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InxMed Raises $15M in Extended Series B Funding

NEW YORK – InxMed said on Sunday that it has raised an additional $15 million in an extended Series B financing round that it will use to advance its investigational agent IN10018 in multiple tumor types, including for precision oncology indications, in the US and in China.

The extended Series B round was financed by Hyfinity Investments.

In March, InxMed announced the completion of a $50 million Series B funding round, led by CS Capital.

The firm will use the funds to accelerate clinical trials of IN10018, which is slated to enter pivotal trials in the second half of 2022. InxMed will also use the money to develop more stroma-targeting treatments and bolster its R&D efforts in Nanjing, China, where it is based.

The company's clinical trials to date support advancing IN10018 in multiple tumor types as well as in combination with other drugs. In March 2020, InxMed began studying this highly selective adenosine triphosphate competitive FAK inhibitor as a monotherapy and in combination with Genentech's MEK inhibitor Cotellic (cobimetinib) in patients with NRAS-mutated metastatic melanoma or uveal melanoma. The company is also studying the drug in a separate Phase I/II trial in combination with a targeted therapy in KRAS-mutated solid tumors.

The drug received fast track status last year from the US Food and Drug Administration and breakthrough therapy designation from China's National Medical Products Administration as a treatment for platinum-resistant ovarian cancer. This is the most advanced indication about to enter Phase III studies, in which InxMed will pair IN10018 with chemotherapy and immunotherapy.

InxMed will report data from ongoing studies involving IN10018 at the American Society of Clinical Oncology's annual meeting in June.

"Building partnership is also our important strategy to maximize the value of our assets, and we are actively exploring global partnership opportunities to accelerate more value inflections of IN10018 and other programs," InxMed CEO and Founder Zaiqi Wang said in a statement.