The new funding will support clinical development of MediLink's new generation Antibody-Drug Conjugate (ADC) pipeline, as well as early discovery and development of novel conjugated drugs.

A total of 14 ADC products have been approved globally after years of technology innovation in the ADC field. From the initial proof of concept in 2000 to the latest ADC products represented by Enhertu® and Trodelvy®, ADC technology has been advancing rapidly in recent years. In 2021, an article ^[1] published in Nature Reviews predicted that global sales for the marketed ADC products will exceed US$16.4 billion by 2026. A growing number of pharmaceutical companies have been shifting their R&D interests/focus to ADCs recently. According to Pharmcube database, the total BD transactions disclosed between 2019 and 2021 exceeded US$32.6 billion. As the competition is heating up, new and novel technologies in ADC biotech companies will play an important role to distinguish themselves in this area.

MediLink Therapeutics was established in 2020 by an experienced team with innovative ADC expertise and management skills. The company is committed to developing globally competitive conjugated drugs and building a differentiated proprietary ADC technology platform. MediLink focuses clinical drug development on unmet clinical needs, while establishing close collaborations with potential international partners. At present, the company has invented and patented several novel proprietary ADC linker-payload technologies. First program will start Phase I clinical trial in both China and the United States this year. In addition, the company has established collaboration with several partners using MediLink's proprietary technology platform.

Dr. Tongtong Xue, Founder and CEO of MediLink said: "Over the past year, MediLink Therapeutics has focused on the development of the latest generation ADC technology platform. Thanks to the team's innovation and execution capabilities, we have submitted the formal IND application of our first product to the FDA this month. 2022 will be a pivotal year for us as we move into the clinical phase. We are very fortunate to have brought new investors on board, while continuing to receive the unwavering support from existing investors. In the future, MediLink Therapeutics will focus on the development of internationally competitive conjugated drugs, as well as seeking to engage in collaboration with potential partners, accelerating global patients' access to medicines that address unmet medical needs."

Mr. Gang Chen, managing partner at LYFE Capital, lead investor of this round, said: "LYFE Capital has always been dedicated to seeking out innovation in the medical field in global, while providing value creation for top-performing medical companies with differentiated technologies. ADC is one of the segments to which we continuously pay attention. The vision and the execution of MediLink's team, combined with its past profound accumulation in ADC technologies, has helped the company to establish a differentiated ADC technology platform with independent intellectual property rights in just over one year following its inception. We are very pleased to have collaboration with MediLink and help MediLink build and expand its international platform through our international network and industry resources. We firmly believe that MediLink will become a world-leading ADC technology platform company under the leadership of the founding team and the support of new and existing shareholders."

Dr. Kan Chen, partner at Qiming Venture Partners, the joint lead investor of this round, said: "As an investor in the series A financing, we decided to also participate in this round as we believe that MediLink is uniquely positioned to excel in the international conjugated drug market. The MediLink's team has a clear development strategy, solid technology accumulation and efficient execution ability. We witnessed the gradual transformation of MediLink into a biotech company with an internationally competitive ADC technology platform over the past year. We are honored to continue to support MediLink and hope the team will bring health and well-being to patients worldwide as soon as possible."