LaNova Medicines Announces Initiation of Phase 1 Clinical Trial of Bispecific Antibody LM-299

LaNova Medicines Announces Initiation of Phase 1 Clinical Trial of Anti-PD-1/VEGF Bispecific Antibody LM-299 and Completion of $42 Million Series C1 Financing

Overview

LaNova Medicines Limited, a privately-held clinical-stage innovation-driven biotech specializing in ADCs and immuno-oncology, announced the initiation of its Phase 1 clinical trial of LM-299, an anti-PD-1/VEGF BsAb, in China for advanced solid tumors and the successful completion of its $42 million Series C1 financing.

LaNova's R&D 

Founded in September 2019, LaNova's R&D engine is based on three proprietary platforms adept at tackling challenging targets and versatile modality development, which has so far enabled the in-house development of more than ten innovative programs, including monoclonal antibodies, ADCs and bispecific antibodies.

Preclinical Results

• Following promising preclinical results demonstrating LM-299's strong inhibition of tumor growth in hPBMCs-humanized mice and well tolerated safety profile in NHP GLP tox study, LaNova has initiated its first-in-human clinical trial in China for advanced solid tumors. 
• LaNova is planning to initiate an additional Phase 1 clinical trial in the US and expects to submit an IND in the second half of 2024.

Series C1: Sponsors

• The completed Series C1 financing was led by Sino Biopharmaceuticals and included participation from new investors Pudong Innovation Investment and Zhangjiang Haoheng, and existing investors, Qiming Venture Partners and Shanghai Healthcare Capital. 
• Zhong Lun Law Firm acted as the legal advisor for this round of financing.

Series C2

LaNova has recently initiated its Series C2 financing round.

Company’s Lead Candidates

Proceeds will be primarily used to advance the clinical development of the Company's pipeline, including lead candidates:

• • LM-302 (anti-CLDN 18.2 ADC): ongoing Phase III registrational clinical trial in China for gastric cancers, making it one of the top three candidates globally in terms of development progress for this target; US Phase II trial expected to start in H2 2025
• • LM-108 (anti-CCR8 mAb): ongoing Phase II clinical trials in China for multiple solid tumors, making it one of the top three most advanced projects worldwide targeting CCR8; US Phase II trial expected to start in H2 2024
• • LM-299 (anti-PD-1/VEGF BsAb): Phase I clinical trial in China is currently enrolling patients for advanced solid tumors

Words from the CEO: LaNova

• Dr. Crystal Qin, LaNova's founder, chairwoman and CEO, stated: ""Since its establishment, LaNova has been dedicated to original innovation, with a focus on the tumor microenvironment and the development of tumor-specific targeted ADCs and immune-modulating biologics. We have established a robust pipeline of differentiated innovative drugs, with independent intellectual property rights and profiles that are competitive on a global scale. We are thrilled to have initiated our Phase 1 trial for LM-299 and completed our series C1 financing round.” 
• We are especially grateful for the continued support and confidence of our new and long-standing investors during this challenging period for pharmaceutical investments. Proceeds from this financing will allow us to expedite the development of our late-stage clinical programs, LM-302 and LM-108, moving us closer to market approval. We will also accelerate the clinical development of LM-299, which is currently in Phase 1 clinical trials with best-in-class potential.
• We look forward to strengthening our partnerships across the industry and enhancing our self-sustainability through business development collaborations. Together, we aspire to bring China's innovative drugs to a global stage, ultimately providing high-quality treatment solutions to more patients and promoting healthier lives worldwide.

About LaNova Medicines Ltd.

• Founded in September 2019, LaNova Medicines Ltd. is a privately held biotech company headquartered in Shanghai. 
• With the mission of ""Care for life, dedicate to innovation"", the Company focuses on discovering novel biologic therapies in the fields of ADC and Immuno-Oncology, with a commitment to developing best-in-class or first-in-class therapies that address significant unmet medical needs.

Company’s Portfolio

LaNova's robust portfolio is made possible by an industry-leading R&D engine, which includes three distinct platform: 

• a proprietary antibody platform capable of generating antibodies against a range of targets, including multi-transmembrane proteins and GPCRs; 
• a next-generation ADC platform that utilizes proprietary payload and linker technologies to produce highly differentiated ADCs; and 
• a modular 4-1BB-based T-cell engager (TCE) platform for developing bispecific antibodies targeting distinct tumor-associated antigens (TAAs).

LaNova's Pipeline

• Currently, LaNova's pipeline includes 6 clinical-stage assets and over 10 innovative preclinical programs. 
• Its leading clinical-stage candidates include 

LM-302, a differentiated anti-Claudin 18.2 ADC in Phase 3 development in China; 

LM-108, a potential best-in-class CCR8-targeting monoclonal antibody in Phase 2 in China; and 

Several Phase 1 programs including LM-299 (anti-PD-1/VEGF bispecific antibody), LM-101 (anti-SIPRα monoclonal antibody), LM-305 (anti-GPRC5D ADC with global rights licensed to AstraZeneca), and LM-24C5 (anti-CEACAM5 bispecific antibody). 

• Through internal R&D innovation and strategic external partnerships, LaNova is committed to advancing its pipeline to benefit patients worldwide.

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