Eli Radiopharma Raises Nearly RMB400M for Clinical Work

A clinical milestone at Eli Radiopharma can also move a commercial relationship forward. The Hangzhou biotechnology company's collaboration with HTA ties potential payments to clinical achievements, putting another consequence inside the scientific work its investors are financing.

Eli Radiopharma has completed a nearly RMB400M Series A led by Huagai Capital, with Bayland Capital as co-lead. Announced locally on November 12, 2026, the financing will support candidates moving through preclinical research, regulatory applications and early clinical development, alongside investment in platforms and people. For a company developing diagnostic and therapeutic radiopharmaceuticals, expanding that work means coordinating expertise that reaches from molecular design into clinical evaluation and supply.

The Series A broadens Eli Radiopharma's development capacity

Boyu Ventures, Delian Capital, InnoPinnacle Fund, Haibang Venture, Bairui Capital, Shenzhen Angel FOF Management and Grand Flight Investment participated in the round. Returning shareholders included CSPC & Growth Bio Fund, Huaige Capital, KHK Fund, Longfeng Venture, Hongsheng Capital, Bioclub Fund and Skyfield Capital. The announcement brings new institutions into a business whose earlier supporters are continuing to finance its development.

The company has already raised capital across several stages. Its history records a RMB100M angel round in December 2024 and an Angel+ round above RMB100M in September 2025. In its March 2026 financing announcement, Eli Radiopharma disclosed nearly RMB100M in new funding and reported cumulative financing of RMB300M at that time. The November round adds a larger commitment to that history; the company did not disclose a valuation or a precise updated cumulative total.

The use of proceeds gives the round its practical shape. Eli Radiopharma plans to fund preclinical studies, clinical applications and early clinical work while strengthening R&D platforms, recruitment and clinical and business development. Those activities have to support one another: a candidate advancing toward a filing creates work for the people building its evidence and for the teams preparing the next stage of development.

A founder whose experience crosses development and registration

Feng Yu, Eli Radiopharma's founder, CEO and board chairman, has worked across scientific development and the organizational requirements around it. The company's biography describes earlier responsibilities as General Manager and Senior VP of R&D at Suzhou BoomRay, covering early development, translational research, registration and patent strategy. It also records earlier leadership at APRINOIA Therapeutics and experience at GlaxoSmithKline's R&D center.

That background matters to the kind of company Eli Radiopharma is building. Founded in January 2024, the business combines molecular targeting and radionuclide technologies across oncology and neurological disease. An integrated diagnostic and therapeutic strategy asks the organization to connect different scientific and clinical questions, even when individual programs serve different purposes. Experience moving a project through those handoffs is relevant to how the financing gets put to work.

Eli Radiopharma's published pipeline includes ELI-101, a neurological diagnostic program, alongside several solid-tumor programs and candidates with undisclosed indications. The breadth describes the company's development interests. It leaves program-specific clinical evidence and differentiation to emerge through the studies and disclosures attached to each candidate.

Clinical permission and clinical evidence carry different information

In a March 5 announcement, Eli Radiopharma reported Chinese authorization to conduct a clinical trial of its ELI-101 tau PET tracer. The company described a planned Phase I study assessing safety, tolerability, radiation dosimetry and pharmacokinetics, with exploratory diagnostic evaluation. That disclosure establishes a company-reported regulatory milestone for a specific diagnostic program; it supplies no completed patient-outcome results.

The November financing announcement describes several other candidates approaching investigational new drug submissions after laboratory and animal validation. Reading those statements together gives a more useful view of the portfolio than assigning one development stage to the whole company. Research, application preparation and clinical evaluation can be moving at different speeds across the programs.

For clinicians and potential development partners, that distinction helps organize the questions worth asking. A program's intended indication, study design, available safety information and emerging results matter more than a general claim about platform potential. Eli Radiopharma's additional capital supports the work that can produce those answers, while the published record still leaves important candidate-level details open.

Partner economics meet the operating demands of radiopharma

Eli Radiopharma's HTA collaboration, announced in December 2025, combines the startup's early R&D with HTA's supply-chain capabilities under a joint-development model sharing benefit and risk. The disclosed arrangement includes conditional milestone payments and future economics based on net sales. It connects scientific progress to the terms of another organization's participation without establishing that those payments have been earned.

The operating connection becomes clearer in the wider industry. Novartis describes radioligand manufacturing and logistics as time-sensitive work requiring reliable raw-material supply, production safeguards and backup supply points. That is sector context, rather than evidence of Eli Radiopharma's own manufacturing capacity. It explains why access to supply expertise can belong in the development strategy well before a startup has a marketed product.

Inside Eli Radiopharma, the scientific hiring brief makes the work unusually concrete. A molecular-imaging researcher is asked to connect experimental planning with isotope labeling, purification, quality control and coordination across chemistry and biology. As the newly funded programs approach further regulatory and clinical steps, those researchers will be preparing material and evidence that partners and clinical teams can take into their own work.