InxMed has raised $15m in Series B+ financing funded by Hyfinity Investments to advance new therapies for the treatment of drug-resistant cancers.
The company will use these funds to expedite IN10018’s clinical trials that are currently underway for several types of cancer in the US as well as China, including the commencement of pivotal trials in the second half of the year.
Furthermore, InxMed plans to advance stroma targeting pipelines into clinical trials in these countries this year, while bolstering the R&D capabilities in Nanjing.
InxMed founder and CEO Dr Zaiqi Wang said: “Our strategy is targeting the ecosystem fostered by tumor cells including tumour 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 programmes.”
The company has exclusive international development and commercial operation rights for IN10018, a selective adenosine triphosphate competitive FAK inhibitor.
In August last year, the US Food and Drug Administration (FDA) granted fast track designation for the therapy, which also received breakthrough designation from China National Medical Products Administration (NMPA) to treat platinum-resistant ovarian cancer patients.
Hyfinity Investments managing partner Dr Xin He said: “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.”