Andon Therapeutics Raises Over 400 Million Yuan in Series C Funding to Accelerate Phase III Clinical Trials for Revolutionary Pan-Anemia Drug

On November 12, Hangzhou Anda Pharmaceutical Co., Ltd. ("Anda Pharma") announced the completion of a Series C financing round exceeding RMB 400 million. The round was led by Grand Pharmaceutical Industry and Finance (with Huadong Medicine as the primary LP), Taiping Healthcare Fund, C&D Emerging Investment, Hangzhou Taikun, Zhejiang Province "4+1" Biomedical and High-End Medical Device Industry Fund, Guangzhou Industrial Investment, Guangzhou Development District, Kejin Holdings, and Hangzhou Talent Fund; existing shareholders Gaorong Ventures, Efung Capital, and Northern Light Venture Capital also participated.

Gaorong Ventures co-led Anda Pharma's Series B round in 2021 and continued to increase its stake in this round.

The proceeds will primarily fund the accelerated advancement of global clinical studies for Anda Pharma's core pipeline assets AND017 and AND019, as well as IND-enabling studies for the company's small-molecule and ADC drug candidates.

Flagship Drug Candidates Advancing Through Clinical Development

Founded in 2014 and based in Hangzhou Linping Economic and Technological Development Zone, Anda Pharma is a high-tech pharmaceutical company focused on developing novel therapeutics for kidney diseases, pan-anemia disorders, and cancer.

Its lead program is AND017, an orally administered small-molecule compound for treating anemia caused by chronic kidney disease. The drug's mechanism of action was recognized with the 2019 Nobel Prize in Physiology or Medicine. AND017 completed two multinational Phase II clinical trials in China and the US in 2024, and patient enrollment has now commenced for a registrational Phase III trial. Multiple additional Phase II trials are also underway for other rare disease indications, including sickle cell disease (SCD) and myelodysplastic syndromes (MDS).

As a once-weekly oral small-molecule therapy, AND017 — if approved — would offer clear advantages in compliance and safety compared to existing treatments, with potential to become a blockbuster drug addressing multiple indications across the pan-anemia landscape.

Another key asset in development, AND019, is a third-generation selective estrogen receptor degrader (SERD) featuring a novel chemical structure. AND019 harnesses the protein autodegradation mechanism to specifically degrade the estrogen receptor, blocking ER signaling and thereby inhibiting breast cancer cell proliferation. The compound is being developed as a foundational therapy for hormone-based breast cancer treatment and is currently in Phase I clinical trials in both China and the US.

Anda Pharma's pipeline also includes multiple preclinical small-molecule and ADC candidates.

A Decade of Dedication, A New Chapter Begins

The successful completion of this financing round reflects the capital markets' recognition of Anda's core R&D capabilities and the broad commercial potential of its pipeline of novel drug candidates.

Dr. Dong Liu, Chairman and CEO of Anda Pharma, commented: "We are deeply grateful for the trust and support of both new and existing investors. After ten years of relentless effort, the company has entered a phase of rapid growth. This year, we successfully initiated patient enrollment for the registrational Phase III clinical trial of AND017 — one of our core pipeline assets — as well as multiple Phase II trials, while securing investments from several prestigious capital partners. These achievements are the result of our team's dedication to the philosophy of 'treating humanity with kindness, respecting science, and benefiting patients.' With this financing as a new starting point, we will go all out to accelerate the development of our pipeline. We are determined to live up to our investors' support and trust, to build Anda into a respected innovative drug R&D enterprise, and to bring truly clinically meaningful new medicines to patients worldwide as soon as possible."