Allink Biotherapeutics has completed a $42m Series A financing round to expedite the worldwide development of its bispecific antibody and antibody-drug conjugate (ADC) pipeline.

The funding will primarily support the global clinical development of its lead candidates, ALK201 and ALK202, and the enrichment of its oncology and immunology portfolio.

It provides the necessary resources for advancing global Phase I/II clinical programmes.

The round was led by Lanchi Ventures, with contributions from new investors Legend Capital, C&D Emerging Industry Equity Investment and Yuanbio Venture Capital, and continuing support from existing shareholders Med-Fine Capital and Gaorong Ventures.

Allink will use the funds to propel the development of ALK201 and ALK202 through Phase I trials in the US, China and Australia.

The company will develop multiple new assets that are highly competitive in the fields of oncology and immunology.

AllinkBio CEO and founder Hui Feng stated: "We are grateful for the continued support from existing shareholders and delighted to welcome new investors who recognise both our scientific excellence and capability of translating scientific findings into clinical applications.

“Their support enables us to accelerate the development of our diverse pipeline spanning multiple modalities including next-generation ADCs and bispecific antibodies targeting oncology and immunology diseases.”

The proceeds from the round will also be utilised to further develop Allink’s bispecific antibody and ADC technology platform and expand its global footprint to achieve international prominence.

Lanchi Ventures said: "AllinkBio's exceptional execution speed and quality in advancing its lead programme from preclinical to clinical stage, led by Dr Feng, one of the leading figures in China's biopharmaceutical industry, demonstrates the company's high competitiveness in the field.

"AllinkBio's innovative approach to ADC development presents a compelling opportunity in the targeted oncology therapeutics space."