Recently, TYK Medicines, Inc (hereinafter referred to as TYK Medicines) announced the completion of nearly 400-million-yuan Series B+ financing, this round of financing was led by Sealand Innovation Capital, Haibangfenghua, and Zhejiang Venture Capital jointly co-invested, and the previous shareholders (Wen Zhou Investment and Changxing Financial Holdings) continued to make additional investments.

This round of financing will be used for promoting the Phase 2/3 clinical trials of the company’s two Class 1.1 new drug programs, several IND applications and clinical trials of small molecule innovative drug projects, and the construction of innovative drug GMP DP plants.

 

Committed to providing world-class innovative drugs, based in China with a global presence.

TYK Medicines, Inc. was established in Nov. 2017 in Life Science Park Changxing Economic Development Zone with a fully functionalized 6,000 square meters world-class drug discovery R&D center; subsequently, the company set up the administrative headquarters, medical affairs, and business development in Shanghai. In Zhengzhou, the company has its small molecule drug screening platform.

Currently, TYK has a highly experienced 30+ full-time employee team with 6 returnees from the US.

The company focuses on the research and development of new drugs of anti-tumor small molecule Best-in-class/First-in-class and has established a high-efficiency small molecule new drug research and development platform. TYK Medicines has a world-class R&D and management team, including 1 National Distinguished Expert, 2 Zhejiang Province Distinguished Expert, and more than 10 overseas returnee doctoral experts, with rich experience in the research and development of new drugs by well-known multinational pharmaceutical companies and led more than ten compounds into the clinical stage. In addition, the company has 10 clinical experts and has experience in dozens of innovative drug clinical projects. Although the team has been established less than 30 months, the team has completed the application of two first-class new drugs IND and has carried out phase I clinical trials, of which the company’s core product TY-9591 is benchmarked against Osimertinib, preclinical trials and preliminary clinical results show that the product has better clinical efficacy and safety, and is expected to become a Best-in-class innovative drug of similar products, while TY-9591 is also simultaneously developing indications for brain metastasis, which is expected to solve the no cure status of brain metastasis. It has become an innovative drug for the treatment of EGFR mutant lung cancer brain metastasis in the First-in-class treatment. In addition, the two new target drugs independently developed by the company will soon submit IND applications with partners in China/the United States and are expected to enter the clinical stage within this year.

Dr. Yusheng Wu, the Chairman and CEO of TYK Medicines, said that the company focuses on the research and development of new oncology drugs and is positioned as a pharmaceutical company with global innovation capabilities, and is pleased to be highly recognized by various investment institutions and old shareholders, including Sealand Innovation Capital. The success of this round of financing will help the rapid advancement of the company’s multiple new drug pipelines under development, and our team will also return the trust of new and old shareholders with faster clinical progress and a pipeline with global leading advantages.

Mr. En Jiang, Executive Director and Head of Medical Industry of Sealand Capital, said that TYK Medicines is an innovative drug enterprise founded by a team with more than 20 years of R&D experience in large multinational pharmaceutical companies, and the team has strong independent innovation and development capabilities and global resource integration capabilities. The company’s product pipeline focuses on the global competitive landscape and the Chinese market, two large varieties have entered the clinical trial, three global innovative products are about to enter the clinical phase, the product pipeline positioning is unique, and the progress is leading, there is great room for development. We continue to be optimistic about TYK Medicines’ independent R&D capabilities and resource integration capabilities and look forward to accelerating the layout of new global product pipelines with independent R&D as the focus and resource cooperation as the supplement and becoming a leading innovative pharmaceutical enterprise in China with a global layout as soon as possible.

Ms. Li Huang, Partner of Haibang Investment, said that TYK Medicines focuses on the development of small molecule drugs that are unmet medical needs, and its pipeline certainty is high, which has certain differentiated clinical advantages compared with benchmark drugs and will further solve the problem of drug accessibility. In addition, the team has been engaged in the field of drug development for many years and has rich experience, which has laid a solid foundation for the development and promotion of the company’s innovation pipeline. Overall, the pipeline layout is reasonable, and there are also product licenses out to a listed company, which is also an affirmation of the team’s ability.

Mr. Xiangdong You, the Partner, and CEO of Zheshang Venture Capital, said that lung cancer and breast cancer are the top two diseases in the world. With the continuous increase in China’s elderly population, the demand for targeted drugs for these two types of diseases will also be gradually increased. At present, TYK Medicines has several pipelines focusing on the research and development of targeted drugs for lung cancer and breast cancer, and both have entered the clinical phase. It can rely on the efficacy, safety, and R&D team of the drugs. It is foreseeable that with the release of product listing demand, the company can be expected to go public in the future with promising potential. We are firmly optimistic and grow together with the company.

Mr. Guomin Bai, Chairman of Zhejiang Changxing Financial Holdings, said that TYK Medicines’ innovation ability is in the leading position in China, and has developed rapidly since its landing in Changxing in 2017, and has now grown into a leading small molecule oncology drug company in China, and its products have been unanimously praised by many experts in the industry. The landing of the GMP preparation factory in Changxing will greatly promote the development of TYK Medicines.

 

About Sealand Innovation Capital

Founded in January 2012, Sealand Innovation Capital Investment Management Co., Ltd. (hereinafter referred to as “Sealand Innovation Capital”) is a private equity fund management subsidiary of securities firms approved by the China Securities Regulatory Commission with a registered capital of 2 billion yuan. As of the end of December 2020, the cumulative assets under management exceeded 17.6 billion yuan, and the asset management scale and project exit rate were among the top in the industry. It has been selected as one of China’s top ten securities direct investment institutions for two consecutive years and has won the “Top 10 Best Private Equity Subsidiaries of China’s Best Securities Firms”, “Top 50 Best Chinese Private Equity Investment Institutions in China”, and “Top 100 Best Private Equity Investment Institutions in China”. It was awarded “Top 10 Best Private Equity Subsidiaries of Securities Firms in China” and “Top 100 Best Private Equity Investment Institutions in China” in China. Sealand Innovation Capital has invested in the leaders of various sub-industries around the two main lines of “scientific and technological innovation and healthy life”, invested in several leading enterprises in sub-industries, and cultivated leading brands in the industry.

 

About Haibangfenghua

Haibangfenghua was initiated and established by Zhejiang Haibang Investment and all investment management teams, a well-known equity investment institution in Zhejiang Province. The company mainly focuses on equity investment in the early and middle stages in the fields of life and health, digital economy, and new materials. We adhere to the investment philosophy of “technology + talents”, firmly believe that technology changes the world, and are committed to helping entrepreneurs with great ideals and entrepreneurial spirit.

 

About Zhengshang Venture Capital Co., Ltd.

Hangzhou Qizhen Future Innovation Fund is initiated by Academician Wu Zhaohui, President of Zhejiang University, and initiated by Zheshang Venture Capital. The fund mainly invests in early-stage projects, focusing on domestic alternative high-quality products; Discover the next generation of innovative technologies; Layout of medical service terminals or platforms in specialized fields. 50% of the proceeds of the fund will be donated to Zhejiang University, and a public research fund for the introduction of innovative talents and medical public welfare will be established.

 

About Wenzhou Capital

Wenzhou Investment is a professional investment company focusing on the domestic and the oversea biotechnology field. As a professional pharmaceutical investment institution with mixed ownership with state-owned shareholding, the main members of the company have a profound background and investment experience in the scientific research industry in the pharmaceutical field and maintain good investment performance. Shanghai Wenzhou adheres to the concept of value investment and long-term investment, and comprehensively serves the upgrading and development of the biotechnology industry in China.

 

Zhejiang Changxing Financial Holdings

Zhejiang Changxing Financial Holdings Co., Ltd. is a wholly state-owned enterprise established by the party committee and county government of Changxing County, and the group implements enterprise management and market-oriented operation. The main business is to operate and manage financial businesses such as fund investment, equity investment, financial leasing, factoring, and private equity management according to professional and market-oriented rules, to promote the healthy and orderly development of strategic emerging industries in the region. With the corporate philosophy of “integrity, stability, pioneering, innovation, dedication and professionalism”, the company uses a steady investment style, strict management mechanism, and positive working attitude, based on Changxing and looking at the world, and is committed to becoming a first-class state-owned benchmark enterprise in the region.