Minghui Pharmaceutical ("Minghui"), a late-stage clinical biopharmaceutical company, announced the closing of a USD 131 million Pre-IPO financing co-led by Qiming Venture Partners. Representatives from Qiming Venture Partners will join the company's Board of Directors.

Proceeds will be used to advance the company's clinical programs, with a particular focus on its PD-1/VEGF bispecific antibody and combination strategies with antibody-drug conjugates (ADCs). The funds will also support the planned commercial launch of its topical JAK inhibitor in China.

"This financing marks an important milestone as we continue to advance a globally competitive pipeline and enter our next stage of growth," said Dr. Guoqing Cao, Chief Executive Officer of Minghui. "We're grateful for the confidence and support of our investors and remain committed to delivering innovative medicines that improve outcomes for patients worldwide."

"Minghui has built a compelling portfolio of novel drug candidates targeting critical unmet medical needs," said Dr. Kan Chen, Partner and Co-lead of Healthcare at Qiming Venture Partners. "We are pleased to support its continued growth and help bring transformative therapies to patients around the world."

This round is co-led by new investors OrbiMed and Qiming Venture Partners. Further support came from existing investor TF Capital, and seven new investors, including BioTrack Capital, New Day Fund, 5Y Capital, and Wider Link Enterprise Investment limited.