• Phase 1 trial of LM-299, an anti-PD-1/VEGF BsAb, initiated in China for advanced solid tumors following promising preclinical results demonstrating strong inhibition of tumor growth and well-tolerated safety profile
• IND for LM-299 in the US expected to be submitted in the second half of 2024
• Proceeds from the completed Series C1 financing will be primarily used to advance the clinical development of the Company's pipeline, including lead candidates LM-299 (anti-PD-1/VEGF BsAb), LM-302 (anti-CLDN 18.2 ADC) and LM-108 (anti-CCR8 mAb)
• Financing led by Sino Biopharmaceuticals, with participation of new and current investors

LaNova Medicines Limited ("LaNova" or "The Company"), a privately-held clinical-stage innovation-driven biotech specializing in ADCs and immuno-oncology, announced the initiation of its Phase 1 clinical trial of LM-299, an anti-PD-1/VEGF BsAb, in China for advanced solid tumors and the successful completion of its $42 million Series C1 financing.

Founded in September 2019, LaNova's R&D engine is based on three proprietary platforms adept at tackling challenging targets and versatile modality development, which has so far enabled the in-house development of more than ten innovative programs, including monoclonal antibodies, ADCs and bispecific antibodies.

Following promising preclinical results demonstrating LM-299's strong inhibition of tumor growth in hPBMCs-humanized mice and well tolerated safety profile in NHP GLP tox study, LaNova has initiated its first-in-human clinical trial in China for advanced solid tumors. LaNova is planning to initiate an additional Phase 1 clinical trial in the US and expects to submit an IND in the second half of 2024.

The completed Series C1 financing was led by Sino Biopharmaceuticals and included participation from new investors Pudong Innovation Investment and Zhangjiang Haoheng, and existing investors, Qiming Venture Partners and Shanghai Healthcare Capital. Zhong Lun Law Firm acted as the legal advisor for this round of financing.

LaNova has recently initiated its Series C2 financing round.

Proceeds will be primarily used to advance the clinical development of the Company's pipeline, including lead candidates:

• LM-302 (anti-CLDN 18.2 ADC): ongoing Phase III registrational clinical trial in China for gastric cancers, making it one of the top three candidates globally in terms of development progress for this target; US Phase II trial expected to start in H2 2025
• LM-108 (anti-CCR8 mAb): ongoing Phase II clinical trials in China for multiple solid tumors, making it one of the top three most advanced projects worldwide targeting CCR8; US Phase II trial expected to start in H2 2024
• LM-299 (anti-PD-1/VEGF BsAb): Phase I clinical trial in China is currently enrolling patients for advanced solid tumors

Dr. Crystal Qin, LaNova's founder, chairwoman and CEO, stated: "Since its establishment, LaNova has been dedicated to original innovation, with a focus on the tumor microenvironment and the development of tumor-specific targeted ADCs and immune-modulating biologics. We have established a robust pipeline of differentiated innovative drugs, with independent intellectual property rights and profiles that are competitive on a global scale. We are thrilled to have initiated our Phase 1 trial for LM-299 and completed our series C1 financing round. We are especially grateful for the continued support and confidence of our new and long-standing investors during this challenging period for pharmaceutical investments. Proceeds from this financing will allow us to expedite the development of our late-stage clinical programs, LM-302 and LM-108, moving us closer to market approval. We will also accelerate the clinical development of LM-299, which is currently in Phase 1 clinical trials with best-in-class potential. We look forward to strengthening our partnerships across the industry and enhancing our self-sustainability through business development collaborations. Together, we aspire to bring China's innovative drugs to a global stage, ultimately providing high-quality treatment solutions to more patients and promoting healthier lives worldwide."