Minghui Pharmaceutical has secured $131 million in what the company describes as a “pre-IPO” round to fuel the potential launch of its dermatitis cream in China as well as various clinical-stage oncology and immunology assets.
The Shanghai-based biotech said part of the funds will be used to support a hoped-for commercial launch in China of MH004, a phase 3-stage pan-JAK inhibitor topical cream. An approval application is currently being considered by Chinese regulators, following a phase 2 success against dermatitis in 2023.
Some of the fresh funds will also be used to push forward with Minghui’s various clinical programs, including a PD-1/VEGF bispecific antibody called MHB039A and a TROP-2-directed antibody-drug conjugate dubbed MHB036C. The biotech began evaluating the two assets as a combination therapy in a phase 2 advanced non-small cell lung cancer study that kicked off in May.
There’s also a B7-H3-targeted ADC called MHB088C. In May, Qilu Pharmaceutical paid out 280 million Chinese yuan ($38 million) for the greater China rights to the therapy, which is currently in trials for solid tumors, including in subgroups of patients with small cell lung cancer and metastatic castration-resistant prostate cancer.
“This financing marks an important milestone as we continue to advance a globally competitive pipeline and enter our next stage of growth,” Minghui’s CEO Guoqing Cao, Ph.D., said in an Aug. 7 release. “We're grateful for the confidence and support of our investors and remain committed to delivering innovative medicines that improve outcomes for patients worldwide.”
Today’s funding round was led by new investor OrbiMed along with Qiming Venture Partners. Previous backer TF Capital joined other new investors such as BioTrack Capital, 5Y Capital, New Day Fund and Wider Link Enterprise Investment to contribute to the fundraise.
“Minghui has built a compelling portfolio of novel drug candidates targeting critical unmet medical needs,” said Kan Chen, Ph.D., partner and co-lead of healthcare at Qiming Venture Partners.