(Yicai Global) Aug. 27 -- Lynk Pharmaceuticals has raised USD50 million in its latest fundraiser, led by Lilly Asia Ventures, a unit of US pharmaceutical giant Eli Lilly.

The proceeds of the Series B financing round are earmarked for Phase I and II clinical trials of products in the Chinese drug developer’s pipeline and to help it strengthen cooperation with leading global firms, the Hangzhou-based startup said today.

New Alliance Capital and Hangzhou HEDA Biological Medicine Venture Capital Partnership also took part in the fundraiser along with existing shareholders Legend Capital and Med-Fine Capital.

Founded in 2018, Lynk Pharmaceuticals researches and develops innovative small molecule drugs for cancers, autoimmune diseases and inflammation.

The company has gained investigational new drug approval for three original products in China and the United States. Its core research and development team is drawn from global medical giants including Pfizer, Merck and Johnson & Johnson.  

Lynk Pharmaceuticals finished its angel-round financing in 2018 and its A-round last year.

Editor: Tom Litting