Adlai Nortye (NSDQ: ANL), a Hangzhou-New Jersey immunoncology biopharma, completed a $97.5 million IPO on the NASDAQ exchange, consisting of $57.5 million from the public offering and $40 million in a concurrent private placement. Founded in 2016, Adlai Nortye has three candidates in clinical trials and three pre-clinical stage assets. The company’s lead drug, buparlisib, is an oral pan-PI3K inhibitor currently in a global Phase III clinical trial for head and neck squamous cell carcinoma. Adlai Nortye’s shares were priced at $23 per ADS in the offering, but they are trading at $16.90, a loss of 27%. More details....

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Nanjing Triastek closed a $20 million Pre-C financing round to support development of its 3D printing process for complex drug delivery and programmed release medications. The company’s proprietary technology, the Melt Extrusion Deposition (MED®) 3D printing process, combined with digital formulation development techniques, have been put to use to create timed release drugs. Triastek is also developing new technology including Semi-Solid Extrusion, Micro-Injection Molding, and Micro-Droplet Jetting to deliver and develop oral peptides, gastric retention and high potency products. The round was led by Guoxin Investment. More details....

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Shanghai’s I-Mab announced AbbVie will end its CD47 partnership with I-Mab, returning all rights for the drug. In 2020, AbbVie acquired ex-China rights to the drug in a deal worth up to $2 billion, including options on two other I-Mab candidates. I-Mab will keep $200 million in AbbVie upfront and milestone payments. AbbVie said the breakup was a “strategic decision,” a description that wasn’t explained, though the company has ended several partnerships recently. One year ago, AbbVie reduced the scope of the I-Med partnership, stopping two Phase Ib trials of lemzoparlimab. More details....

Stock Symbol: (NSDQ: IMAB)

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Hangzhou Qihan Biotech closed a $16 million pre-B funding to support the company’s gene-edited stem cell products, including a lead product that has started China trials for CD19-positive B-cell non-Hodgkin lymphoma. Qihan says QN-019a is the first IND approved in China for a gene-edited Induced Pluripotent Stem Cells-derived cell therapy. The company uses multiplexable genome editing technology to modify iPSCs and differentiate them into a natural killer cell therapy product. The pre-B round was led by Zhejiang Industrial Fund. In 2021, Qihan raised $67 million in an A+ round. More details....

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Chime Biologics, a Wuhan biologic CDMO, signed a strategic cooperation agreement with Panolos Bioscience of South Korea to accelerate development of a novel protein drug, PB203, for solid tumors. PB203 is a multi-specific protein targeting VEGF, PIGF and PD-L1. Chime has adopted a “Grow with Customers” business model that allows clients to pay only part of the cost of development initially, with the remainder due after approval or a financing. Formed in 2019, Chime contains the Wuhan CDMO operations of JHL Biotech, a company that closed after losing a Genentech IP suit. Chime’s A+ round raised $190 million in 2021. More details....

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