Shanghai Biotech's VEGF Bispecific Begins Phase 1 Trial in China

LaNova Medicines has recently progressed its PD-1xVEGF bispecific antibody, known as LM-299, to a first-in-human trial in China after raising $42 million through a Series C1 financing round. The Shanghai-based biotechnology company announced the commencement of a Phase 1 clinical trial involving individuals with advanced solid tumors. Additionally, LaNova is preparing for a similar trial in the United States and aims to file an Investigational New Drug (IND) application in the latter half of the year.

Interest in the PD-1xVEGF bispecific antibody approach surged earlier this year. This was highlighted by Summit Therapeutics and Akeso's ivonescimab outperforming Merck's Keytruda in a Phase 3 trial for PD-L1-positive advanced non-small cell lung cancer (NSCLC) in China. Shortly after, BioNTech revealed encouraging Phase 2 results for their bispecific antibody, BNT327, in Chinese patients with EGFR-mutant NSCLC.

Although LaNova's LM-299 is at an earlier development stage compared to its competitors, the company is keen to expedite its progress utilizing the newly acquired funding. The Series C1 funds will also be allocated to advancing a Phase 3 antibody-drug conjugate (ADC) targeting claudin 18.2, as well as a monoclonal antibody aimed at CCR8. According to LaNova, the monoclonal antibody is set to begin a Phase 2 trial in the US later this year, with the ADC anticipated to reach the same stage by the latter half of 2025.

The Series C1 financing round was led by Sino Biopharmaceutical and received additional backing from new investors Pudong Innovation Investment and Zhangjiang Haoheng, along with existing investors. LaNova has also indicated that it has already begun the Series C2 financing process.