Recently, Hangzhou Andao Pharmaceutical Co., Ltd. announced the completion of a Series C financing round exceeding RMB 400 million. This round was invested in by Grand Pharma (with Huadong Medicine as a major LP), Taiping Medical Health Fund, C&D Emerging Investment, Hangzhou Taikun, Zhejiang Province "4+1" Biopharmaceutical and High-End Medical Device Industry Fund, Guangzhou Industrial Investment, Guangzhou Development District, Science and Technology Financial Holding, and Hangzhou Talent Fund, among others, with follow-on investments from existing shareholders including Efung Capital, Gaorong Ventures, and Northern Light Venture Capital.

Founded in 2014 and located in the Hangzhou Linping Economic and Technological Development Zone, Hangzhou Andao Pharmaceutical Co., Ltd. is a high-tech pharmaceutical company focused on the R&D of new drugs for kidney diseases, pan-anemia disorders, and cancer. The company's lead program is AND017, a self-developed oral small molecule compound primarily intended for the treatment of anemia caused by chronic kidney disease. The mechanism of action of this drug candidate was recognized with the 2019 Nobel Prize in Physiology or Medicine. AND017 completed two multi-center Phase II clinical trials in China and the United States in 2024, and patient enrollment for the registrational Phase III clinical trial has now been successfully initiated. Additionally, AND017 is also undergoing several Phase II clinical trials for multiple rare diseases, including sickle cell disease (SCD) and myelodysplastic syndromes (MDS). As a once-weekly oral small molecule drug, AND017 would have significant advantages in compliance and safety over other therapies once launched, with the potential to become a blockbuster drug addressing multiple indications in the pan-anemia field.

Another new drug in Andao Pharma's pipeline, AND019, is a third-generation selective estrogen receptor degrader (SERD) with an entirely new chemical structure. AND019 utilizes the protein self-degradation mechanism to specifically degrade ER, blocking ER signaling and thereby inhibiting the proliferation of breast cancer cells. AND019 is being developed as a cornerstone drug for hormonal therapy of breast cancer and is currently undergoing concurrent Phase I clinical trials in China and the United States. Andao Pharma's product pipeline also includes multiple small molecule and ADC preclinical candidate compounds.

The funds raised in this round will be primarily used to accelerate global clinical studies of AND017 and AND019, as well as IND studies of the company's other small molecule drugs and ADC candidates in development. Previously, the company completed a $35 million Series A financing round invested by Decheng Capital in 2019, followed by a $50 million Series B financing round in 2021 co-led by Northern Light Venture Capital and Gaorong Ventures, with follow-on investments from Efung Capital, Decheng Capital, and Ancheng Capital. The successful completion of this financing round fully demonstrates the capital market's recognition of the R&D capabilities of Andao's core team and its confidence in the broad market prospects of the company's series of new drugs under development.