The company said the funding will support preclinical research, clinical trial applications and early-stage clinical development, as well as investment in research platforms, hiring, and clinical and business development. Several programs are approaching applications to begin clinical trials, known as IND submissions, Eli said. Its candidates target novel molecular targets and have undergone lead discovery and in vitro and in vivo validation, with the company citing promising target specificity and development potential.

Eli Radiopharma was founded in 2024 and develops radiopharmaceuticals for cancer and neurological diseases. Founder and CEO Dr. Feng Yu said the financing would help advance lead programs through preclinical development and regulatory milestones, bringing candidates closer to clinical evaluation. He said the company aims to address unmet clinical needs and expand its research and clinical development capabilities.

The round also included Boyu Ventures, Delian Capital, InnoPinnacle Fund, Haibang Venture, Bairui Capital, Shenzhen Angel FOF Management and Grand Flight Investment. Existing shareholders CSPC & Growth Bio Fund, Huaige Capital, KHK Fund, Longfeng Venture, Hongsheng Capital, Bioclub Fund and Skyfield Capital also participated.

Huagai Capital investment executive Cynix Wang pointed to growing international interest in radiopharmaceutical innovation and partnerships, while Bayland Capital’s Xi Zou cited the potential of radioligand therapy in solid tumors. Boyu Ventures partner Yilun Liu said Eli’s oncology and neurology pipeline is focused on unmet clinical needs.