Hangzhou Andao Pharma Closes $50 Million Series B to Advance Drug Development for Kidney Disease and Cancer

Hangzhou Anda Pharmaceuticals (hereinafter referred to as "Anda" or "the company") recently announced the completion of a $50 million Series B funding round, co-led by Gaorong Ventures and Northern Light Venture Capital, with participation from Decheng Capital, Ancheng Capital, and Efung Capital.

Founded in 2014 and based in Hangzhou Linping Economic and Technological Development Zone, Anda is a high-tech pharmaceutical company focused on developing novel therapeutics for kidney disease and cancer. Its lead program is AND017, an orally administered small-molecule compound developed in-house 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 received approval for Phase II clinical trials in both China and the US in 2021, and patient enrollment for a global multi-center study is now underway.

Another drug in Anda's pipeline, AND019, is a third-generation selective estrogen receptor degrader (SERD) with a novel chemical structure. AND019 harnesses the protein autodegradation mechanism to specifically degrade estrogen receptors and block ER signaling, thereby inhibiting breast cancer cell proliferation. The company aims to develop AND019 as a foundational drug for hormone therapy in breast cancer treatment. This compound also received simultaneous clinical trial approval in China and the US this October. Anda's pipeline additionally includes multiple preclinical small-molecule and large-molecule drug candidates.

Proceeds from this round will primarily accelerate global clinical development of AND017 and AND019, as well as IND-enabling studies for the company's small-molecule drugs, ADCs, and antibody therapeutics. Dr. Dong Liu, Chairman and CEO of Anda, commented: "We are deeply grateful for the trust and support from both new and existing investors. After nearly seven years of relentless effort, the company has entered a phase of rapid growth. Securing three clinical approvals for two new drugs this year, alongside investment from renowned domestic and international institutions, reflects 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 R&D of our pipeline candidates, live up to our investors' confidence, and build Anda into a respected innovative drug development company — one that can deliver truly clinically meaningful new medicines to patients as soon as possible." Yang Kun, Partner at Gaorong Ventures, added: "Gaorong has long focused on global innovation at the intersection of healthcare and technology. Anda has assembled an excellent international team and independently developed multiple globally IP-protected innovative pipelines in nephrology and oncology, with ongoing clinical trials in both China and the US. We are very pleased to partner with Anda on this round and look forward to seeing their products reach the market soon to address the enormous unmet clinical needs in kidney disease and oncology."

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