SHANGHAI and WARREN, N.J., May 18, 2022 /PRNewswire/ -- Laekna Therapeutics ("Laekna"), a clinical-stage global biotechnology company dedicated to developing next generation medicines to treat cancer and liver diseases, announced that it has raised $61 million in Series D financing led by CS Capital with support from Worldstar, and Infinity Capital. Yanchuang Capital as the existing investor continued to support the company with additional funding.
Laekna's robust infrastructure has enabled the rapid development of 14 innovative drug candidates. The company has initiated six clinical programs, three of which are multi-regional clinical trials (including one pivotal trial) to address urgent, unmet medical needs in the standard of care-resistant cancers.
In the four rounds of financing to date, Laekna has been supported by leading healthcare-focused institutional investment firms. In addition to CS Capital, most recently, SCGC led the company's $61 Series C financing in October 2020, after GP Healthcare Capital and OrbiMed Healthcare Fund Management led the Series B and Series A financing rounds, respectively.
Proceeds from the Series D financing will be used to accelerate the clinical development of Laekna's two core product candidates, AKT kinase inhibitor afuresertib (LAE002) and the world's first clinical-stage CYP17/CYP11B2 dual inhibitor (LAE001). Both product candidates cover three differentiated key mechanisms, namely targeted therapy, hormonal therapy, and immuno-oncology therapy. Laekna's most advanced clinical trial is an open-label, randomized, multi-regional Phase 2 PROFECTA-II clinical trial of afuresertib, the world's first registration-directed clinical trial of an AKT kinase inhibitor to treat platinum-resistant ovarian cancer.
"As Laekna celebrates its fifth anniversary in April, I would like to thank our new and existing investors. Over the past five years, it has been our honor to be recognized and supported by all of our partners. I believe that the time has come for Laekna as we work together with like-minded partners towards a better future," said Dr. Chris Lu, Chairman and CEO of Laekna. "We have arrived at a critical stage, and we understand that drug discovery and development is a long and often arduous journey. We remain committed to our vision to cure for a better future."
CS Capital life science investment team said, "The global biopharmaceutical industry is booming and has a myriad of thriving players. We decided to invest in Laekna as its R&D pipeline, innovation capabilities and management team deeply impressed us. We will work together with Laekna to help it become a partner and a leader in the industry to benefit patients worldwide."
About CS Capital
CS Capital is one of the largest professional private equity investment firms in China with over US$16 billion (RMB100 billion) of AUM from a diversified LP base. Our core strategy is to invest in companies with attractive prospects for growth and outstanding management teams in smart EV, life science and digitalization sectors.
About Yanchuang Capital
Yanchuang Capital was founded in 2010 by the Office of Science and Technology of Peking University and PKU alumni. Now it operates with funding from successful entrepreneurs and public companies with over RMB 6 billion yuan (about US $1B) under management. Yanchuang Capital focuses on equity investments, stock market securities investments, and M&A. In the healthcare sector, Yanchuang has invested in a number of biopharma / biotech companies, including Zelgen Biopharma, Hotgen Biotech, Asieris Pharma, I-Mab Hangzhou, Apollomics, Ark Biosciences, Laekna Therapeutics, Epimab Biotherapeutics, etc.
Worldstar Global Holdings Limited ("Worldstar") is a company incorporated in the BVI on December 9, 2005, which focuses on equity investment opportunities in emerging industries, such as medicine and food technology. Worldstar has invested in Akeso (stock code: HK.09926)、MicroPort CRM, etc.
About Infinity Capital
Infinity Capital Management Co., Ltd. is one of the top 500 Chinese enterprises and the equity investment platform of Huafa Group, a leading state-owned enterprise in Zhuhai. It is an internationally renowned investment management institution with state-owned enterprises and Israeli characteristic resources. Infinity Capital has offices in 12 cities across China, covering the five major business areas, North China, East China, South China, Southwest, Hong Kong as well as overseas.
Infinity has invested in TMT (science and technology, media, communications), health and life sciences, energy conservation and environmental protection, advanced manufacturing and new materials and other areas of the key layout. In the last two years, Infinity Capital has had Ten successful listings: Vincent Medical (HK01612), AsymChem (002821), Huati Technology (603679), Liancheng Precision (002921),Lihu Booster (300694), BlueSword (688557), Xin Feng Guang (688663), Triductor Technology (688259), SmartGiant (688115), and Hinova (688302). Hongtu Separator and IOPtima have been acquired by Jinguan Electrical (300510), Kanghong Pharmaceutical (002773) respectively which has achieved good results.
About Shenzhen Capital Group
Shenzhen Capital Group (SCGC，深圳市創新投資集團有限公司) is a leading venture capital firm in the PRC and a sophisticated investor. SCGC has become a comprehensive investment conglomerate majoring in VC/PE with registered capital of RMB 10 billion and over RMB 400 billion total assets under management. SCGC invests in areas of Information Technology, Internet/ New Media/ Cultural Creativity, Bio-Tech/ Healthcare, New Energy/ Clean Technology, New Materials/ Chemistry, Advanced Manufacture, Consumer Goods/ Modern Services, etc. By March 31, 2022, SCGC has invested in 1440 projects, amongst which SCGC has exited 411 projects and has 213 projects listed in 17 global capital markets.
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Source: Laekna Therapeutics