China-based oncology biotechnology developer Ionova Life Science has raised $100m in funding from investors including Lilly Asia Ventures, a corporate venture capital vehicle for pharmaceutical firm Eli Lilly.
Greater Bay Area Homeland Development Fund co-led the round together with Tsing Song Capital and Shenzhen Capital Group, while Dyee Capital also took part.
Founded in 2016, Ionova Life Sciences specialises in developing drugs to treat cancer, including immuno-oncology and targeted delivery.
The funding will be used to accelerate pipeline development, including lead asset INV-1120, which is currently in its first human study in the US, targeting pancreatic, breast, lung, liver and colorectal tumours.
Lilly Asia Ventures had led a $17m series A in October 2019 that also featured Dyee Capital.
