News

TargetRx completed strategic financing of nearly 100 million yuan

2020-09-18 Views:

Recently, with the strong support of Hongtai Aplus, Shenzhen TargetRx Inc., a leading enterprise of targeted anti-cancer drugs, completed a round of strategic financing of nearly 100 million yuan. The funds raised this time will be mainly used for the clinical studies of its fourth-generation Bcr-Abl inhibitor TGRX-678 for the treatment of chronic myelogenous leukemia (CML) and its next-generation inhibitor TGRX-326 for the treatment of ALK-positive non-small cell lung cancer (NSCLC) , and the R&D of other new-generation targeted drugs.

TGRX-678 is China's first allosteric inhibitor for the treatment of CML. The inhibitor acts on the BCR-ABL1 fusion gene and has a unique mechanism of action. It can be used to treat CML patients who had resistance or intolerance to the first-, second-, or third- generation inhibitors. TGRX-678 has obtained a clinical trial notification (acceptance number: CXHL2000158 and CXHL2000159) issued by the Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA) in June 2020. Currently, the team is actively preparing for and will soon start the clinical trials.

TGRX-326, targeting the EML4-ALK fusion gene, can effectively overcome the existing drug resistance problem. It has the potential of best-in-class in the world and is expected to bring a new therapeutic regime for lung cancer patients. The clinical trial application of TGRX-326 has been submitted a few days ago, and clinical trials are expected to be initiated in the near future.

Xiangzhang Zhong, vice president of investment of Hongtai Aplus, believes that Dr. Yihan Wang, the founder of TargetRx, has a wealth of successful experience in the R&D of innovative drugs. After returning to China, he established a team with strong innovation ability, and the products developed by them are expected to overcome the resistance problem of existing drugs. Within a few years of its establishment, TargetRx has reserved a wealth of product pipelines and has been awarded nearly 40 high-quality international and domestic invention patents. Hongtai looks forward to working closely with TargetRx to help its clinical trials and benefit patients as soon as possible.

Dr. Yihan Wang, the founder of TargetRx, believes that targeted anticancer drugs, which have been developed rapidly in recent years, bring revolutionary changes to the clinical treatment of cancers; however, they will inevitably encounter the challenge of drug resistance. TargetRx's mission is to continuously innovate to develop new generations of targeted drugs that can effectively overcome drug resistance, allowing patients to survive for a long time until they are finally cured. This is TargetRx's Cancer Moonshot Initiative, and also the common goal of our new and existing shareholders. It is a great honor to have the opportunity to cooperate with Hongtai, and hope to advance the clinical trials quickly with the support of all partners.

About Hongtai Aplus

Hongtai Aplus was founded in 2014 by renowned entrepreneur Mr. Minhong Yu and veteran banker Mr. Xitai Sheng. After years of development, Hongtai Aplus has become a full-life cycle investment management platform, and its business runs through Angels, VCs, PEs, funds of funds (FOFs), etc., and is preparing to establish a US dollar fund. Hongtai Aplus has a systematic play and a strong team. With a unique founder group and comprehensive team background, Hongtai Aplus is well versed in every aspect of the startups towards IPO. Therefore, it has a wide and deep influence among Chinese entrepreneurs and listed companies.

About TargetRx

Founded in 2014, TargetRx is a biomedical company focusing on the R&D of small molecule targeted anti-tumor drugs to reverse drug resistance. The founder, Dr. Yihan Wang, is the core inventor of several international first-in-class drugs including IClusig™ (Ponatinib), Alunbrig™ (Brigatinib), and Ridaforolimus in Ariad Pharmaceuticals, Inc. (the United States). Targeting at the hotspots and development trends of international new small-molecule targeted anti-tumor drugs that are urgently needed in clinical practice, TargetRx has designed, screened, optimized, evaluated, and developed the next-generation targeted original drugs with global intellectual property rights, and have applied for more than 100 patents in China, the United States, Europe, Japan, etc., of which 39 patents have been granted. Since the establishment of TargetRx 6 years ago, Dr. Wang has assembled a R&D team composed of high-level talents at home and abroad - young, rigorous, efficient, and with a sense of sentiment and mission. Finding the best therapeutic regime for patients is the constant pursuit of TargetRx staff.