Allink Biotherapeutics raises $42 million for antibody development

On November 28, 2024, Allink Biotherapeutics, a biotechnology firm based in Shanghai, announced it had completed a Series A financing round that secured $42 million to support its pipeline of bispecific antibodies and antibody-drug conjugates (ADCs). The financing was led by Lanchi Ventures, recognized for investing in new technology startups, and included contributions from several investors such as Yuanbio Venture Capital, Legend Capital, and Med-Fine Capital. This funding will help AllinkBio advance its lead candidates, ALK201 and ALK202, through Phase 1 clinical trials in multiple countries, including Australia, the US, and China, while expanding its global presence in the oncology and immunology treatment sectors. The successful financing round underscores Allink Biotherapeutics' swift progress since its launch, just over a year prior. The company has already transitioned its lead asset from preclinical to clinical development. Founder and CEO Hui Feng emphasized the strategic importance of the funding, which aims to enhance the company’s drug development capabilities in targeted therapies for cancer and immune-related diseases. Lanchi Ventures expressed confidence in AllinkBio’s innovative approach and execution speed, which they believe positions the company competitively within the biopharmaceutical industry. Overall, the motivations behind this Series A round are to not only solidify the clinical development of existing drug candidates but also to enrich the company's portfolio with the addition of new products targeting oncology and immunology. Notably, the backing of esteemed investors highlights AllinkBio’s potential to become a leader in the biotherapeutics field by taking innovative ADCs and bispecific antibodies to the forefront of cancer treatment. This funding milestone is crucial for Allink Biotherapeutics, as it seeks to enhance its research capabilities and market reach further. The backing from both new and existing investors reflects strong convictions about Allink Bio's scientific excellence and its potential to produce therapeutic agents that align with contemporary healthcare needs. This series of developments marks a significant step for Allink as it aims for prominence on a global scale in the biopharmaceutical landscape.