China-based TYK Medicines announced on 5 August the completion of a HKD 157 million (USD 20 million) share placement, issuing 9.23 million shares at HKD 17.01 each to six institutional investors. Net proceeds of HKD 155 million (approximately HKD 16.76 per share) will be allocated: 60% (HKD 92.84 million) for pipeline R&D and commercialisation, 30% (HKD 46.42 million) for technology platform expansion and 10% (HKD 15.47 million) for working capital. The company's lead asset, EGFR inhibitor asandeutertinib (TY-9591), has a pre-NDA application in China for non-small cell lung cancer (NSCLC) with brain metastases.

Asandeutertinib received conditional approval from China's National Medical Products Administration (NMPA) for EGFR-mutant NSCLC with brain metastases. TYK aims to establish it as the first third-generation EGFR-TKI globally for this indication. The funding will accelerate development of the company's oncology portfolio, which includes four clinical-stage candidates targeting solid tumours and haematological malignancies.

According to PharmCube's NextBiopharm® database, asandeutertinib ranks 11th globally among EGFR T790M inhibitors in terms of development progress. Click here to request a free trial for NextBiopharm®.