Shanghai, China, December 2, 2020 – TYK Medicines, Inc (hereinafter referred to as “TYK Medicines”) announced the completion of a series B financing of 260 million yuan, led by Addor Capital, co-invested by Riverhead Capital, Sanhua Hongdao Capital, Shanghai Furong Investment, and Wenzhou Capital. TYK Medicines has successfully raised more than 400 million yuan, which will be used to promote the clinical trials of the company’s two first-in-class innovative drugs, the preclinical application of several international leading small molecule innovative drugs, and the development of follow-up pipeline programs.

Dr. Yusheng Wu, the Chairman and CEO of TYK Medicines, said “The market subscription enthusiasm of this Series B financing far exceeded the expectations of our management team, and we are pleased to be recognized by various investors including Addor Capital, and our team will also return the trust of new and old shareholders with faster clinical progress and more advanced pipelines.”

Yunzhong Shi, the founding partner of Addor Capital, said “The research and development of new anti-tumor drugs is one of the bright pearls in the field of global drug development. Most of the products currently under the research of TYK Medicines are large varieties or products that solve unmet medical needs, and the market potential is huge. Although it has not been established for a long time, TYK Medicines has laid out a series of blockbuster products around the anti-tumor field in recent years, and many products have entered the clinical phase, and the preclinical/clinical trial data such as product safety and efficacy have shown advantages ahead of peers.”

Shenghao Shi, Managing Partner of Riverhead Capital, Shaobo Zhang, Managing Partner of Sanhua Hongdao Capital, Dr. Pengjun Sun, Executive Dean of Ningbo Research Institute of Fudan University and Chairman of Shanghai Furong Investment, and Zhuzhao Tang, Partner of Wenzhou Investment (Guochuangjunhe Manager), unanimously said: “TYK Medicines focuses on innovative frontier targets, and based on the team’s deep understanding in the field of oncology and rich experience in molecular design, it has developed a series of product pipelines with broad market prospects and high clinical value. It is expected that with the joint help of all parties, TYK Medicines will accelerate the development of R&D and clinical-stage product development, send more and better high-quality innovative drugs to most patients, and become a leading R&D pharmaceutical company at the global level as soon as possible.”

 

About TYK Medicines, Inc.

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.

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 has a highly experienced team with 10 returnees from the US 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 6 clinical experts and has experience in dozens of innovative drug clinical projects. Since the team was established in August 2018, it has completed the IND application and clinical trial of two first-class new drugs, promote the two new target drugs from the project established to the PCC stage, and license-out one of the candidate compounds

 

About Addor Capital

Established by the internal mixed-ownership reform of Jiangsu Hi-Tech Investment Group, an old and well-known venture capital institution, Addor Capital is one of the most influential venture capital institutions in China, steadily ranking among the industry leaders in terms of industry research capability, asset management scale, and investment specialization. As of the end of October 2020, Addor Capital’s management team has managed a cumulative capital of RMB 111.5 billion, invested in and supported 919 venture companies, and helped 197 of them land on the domestic and overseas capital markets. Addor Capital advocates whole industry chain investment, with fund products covering angel stage, startup stage, growth stage and mature stage enterprises; investment fields include clean technology, health industry, new materials, advanced manufacturing, consumer services, cultural industry, and TMT industry. In the past three years, Addor Capital has been awarded “China Venture Capital Firm of the Year”, “Best China Venture Capital Firm”, “Most Competitive Venture Capital Firm”, “Outstanding Venture Capital Firm Excellence Award”, “Forbes Top 10 Best Venture Capital Firm”, etc., and has steadily ranked among the top domestic venture capital firms.

 

About Riverhead Capital

Founded in 2015, Riverhead Capital is one of the first pilot units in China’s insurance industry to set up private equity fund management companies with insurance funds. Since its inception, Riverhead Capital has been built according to market-oriented and professional standards and has become one of the most prominent insurance fund management institutions in terms of performance. The business sectors under Riverhead Capital include equity investment, real estate investment, and wealth management, and the total scale of assets under management is nearly 20 billion.

Riverhead Capital has invested in companies including Myriad Medical, Yuwell Medical, Yongsheng Biology, Lepu Biopharma, Sirnaomics, I-Mab Bipharama, Genor Biopharma, 3SBio, Sunny Dental, Chaojou Eye Care, Ruipeng Pet Hospital, Ant Group, JD Digits, SenseTime, Enflame Technology, etc.

 

About Sanhua Hongdao Capital

Founded in 2016, Hangzhou Sanhua Hongdao Investment Management Partnership is the financial investment business platform of Sanhua Holding Group Limited, one of the top 500 private enterprises in China.

With the business philosophy of “A gentleman is a man of great perseverance, and a clear path is a virtue”, Sanhua Hongdao is value investment-oriented and invests in companies at all stages of development, with an annual investment scale of 1 billion. The team has accumulated rich cases in equity investment, domestic and overseas mergers and acquisitions, and capital operation of listed companies, and combined with the 35 years of experience of Sanhua Group in corporate development to empower the invested companies and support them to achieve long-term development. Since its establishment, Sanhua Hongdao has invested in more than 50 projects and helped dozens of companies, such as Merit Interactive, Zhejiang Windey, Entive, Sinostar Cable, Jinhong Gas, Liaoning Chengda, Foxit, Kaisheng New Materials, land on the domestic and overseas capital markets, and has more than 30 projects under review and listing counseling.

 

About Shanghai Furong Investment Co., Ltd

Shanghai Furong Investment is a science and technology finance and innovation and entrepreneurship platform initiated and established by Ningbo Research Institute of Fudan University. Furong investment makes full use of its strong talent, scientific research, academic, and clinical resources to promote the industrialization of relevant scientific and technological achievements and innovation and entrepreneurship of high-level talents, and actively serves national innovation-driven development strategies such as the integrated development of the Yangtze River Delta region and the construction of a globally influential science and innovation center in Shanghai.

Ningbo Fuqi Venture Capital Fund is a professional investment fund initiated and managed by Furong Investment focusing on the industrialization of scientific and technological achievements, focusing on new energy, new materials, integrated circuits, artificial intelligence, biomedicine, and other fields, focusing early and mid-term entrepreneurial projects at the forefront of science and industry, operating and investing in accordance with marketization, specialization, and internationalization, and amplifying the chain reaction of scientific and technological collaborative innovation by strengthening regional cooperation and industrial linkage, and promoting the development of scientific and technological collaborative innovation industry. Contribute to the higher-quality integrated development of the Yangtze River Delta and surrounding regions.

 

About Wenzhou Capital

Wenzhou Investment is a professional investment company focusing on the domestic and 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.