SHANGHAI, Aug. 7, 2025 -- Minghui Pharmaceutical ("Minghui"), a late-stage clinical biopharmaceutical company, today announced the closing of a USD 131 million Pre-IPO financing led by new investors OrbiMed and co-led by Qiming Venture Partners. Further support came from existing investor TF Capital, and seven new investors, including including BioTrack Capital, 5Y Capital, New Day Fund, and Wider Link Enterprise Investment limited. Representatives from OrbiMed and 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."

"We have been impressed by Minghui's scientific rigor, execution capabilities, and differentiated pipeline," said Dr. David Wang, Partner and Senior Managing Director at OrbiMed Asia. "We're excited to support the company as it transitions towards commercialization and expands its global footprint."

"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."

About Minghui Pharmaceutical

Minghui Pharmaceutical is a late-stage clinical biopharmaceutical company focused on developing innovative medicines to address unmet needs in oncology and immunology. Leveraging deep scientific expertise and proprietary technology platforms, the company has built a robust and differentiated pipeline of novel therapies.

Minghui's lead assets include an innovative topical JAK inhibitor currently under NDA review in China; a subcutaneous IGF-1R antibody in Phase 3 trials for thyroid eye disease; a novel PD-1/VEGF bispecific antibody in Phase 2 trials, being evaluated in combination with a TROP2 ADC; and a B7-H3 ADC in Phase 3 trial for 2L SCLC —both ADCs with strong best-in-class potential.

About OrbiMed

OrbiMed is a leading global healthcare investment firm, with over $17 billion in assets under management across a range of private equity funds, public equity funds, and private credit/royalty funds. It invests across the healthcare industry, from start-ups to large multinational corporations. OrbiMed's team of over 100 scientific, medical, investment, and other professionals are based in key markets around the world. For more information on OrbiMed please visit www.orbimed.com.

About Qiming Venture Partners

Qiming Venture Partners was founded in 2006. Currently, Qiming Venture Partners manages eleven US Dollar funds and seven RMB funds with $9.5 billion in capital raised. Since our establishment, we have invested in outstanding companies in the Technology and Healthcare industries at the early and growth stages.

Since our debut, we have backed over 580 fast-growing and innovative companies. Over 210 of our portfolio companies have achieved exits through IPOs at the NYSE, NASDAQ, HKEX, Shanghai Stock Exchange, or Shenzhen Stock Exchange, or through M&A or other means. There are also over 80 portfolio companies that have achieved unicorn or super unicorn status.

CONTACT: Shiyu Zhou, syzhou@minghuipharma.com