On August 31, 2020 Adlai Nortye Biopharma of Hangzhou reported that it raised nearly $100 million in a C financing to support development of its immunoncology portfolio (Press release, Adlai Nortye Biopharma, AUG 31, 2020, View Source [SID1234564216]). Founded in 2016, the company has three candidates in clinical trials and at least ten more undergoing pre-clinical tests. The fundraising was led by Hangzhou Tigermed and Yingke Capital. Because it targets global markets, Adlai Nortye has established a US R&D and clinical operations center in New Jersey, in addition to its China facilities.

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