led by China Growth Capital and a fund under Ennovation Ventures. InnoMed Capital and Grand Yangtze Capital also participated.

Proceeds of the round will be used to accelerate the clinical development and new pipeline layout of product IN10018, which is a highly effective and selective ATP-competitive focal adhesion kinase (FAK) inhibitor. 

IN10018 is being developed for a variety of cancer treatments including uveal melanoma, NRAS mutant metastatic melanoma, diffuse gastric cancer and cisplatin-resistant ovarian cancer, etc. Besides, this round of financing will also help strengthen the company's efficient medicine platform construction, development and introduction of differentiated global innovative drugs to improve the product pipeline layout of the "best combination drug development strategy".

InxMed is a clinical-stage biotech company focus on "Best-in-Disease Combination Strategy". With disease biology as the source of innovation, InxMed is committed to building a platform with fast clinical transformation and proof-of-concept capability, and becoming a global leading company from China in the 2.0 era of new drug R&D. 

Established at the end of 2018, InxMed has raised hundreds of millions of dollars in the Series A round of financing, established an integrated international advanced R&D and clinical team across Shanghai, Beijing, the United States and Australia in just over half a year, and built cooperative partnerships with well-known MNC companies including Roche. 

CGC is a China-focused seed and early venture investor since 2006. The firm funds seed to Series B in enterprise software and services, frontier technologies, marketplace, and consumer sectors. The typical investment size ranges from $1M to 5M with a hard cap ceiling at $15M per company. CGC manages 8 Billion RMB (approximately $1.2 billion) across its different RMB and USD funds.

Established in 2015, Ennovation Ventures currently manages more than 1.5 billion RMB across 4 funds and has offices in Shanghai and Nanjing. The company prefers to invest in both early stage companies in biologics, medical devices and diagnostics. 

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