Minghui Pharmaceutical ("Minghui"), a late-stage clinical biopharmaceutical company, today announced the closing of a USD 131 million Pre-IPO financing led by new investors OrbiMed and co-led by Qiming Venture Partners. Further support came from existing investor TF Capital, and seven new investors, including including BioTrack Capital, 5Y Capital, New Day Fund, and Wider Link Enterprise Investment limited. Representatives from OrbiMed and Qiming Venture Partners will join the company's Board of Directors.

Proceeds will be used to advance the company's clinical programs, with a particular focus on its PD-1/VEGF bispecific antibody and combination strategies with antibody-drug conjugates (ADCs). The funds will also support the planned commercial launch of its topical JAK inhibitor in China.

"This financing marks an important milestone as we continue to advance a globally competitive pipeline and enter our next stage of growth," said Dr. Guoqing Cao, Chief Executive Officer of Minghui. "We're grateful for the confidence and support of our investors and remain committed to delivering innovative medicines that improve outcomes for patients worldwide."

"We have been impressed by Minghui's scientific rigor, execution capabilities, and differentiated pipeline," said Dr. David Wang, Partner and Senior Managing Director at OrbiMed Asia. "We're excited to support the company as it transitions towards commercialization and expands its global footprint."

"Minghui has built a compelling portfolio of novel drug candidates targeting critical unmet medical needs," said Dr. Kan Chen, Partner and Co-lead of Healthcare at Qiming Venture Partners. "We are pleased to support its continued growth and help bring transformative therapies to patients around the world."