On December 12, 2022, Hangzhou Polymed Biopharmaceuticals Co., Ltd. (Hangzhou Polymed Biopharmaceuticals, hereinafter referred to as "Polymed") announced that it has received the funds from Shaanxi Junying Jiacheng Pharmaceutical Industry Development Fund Management Co., Ltd. (hereinafter referred to as "Shaanxi Junying Jiacheng Fund"), thus completing the new round of investment together with Cybernaut Investment and ZJKF Capital Management Co. , Ltd (ZJKF Capital). The funds obtained from this round of financing will be used to support the IND submission and clinical trial planning of the company's two preclinical candidate compounds (PCCs).

Based in Hangzhou with offices in Shanghai an Boston, Polymed is focused on discovery and development of novel drugs for high unmet medical need in cancer and autoimmune disease.  Polymed's differentiated discovery platform is designed to tackle "undruggable" drug targets using bifunctional molecules especially PRTOACs. The core leadership team of Polymed consists of three experts with more than 20 years of experience working in top international pharmaceutical companies such as Novartis and Pfizer for new drug research and development. Polymed has established a rich product pipeline on PROTAC and small molecule inhibitors.

The company has also made a major breakthrough of bifunctional small molecule inhibitors. At present, a candidate compound with unique inhibition profile and excellent pharmaceutical properties has been established, and CMC work has been initiated. The new round of funding will enable the advancement of the preclinical program to the clinic, aiming at advancement of the lead programs to preclinical proof of concept and further development of the platform.

Dr. Jason Shaoyun Xiang, founder and CEO of Polymed, believes that the development of new PROTAC drugs is a disruptive technological innovation, and its potential impact may be comparable to that of therapeutic antibodies two decades ago and mRNA vaccines today, bringing about a wave of novel therapeutics. This disruptive technological breakthrough will undoubtedly bring great benefits to patients, and reward those visionary supporters. Dr. Xiang sincerely thanks the team of Saizhibole, Kefa and Matrix Partners for their firm trust in and support to Polymed. Polymed will make full use of its team experience and international advantages to rapidly advance the research and development progress of various projects, and strive to develop more efficacious therapeutics for patients as soon as possible.

Dr. Jia Guo, Managing Director of Shaanxi Junying Jiacheng Fund, said that PROTAC technology has once again illuminated the bright moment of small molecule drugs, making it possible to develop therapeutics for "undruggable targets". Under the leadership of Dr. Jason Shaoyun Xiang, Polymed has built a dual technology platform of PROTAC and multifunctional molecules, developed a rich product pipeline, and obtained remarkable experimental data that may foretell its therapeutic value in clinical trials. Polymed is a rare innovative company in China that is comparable to the international peers, and we look forward to more research progress of Polymed to benefit patients as soon as possible.

About Shaaxin Junying Jiacheng Fund

Shaanxi Junying Jiacheng Fund is a professional fund management organization. The fund adopts a two-tier investment and operation model of "Parental Fund + Sister Fund Clusters" to facilitate relay of growth stage and mature stage funds. The company manages 14 funds with a total assets of more than 6 billion yuan. In the field of biotechnology, it has invested in West Lake Biology, McAult, Zhongsheng Quanpeptide, Zehui Biology, Lansheng Medicine, Hengrun Dasheng, Yingshi Biology, Kerui Biology, Youjia Biology, Great Oak Technology, Meili Zhongcheng and other companies.

About Polymed

Polymed Biopharmaceuticals is a novel drug discovery and development company based in Hangzhou, China and Boston, USA. The company is focused on first-in-class and best-in-class projects in the areas of oncology and auto-immune diseases. Polymed is founded and led by experts with over 20 years experiences in big pharma. The team is using chemical biology as guiding principles to build technology platforms based on AI, proteomics and Structural biology. Company has rich and sustainable pipeline, and also seeks collaboration internationally.