LaNova Medicines Limited, a clinical-stage biotech focused on ADCs and immuno-oncology, has launched a Phase 1 clinical trial in China for LM-299, an anti-PD-1/VEGF bispecific antibody, to treat advanced solid tumors. This step follows encouraging preclinical findings, which showed that LM-299 effectively inhibited tumor growth and had a favorable safety profile. The company is also planning to submit an IND application in the U.S. for LM-299 in the second half of 2024.
The company recently completed a $42 million Series C1 funding round, led by Sino Biopharmaceuticals, with participation from new investors Pudong Innovation Investment and Zhangjiang Haoheng, as well as existing backers such as Qiming Venture Partners and Shanghai Healthcare Capital. The funds will primarily support the advancement of LaNova’s clinical pipeline, including key candidates LM-299, LM-302 (anti-CLDN 18.2 ADC), and LM-108 (anti-CCR8 mAb).
Founded in 2019, LaNova has built its research capabilities around three proprietary platforms that drive the development of complex targets and multiple therapeutic modalities. This approach has enabled the company to advance over ten innovative programs in-house, focusing on monoclonal antibodies, ADCs, and bispecific antibodies.
Following the promising preclinical results for LM-299, which demonstrated significant tumor growth suppression in humanized mouse models and a well-tolerated safety profile in NHP GLP toxicology studies, LaNova initiated its first-in-human trial in China. An additional Phase 1 trial is also planned for the U.S., with an IND submission targeted for the latter half of 2024.
LaNova is also in the process of launching a Series C2 funding round. The proceeds from the recently completed Series C1 will drive the clinical development of the company’s pipeline:
- LM-302 (anti-CLDN 18.2 ADC): Currently undergoing a Phase III registrational trial in China for gastric cancer, making it one of the top three global candidates for this target. A Phase II trial in the U.S. is expected to begin in the second half of 2025.
- LM-108 (anti-CCR8 mAb): Currently in Phase II trials in China targeting various solid tumors, ranking it among the top three advanced projects globally for CCR8. A U.S. Phase II trial is anticipated to start in the second half of 2024.
- LM-299 (anti-PD-1/VEGF BsAb): The Phase 1 trial in China is actively enrolling patients with advanced solid tumors.
Dr. Crystal Qin, LaNova’s founder, chairwoman, and CEO, expressed her excitement about launching the Phase 1 trial for LM-299 and successfully completing the Series C1 funding round. She emphasized the company’s commitment to original innovation, particularly in developing tumor-targeted ADCs and immune-modulating therapies, and highlighted their strong pipeline of differentiated, globally competitive drugs.
Dr. Qin remarked, “Since our inception, we’ve been committed to pioneering new solutions focused on the tumor microenvironment, and our progress with LM-299, LM-302, and LM-108 brings us closer to achieving market approval. We’re grateful for the continued support from our investors during this challenging time for the industry. This funding will help accelerate our late-stage clinical programs and move us closer to offering high-quality treatments to patients around the world. We are also focused on strengthening our industry partnerships and enhancing our business development efforts to bring innovative treatments from China to the global stage, improving health outcomes for more people worldwide.”