On March 27, 2023 Allist Pharmaceuticals reported that its partner ArriVent Biopharma, Inc. (hereinafter referred to as "ArriVent" ) completed an oversubscription of US $ 155 million Series B financing (Press release, Allist Pharmaceuticals, MAR 27, 2023, https://www.allist.com.cn/newsd/101/2069.html [SID1234642122]). The proceeds will be used to support registration clinical trials and exploratory research for ArriVent ’s main product candidate, fumetinib mesylate (hereinafter referred to as " vometinib " ), as well as to expand its subsequent product pipeline.
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
Fumetinib is a national Class I new drug independently developed by Ellis and has independent intellectual property rights. Currently, both first-line and second-line indications for lung cancer in China have been approved and included in the national medical insurance directory. On June 30 , 2021 , ArriVent and ArriVent announced an exclusive overseas licensing cooperation agreement. ArriVent has obtained the exclusive development and commercialization license rights for fumetinib in the world (except mainland China, Hong Kong, Macao and Taiwan), providing ArriVent with a global Scope-wide promotion of fumetinib and other treatments presents huge development opportunities. With the joint efforts of both parties, the overseas cooperation of fumetinib is progressing smoothly.
Deputy General Manager of Ellis
Hu Jie
ArriVent ‘s team has rich clinical development experience, and together with ArriVent, we have promoted the wider clinical application of fumetinib around the world, helping patients around the world obtain safe and effective treatment and improve their quality of life.
This financing has been recognized by many senior investors, laying a solid financial guarantee for ArriVent’s subsequent clinical development and pipeline expansion, which is of great significance. The excess fundraising fully demonstrates the investors ‘ high recognition of the ArriVent team, the efficacy, clinical advancement and market potential of the fumetinib product, and the high recognition of the cooperation between ArriVent and ArriVent . Ellis will continue to work closely with ArriVent to jointly commit to the global clinical development of fumetinib and jointly build new product pipelines. Here, on behalf of ArriVent, I would like to congratulate ArriVent on its successful Series B excess financing and the company’s smooth development.