China-based clinical-stage biotechnology company Allink Biotherapeutics announced on Thursday that it has completed its USD42m Series A financing.

Lanchi Ventures, a global early-stage technology investor, has led the financing round with participation from syndicate of new investors including Yuanbio Venture Capital, Legend Capital and C&D Emerging Industry Equity Investment, along with support from present shareholders Gaorong Ventures and Med-Fine Capital.

Funds are to be used to advance global clinical development of lead candidates ALK201 and ALK202 through phase one studies in Australia, the United States and China; enrichment of present portfolio by developing multiple highly competitive new assets in oncology and immunology; further development of the firm's proprietary bispecific antibody and ADC technology platform; and global footprint expansion to achieve world prominence.