LaNova Medicines has advanced its PD-1xVEGF bispecific antibody to a first in-human trial in China after securing $42 million in a Series C1.
The Shanghai-based biotech said Friday that it kicked off a Phase 1 study of the asset, dubbed LM-299, in people with advanced solid tumors. The company is also planning a trial in the US and is targeting an IND filing in the second half of the year.
Interest in the PD-1xVEGF bispecific approach spiked earlier this year after Summit Therapeutics and Akeso’s ivonescimab beat Merck’s Keytruda in a Phase 3 trial in PD-L1-positive advanced non-small cell lung cancer in China. A week later, BioNTech detailed positive Phase 2 results for its bispecific, BNT327, in patients in China with EGFR-mutant NSCLC.
LaNova’s candidate is further behind, but the company said it is looking to “accelerate the development” of LM-299 with the help of the new funding. The Series C1 proceeds are also expected to support the advancement of a Phase 3 antibody-drug conjugate that targets Claudin 18.2 and a monoclonal antibody that acts on CCR8.
The monoclonal antibody is set to enter a Phase 2 trial in the US later this year, with the ADC expected to follow suit in the second half of 2025, the company said.
The Series C1 was led by Sino Biopharmaceutical, with support from new investors Pudong Innovation Investment and Zhangjiang Haoheng, alongside existing investors. LaNova said it has already initiated a Series C2 financing.