LaNova Medicines Begins Phase 1 Trial of LM-299 and Secures $42M Series C1 Funding

LaNova Medicines Limited, a privately-held clinical-stage biotech firm specializing in antibody-drug conjugates (ADCs) and immuno-oncology, has announced the initiation of a Phase 1 clinical trial in China for their innovative anti-PD-1/VEGF bispecific antibody (BsAb) known as LM-299. This follows promising preclinical results that indicated strong tumor growth inhibition and a well-tolerated safety profile. Founded in September 2019, LaNova continues to push the boundaries of medical innovation with a robust R&D engine focusing on over ten innovative programs, including monoclonal antibodies, ADCs, and bispecific antibodies.

The clinical trial for LM-299 marks a significant milestone for the company. The bispecific antibody targets both PD-1 and VEGF, merging tumor immunity with anti-angiogenesis to create a powerful anti-tumor effect. Early studies have shown that LM-299 effectively blocks PD-1 and VEGF signaling pathways, enhancing anti-tumor efficacy. Toxicological and pharmacokinetic evaluations have also indicated an excellent safety profile, establishing LM-299 as a promising cornerstone therapy for next-generation tumor immunotherapy. The current Phase 1 trial in China is actively enrolling patients with advanced solid tumors, and LaNova plans to initiate another Phase 1 trial in the United States, with an Investigational New Drug (IND) application expected to be submitted in the latter half of 2024.

The advancement of LM-299 and other candidates in LaNova's pipeline has been bolstered by a successful Series C1 financing round, which raised $42 million. This round was led by Sino Biopharmaceuticals, with participation from new investors like Pudong Innovation Investment and Zhangjiang Haoheng, as well as existing investors Qiming Venture Partners and Shanghai Healthcare Capital. The proceeds from this financing will be primarily used to advance the clinical development of LaNova's pipeline, including other key candidates such as LM-302 and LM-108.

LM-302 is an anti-Claudin 18.2 ADC that has entered Phase III registrational clinical trials in China for gastric cancers. This makes it one of the top three candidates globally for this target. Claudin 18.2 is a transmembrane protein highly expressed in various gastrointestinal cancers. LM-302 incorporates a Claudin 18.2-specific antibody linked to the cytotoxic agent monomethyl auristatin E (MMAE) via a cleavable linker. Phase II clinical trials exploring LM-302 in combination with PD-1 monoclonal antibodies are also underway, with a US Phase II trial expected to start in the second half of 2025.

Another key candidate, LM-108, is an anti-CCR8 monoclonal antibody targeting tumor-infiltrating regulatory T cells (Tregs) while sparing peripheral Tregs, thus enhancing the immune system's ability to attack tumor cells. LM-108 is currently in Phase II clinical trials in China for multiple solid tumors. This candidate is among the top three advanced projects worldwide targeting CCR8, with a US Phase II trial expected to start in the second half of 2024.

LaNova's founder, chairwoman, and CEO, Dr. Crystal Qin, expressed excitement about these advancements, stating that the company remains dedicated to original innovation with a focus on the tumor microenvironment and the development of tumor-specific targeted therapies. She highlighted the company’s strong pipeline of differentiated drugs with independent intellectual property rights and global competitiveness. Dr. Qin also emphasized the importance of the continued support from investors, which will enable LaNova to expedite the development of their late-stage clinical programs and enhance their self-sustainability through business development collaborations.

LaNova's commitment to innovative drug development is further underscored by its proprietary platforms, which include an advanced antibody platform capable of generating antibodies against a wide range of targets, a next-generation ADC platform, and a modular T-cell engager platform for developing bispecific antibodies. These platforms have allowed LaNova to establish a diverse pipeline with six clinical-stage assets and over ten innovative preclinical programs aimed at addressing significant unmet medical needs.