(Yicai) Oct. 18 -- LaNova Medicines has secured CNY300 million (USD42.2 million) in a Series C1 financing round, which will help the Chinese biotech firm speed up clinical progress and new platform construction.

The latest fundraiser was led by Sino Biopharmaceutical, the Shanghai-based firm announced today. Zhangjiang Haoheng Innovation Equity, a venture capital under Pudong district's state-owned assets manager, and existing shareholders Qiming Venture Partners and Shanghai Biopharmaceutical Industry Equity Investment Fund also took part.

The proceeds will mainly be used to speed up the clinical progress of LaNova Medicines' products at the clinical phase, especially those of LM-302, an innovative targeted antibody-drug conjugate, and LM-108, a targeted C-C motif chemokine receptor eight monoclonal antibodies, according to the company.

LaNova Medicines will also use the proceeds on a self-developed antibody discovery platform, next-generation ADC technology platform, and dual-antibody tech platform, it noted.

LaNova Medicines has pursued independent innovations since its establishment, focusing on tumor microenvironment and dedicated to developing innovative drugs for tumor specificity targeted ADCs and immunoregulatory large molecules, said founder, Chairperson, and Chief Executive Qin Ying.

The tie-up between Sino Biopharmaceutical and LaNova Medicines will hopefully narrow the tumor field's clinical gaps to benefit patients, said Theresa Tse, executive director and chairwoman of the research and development pharmaceutical conglomerate.

Founded in 2019, LaNova Medicines focuses on treatments in tumor immunity and tumor microenvironment fields. It commits to developing innovative biomedicines that are "world first" and "best in their class."

Editor: Martin Kadiev