Shanghai, June 4, 2018
Laekna Therapeutics, a clinical-stage biotechnology company, focused on the discovery and development of novel therapeutics, today announced the completion of a $18.5 million Series A round of financing, led by OrbiMed Asia. AnlongMed also participated in the financing.
The company plans to use the proceeds to advance the pipeline and expand the product portfolio. Laekna has three oral drug candidates at the clinical phase I-II stages for various oncology indications, including prostate, ovarian, breast and gastric cancers. Laekna has applied for IND applications to initiate clinical trials in China. It also has multiple drug discovery programs, targeting cancers and liver diseases, including NASH and hepatic cirrhosis.
“We are pleased to partner with OrbiMed, a leading global healthcare investment firm, and AnlongMed, a venture firm with roots in Chinese Academy of Sciences. The financial support from the top investment firms is a strong validation for Laekna’s capabilities in novel drug discovery and development,” says Dr. Chris Lu, founder and CEO of Laekna, “The investment will enable us to advance our pipeline rapidly and bring benefits to patients in the near future.”
“We are glad to partner with Chris Lu, a seasoned drug developer and excellent business leader, to create well-needed medicines for patients worldwide,” said Dr. Jonathan Wang, founding partner and Senior Managing Director of OrbiMed Asia. “We will leverage OrbiMed’s global platform, network and resources to support Laekna.”
About Laekna Therapeutics
Founded in December 2016, Laekna Therapeutics is a biotech company focused on innovative drug discovery and development. Targeting large unmet medical needs, Laekna is dedicated to developing new therapies for cancer and liver diseases. The company was founded by Dr. Chris Lu, the CEO, who has over two decades of experience in both small molecule and biologics drug discovery and development. Under his leadership, a team of experienced and energetic drug developers are trying to bring breakthrough medicines to patients.
About OrbiMed Asia
Established in 1989, OrbiMed is the world’s largest healthcare and life sciences-dedicated investment firm, with approximately $13 billion assets under management. It has successfully invested in approximately 500 private companies worldwide. OrbiMed invests in biopharmaceuticals, medical devices, diagnostics, and healthcare services at varying stages of maturity, from seed-stage venture capital to large publicly-traded companies. OrbiMed Asia manages three Asia-focused PE/VC funds, totaling approximately $1.1 billion. It has made investments in nearly 50 companies, including Zai Lab (NASDAQ: ZLAB), AmoyDx (SZ: 300685), AK Medical (HKEX: 01789), ForteBio (acquired by Pall Corporation), CrownBio (TWSE: 6554), EA, Genewiz and Eddingpharm.
AnlongMed is a venture capital fund focuses on early stage life science and healthcare sectors. It is managed by a team led by Dr. Adam Zhao Chunlin, a veteran in life science with 30 years of experience, along with professionals with MNC, R&D, clinical, entrepreneurial and investment experience in both U.S. and China. The fund is anchored by Chinese Academy of Sciences. With extensive experience and connections from Chinese Academy of Sciences, Tsinghua University, Peking Union Medical College, and Bayhelix Group, AnlongMed strives to help entrepreneurs to start a venture in life science and healthcare in China. The fund has invested 22 firms from its first phase， including Netvation, a joint initiative toward new drug development between Chinese Academy of Science and Pfizer, Inc, 4 companies founded together with entrepreneurs across life science, biopharmaceutical, medical devices, and healthcare services.
Amy Xie, VP Operations
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