Media
Angel Pharmaceuticals Completes Nearly RMB 100 Million New Financing Round to Advance Soquelitinib Clinical Development in China
June 9, 2026 – Angel Pharmaceuticals Ltd. today announced the completion of a new financing round of nearly RMB 100 million (in both USD and RMB currencies). The round was led by a $5 million investment from the company's founding shareholder, Corvus Pharmaceuticals, Inc. (Nasdaq: CRVS, hereinafter "Corvus"), with participation from other renowned USD-denominated industrial investment institutions and domestic Chinese investors. The proceeds will primarily support the advancement of clinical trials for the company's core product, soquelitinib, in atopic dermatitis and asthma in China, as well as the IND preparation for multiple dual-target inhibitors independently developed by Angel Pharmaceuticals, accelerating the company's strategic expansion into China's inflammatory and immune disease market.
Angel Pharmaceuticals was jointly established in 2020 by Corvus, Tigermed, Beta Fund, Hisun Pharmaceuticals, and Puhua Investment, focusing on the R&D and commercialization of precision-targeted innovative drugs in major therapeutic areas including oncology, autoimmune diseases, and infectious diseases.
This financing round will primarily be used for:
Advancing the Phase Ib/II clinical trial of soquelitinib in moderate-to-severe atopic dermatitis;
Initiating a Phase II clinical trial of soquelitinib for the asthma indication;
Accelerating IND preparation for multiple dual-target inhibitors independently developed by the company;
Strengthening clinical operations, regulatory affairs, and R&D infrastructure to expedite the registration and launch of core pipeline assets in China.
Soquelitinib is an oral, highly selective ITK inhibitor that modulates T-cell differentiation and cytokine release, demonstrating broad therapeutic potential in autoimmune diseases, allergies, and oncology. The product is currently in a Phase III registrational clinical trial for relapsed/refractory peripheral T-cell lymphoma and a Phase II clinical trial for atopic dermatitis in the United States.
Soquelitinib has demonstrated significant efficacy in a U.S. Phase I clinical trial for moderate-to-severe atopic dermatitis. After 8 weeks of treatment, patients receiving the 200 mg BID dose achieved 75% EASI 75 (≥75% improvement in Eczema Area and Severity Index), 25% EASI 90, and 33% Investigator's Global Assessment (IGA) 0/1 (clear or almost clear skin), significantly outperforming the placebo group. No serious infections or immunosuppressive signals were observed, and tolerability was comparable to placebo. The immune rebalancing effect of soquelitinib is rapid, sustained with extended treatment duration, and effective even in refractory patients who have previously received other systemic therapies. Soquelitinib has the potential to become a blockbuster new therapy for atopic dermatitis patients and may be one of the most active investigational drugs for this indication.
Angel Pharmaceuticals is currently conducting a Phase Ib/II clinical trial of soquelitinib in moderate-to-severe atopic dermatitis at multiple clinical trial centers across China. The trial adopts a randomized, double-blind, placebo-controlled design to evaluate the efficacy and safety of four dosing regimens over a 12-week treatment period.
Dr. Richard A. Miller, Founder, President, and CEO of Corvus, commented: "Angel Pharmaceuticals has made significant progress in the Chinese development of soquelitinib. We are increasing our investment to rapidly advance clinical development in China and capture the substantial growth potential of the country's inflammatory and immune disease market. Our collaborative development efforts will further expand the global clinical experience of soquelitinib in atopic dermatitis and accelerate the realization of product value."
Dr. Wang Tiefei, Co-founder of Angel Pharmaceuticals, stated: "We are grateful for the continued trust and support from Corvus and all our investors. This financing round will strongly support the clinical advancement of soquelitinib in two core indications, accelerating the delivery of new treatment options for Chinese patients with immune diseases such as atopic dermatitis and asthma."
About Angel Pharmaceuticals
Angel Pharmaceuticals is a biopharmaceutical company focused on innovative therapies for immune modulation, committed to developing breakthrough drugs to improve the treatment of cancer, autoimmune diseases, and inflammatory disorders by targeting key signaling pathways in T and B cells. The company is co-invested by Beta Fund, Hisun Pharmaceuticals, Tigermed, and Puhua Investment, and has established a strategic partnership with Corvus Pharmaceuticals (CRVS) of the U.S. For more information, please visit www.angelpharma.com.
About Atopic Dermatitis (AD)
Atopic dermatitis (AD) is a chronic inflammatory skin disease with a complex pathogenesis involving genetic susceptibility, skin barrier dysfunction, immune dysregulation, and environmental factors. It is characterized by recurrent episodes, intense pruritus, and is frequently associated with other atopic conditions such as allergic rhinitis and asthma. In 2024, the global number of AD patients was approximately 659 million, with 67.4 million in China. By 2030, the global AD patient population is projected to reach 755 million, with 81.7 million in China. The global AD drug market reached $13.62 billion in 2023, with a compound annual growth rate (CAGR) of approximately 9.6% from 2019 to 2024; the global AD drug market is expected to reach $29.1 billion by 2032. In 2024, the Chinese AD treatment drug market was valued at RMB 12.1 billion and is projected to grow to RMB 39.4 billion by 2035. There is currently no cure for atopic dermatitis; all available treatments aim to improve symptoms, prevent and control recurrence.
About Soquelitinib
Soquelitinib is the world's first clinical-stage, highly selective, oral small-molecule ITK inhibitor. ITK (interleukin-2-inducible T-cell kinase) is primarily expressed in T cells and plays a role in the immune function of T cells and natural killer (NK) cells. Studies have shown that soquelitinib can influence T-cell differentiation, induce the production of Th1 helper cells, while blocking the development of Th2 and Th17 cells and their cytokine production. Th1 cell immunity is the primary immune pathway for antitumor responses, viral infections, and other endogenous antigens. Th2 and Th17 cells are more commonly associated with tumors, autoimmune diseases, and allergic conditions. The company believes that inhibiting this specific molecular target in T cells may have therapeutic benefits for patients with cancers, including solid tumors, as well as those with autoimmune and allergic diseases. Recent studies have shown that ITK controls the switch between Th17 cells (pro-inflammatory) and regulatory T cells (Tregs, anti-inflammatory). Inhibiting ITK promotes T-cell differentiation toward Treg cells, potentially suppressing autoimmune and inflammatory responses. Angel Pharmaceuticals holds the rights to soquelitinib in Greater China.
Media Inquiries
Jiaxing Angel Pharmaceuticals Ltd.
Email: pr@angelpharma.com
Website: www.angelpharma.com
