NovoCodex Biopharmaceuticals, a China-based antibody drug development subsidiary of pharmaceutical firm Zhejiang Medicine, has raised RMB400m ($61.4m) in series A funding, DealStreetAsia has reported.
Lilly Asia Ventures, a corporate venturing vehicle for pharmaceutical firm Eli Lilly, co-led the round with venture capital firm Matrix Partners China.
The round was also backed by Hangzhou Sanhua Hongdao Investment and CMG-SDIC Capital, an investment fund jointly launched by State Development and Investment Corp and China Merchants Capital, a subsidiary of state-owned holding group China Merchants Group.
NovoCodex is developing antibody drug conjugates to treat breast and gastric cancer. The company operates a laboratory with facilities for genetic engineering, toxin synthesis, conjugation and other biomedical research activities.
The proceeds of the round will enable NovoCodex to accelerate clinical trials and commercialisation activities for its products. It will also use the funding to develop its pipeline of drug candidates and improve its technology.
The company has formed agreements with protein therapeutics developer Ambrx and contract research organisation WuXi Biologics.