China-based immuno-oncology treatment developer MediLink Therapeutics has raised $70m in series B funding from investors including Legend Capital, the venture capital firm formed by conglomerate Legend Holding, DealStreetAsia reported on Monday.
Lyfe Capital and Qiming Venture Partners co-led the round, which also featured Loyal Valley Capital and HighLight Capital.
Founded in 2020, MediLink is developing antibody-drug conjugates (ADCs) to treat cancer. It is looking to begin clinical trials for its most advanced drug candidates later this year in the United States and China.
The company closed its series A round at $50m in March 2021, combining a first tranche led by Apricot Capital with an extension co-led by Loyal Valley Capital and Qiming Venture Partners.
MediLink’s founder and chief executive Xue Tongtong said: “MediLink has made good progress in its focus on the development of a new-generation ADC technology platform and related products. Our first project has officially applied for clinical trials with the US Food and Drug Administration this month.
“2022 is a critical year as we move towards the clinical stage. MediLink will continue its endeavour to become a global biotech firm by developing internationally competitive ADC technologies and products, as well as encouraging cooperation at home and abroad.”
The global market for antibody-drug conjugates is estimated to reach $6.12bn by 2025, up from $2.6bn in 2021, according to Research and Markets.
