- This financing round is co-led by TCGX and ARCH Venture Partners, with participation from several top-tier healthcare institutional investors.
- The proceeds will be used to support the global Phase III clinical study of the potentially best-in-class VEGF/Ang2 bispecific antibody IBI324 (Ollin development code: OLN324), targeting the approximately $15 billion retinal therapy market to address major eye diseases that cause vision loss.
- Earlier this year, OLN324 showed positive data in a randomized head-to-head Phase Ib proof-of-concept study (JADE), where it demonstrated faster and more significant resolution of retinal fluid compared to faricimab (brand name Vabysmo®), with numerically superior visual acuity benefits.
San Francisco, USA and Suzhou, ChinaJune 25, 2026 /PRNewswire/ — Innovent Biologics, Inc. (HKEX: 01801), a biopharmaceutical company dedicated to the research, development, manufacturing, and commercialization of innovative drugs for major diseases such as oncology, autoimmune diseases, metabolic and cardiovascular diseases, and ophthalmology, today announced that its partner Ollin has completed an oversubscribed $330 million Series B financing round. The round is co-led by new investor TCGX and founding investor ARCH Venture Partners, with participation from several top-tier healthcare crossover institutional investors, sovereign wealth funds, and other new institutional investors, including a16z Bio+Health, Blackstone Multi-Asset Investing, Commodore Capital, Canada Pension Plan Investment Board (CPP Investments), RA Capital Management, T. Rowe Price Investment Management, Inc. managed accounts, and a leading sovereign wealth fund. Founding co-investors Mubadala Capital and Monograph Capital also continued their participation in this round.
Ollin Biosciences’ Series B proceeds will be used to support the global Phase III clinical development of OLN324 (a highly active, smaller protein molecule structure, high molar dose VEGF/Ang2 bispecific antibody) in diabetic macular edema (DME) or wet (neovascular) age-related macular degeneration (wAMD), and to advance other innovative molecules into clinical development this year.
In a recently completed randomized, head-to-head, proof-of-concept JADE clinical study involving 164 patients, OLN324 compared to faricimab (Vabysmo®) showed faster and more significant improvements in retinal anatomy, as well as numerically superior visual acuity benefits in both DME and wAMD patients.
Ollin has completed an End-of-Phase 2 meeting with the U.S. Food and Drug Administration (FDA) and has received scientific advice from the European Medicines Agency (EMA) on its Phase III clinical protocol. Ollin plans to initiate global Phase III clinical trials of OLN324 for DME and wAMD in the second half of 2026 and will collaborate with Innovent to recruit patients in China, South Korea, and other regions.
Dr. Jason Ehrlich, Co-founder and CEO of Ollin Biosciences, stated: “We founded Ollin with the goal of reshaping the treatment landscape in ophthalmology. We are honored to receive unanimous recognition from top-tier investment institutions that share our vision of making OLN324 a potential new standard of care for retinal vascular diseases. This investment fully reflects their strong confidence in our scientific rationale and clinical data strength, their recognition of the significant market opportunity in DME and wAMD, and their high trust in the differentiated clinical value OLN324 can bring to physicians and patients. Following positive randomized clinical trial results and constructive feedback from the FDA and EMA, we believe OLN324 is ready for global Phase III clinical development. This financing will provide us with ample resources to advance a registrational clinical study designed to maximize clinical and commercial potential, while helping Ollin enter a new phase of company development.”
Dr. Lei Qian, Chief R&D Officer of Integrated Pipeline at Innovent Biologics, stated: “We are delighted to see our partner Ollin complete this significant financing, which reflects the high recognition from top global investors of the differentiated clinical profile of IBI324 (OLN324) and its potential to become a best-in-class therapy for retinal vascular diseases. As a partner and investor in Ollin, we look forward to continuing our close collaboration and, based on communications with regulatory authorities, accelerating the global clinical development of IBI324 (OLN324) to bring this promising therapy to patients worldwide as soon as possible.”
About IBI324 (OLN324)
IBI324 is a next-generation VEGF/Ang2 bispecific antibody independently developed by Innovent and co-developed globally with Ollin (Ollin development code: OLN324). It is further optimized based on the successful clinical experience of existing intravitreal VEGF/Ang2 dual pathway inhibition. Key differentiating features include: significantly higher Ang2 inhibitory activity compared to faricimab, and a smaller protein structure compared to faricimab and aflibercept (including Eylea HD®), enabling higher molar dose administration. VEGF and Ang2 are core drivers of the onset and progression of retinal vascular diseases such as DME and wAMD, with Ang2 playing a key role in vascular instability, vascular leakage, inflammatory responses, and fibrosis.
In a recently completed randomized, head-to-head, proof-of-concept JADE clinical study involving 164 patients, OLN324 compared to faricimab (Vabysmo®) showed faster and more significant improvements in retinal anatomy, as well as numerically superior visual acuity benefits in both DME and wAMD patients. Ollin plans to initiate global Phase III clinical trials of OLN324 for DME and wAMD in the second half of 2026 and will collaborate with Innovent to recruit patients in China, South Korea, and other regions.
About Innovent Biologics
“Start with Integrity, Succeed through Action” – Innovent’s mission is to develop high-quality biologics that are affordable to the public. Founded in 2011, Innovent is dedicated to researching, developing, manufacturing, and commercializing innovative drugs for major diseases such as oncology, autoimmune diseases, metabolic disorders, and ophthalmology, benefiting more lives. The company has 18 approved products: sintilimab injection (Tyvyt®), bevacizumab injection (Byvasda®), adalimumab injection (Sulinno®), rituximab injection (Dabohua®), pemigatinib tablets (Pemazyre®), olverembatinib tablets (Nerlynx®), ramucirumab injection (Cyramza®), selpercatinib capsules (Retevmo®), equecabtagene autoleucel injection (Fucaso®), tafolecimab injection (Xinbile®), fulzerasib tablets (Dabote®), pirtobrutinib tablets (Jaypirca®), taletrectinib capsules (Dabole®), lietinib tablets (Aoyixin®), teprotumumab N01 injection (Xinbimin®), mazdutide injection (Xinermei®), ipilimumab N01 injection (Daboxin®), and pikangshumab (Xinmeiyue®). Additionally, one product is under NMPA review, five new drug molecules are in Phase III or pivotal clinical studies, and 14 other new drug candidates have entered clinical research.
The company has established over 30 strategic collaborations with international partners such as Eli Lilly, Roche, Takeda, Pfizer, Sanofi, Incyte, and MD Anderson Cancer Center. While continuously innovating and developing its own drugs, Innovent adheres to a people-centered development philosophy. Over the years, it has always upheld scientific goodwill, remained patient-centric, cared for patients and their families, and actively fulfilled social responsibilities. The company has initiated and participated in multiple drug assistance programs, enabling more patients to benefit from advances in life sciences and access high-quality biologics affordably. To date, Innovent’s patient assistance programs have benefited over 200,000 ordinary patients, with a total drug donation value of RMB 4 billion. Innovent hopes to work together to improve the development level of China’s biopharmaceutical industry, meeting the public’s need for accessible medication and the pursuit of a healthy life.
For more information, please visit the company’s website: www.innoventbio.com or LinkedIn account: www.linkedin.com/company/innovent-biologics/.
Disclaimer:
1. Innovent does not recommend the use of any unapproved drugs/indications.
2. Ramucirumab injection (Cyramza®), selpercatinib capsules (Retevmo®), and pirtobrutinib tablets (Jaypirca®) are developed by Eli Lilly.
3. Vabysmo® is a registered trademark of Genentech, Inc.; Eylea® and Eylea HD® are registered trademarks of Regeneron Pharmaceuticals, Inc.
About Ollin Biosciences
Ollin Biosciences™, founded in 2023, is a clinical-stage biopharmaceutical company focused on in-licensing and developing best-in-disease innovative therapies for serious vision-threatening diseases. With a differentiated product pipeline, a world-class team, and a strong investor base, Ollin is redefining the boundaries of possibility in ophthalmology. For more information, visit www.ollin.bio and follow Ollin on LinkedIn and X.
Forward-Looking Statements
The information released in this press release may contain certain forward-looking statements. These statements are inherently subject to significant risks and uncertainties. When using words such as “anticipate,” “believe,” “predict,” “expect,” “intend,” and similar expressions, statements related to the company are forward-looking. The company has no obligation to continually update these forward-looking statements.
These forward-looking statements are based on management’s current views, assumptions, expectations, estimates, predictions, and understanding of future events at the time the statements are made. These statements are not guarantees of future development and are subject to risks, uncertainties, and other factors, some of which are beyond the company’s control and difficult to predict. Therefore, actual results may differ materially from the information contained in the forward-looking statements due to changes and developments in our business, competitive environment, political, economic, legal, and social conditions.
The company, its directors, employees, and agents assume no obligation (a) to correct or update any forward-looking statements contained on this website; and (b) any liability arising from any forward-looking statement not being realized or becoming inaccurate.