ELI Radiopharma (亦立医药)

Hangzhou radiopharmaceutical startup developing theranostic radioligands with β and α emitters for oncology and neurology, on a self-built R&D center.

1. Core Product / Service

ELI Radiopharma (杭州亦立医药有限公司; English name per Caplight, Preqin and The Pharma Letter) develops theranostic radiopharmaceuticals — the same targeting ligand used with an imaging isotope to select patients and with a therapeutic isotope to treat them [1][6][7]. Ligand formats span small molecules, cyclic peptides and antibody fragments; payloads include both β-emitters and α-emitters [1]. Indications cover oncology and neurological disease [1][6]. Its core program is being advanced toward IND and early clinical studies; specific targets are not disclosed [1][4].

2. Target Users & Pain Points

Cancer patients for whom radioligand therapy offers a targeted alternative after standard therapy, following the commercial validation of PSMA- and SSTR-targeted products globally.
Neurology: imaging/therapy pairs for CNS targets, a less crowded segment of nuclear medicine [6].
Industry pain: isotope supply, radiochemistry capability and GMP/radiation-safety licensing are bottlenecks that most CROs cannot fully absorb, so radiopharma startups tend to build their own facilities.

3. Competitive Landscape

Player	Positioning	Vs. ELI
辐联科技 / 晶核生物 (founded 2021)	Larger Chinese radiopharma startups; 辐联 D round >RMB 1B, 晶核 B round ≈RMB 400M	Several times ELI's funding and further along [1]
Established Chinese nuclear-medicine groups	Isotope supply, distribution and approved radiopharmaceuticals	Own the supply chain; potential partners or acquirers
Global radioligand leaders	Approved PSMA/SSTR radioligands; heavy M&A since 2023	Set the commercial benchmark and the exit path for the category

4. Unique Observations

The cohort's clearest self-built lab case: in contrast to the CRO-heavy model typical of 2023+ Chinese startups, ELI publicly describes a "one body, two wings" strategy — building its own R&D center and technology platform — and allocated financing to R&D facilities [1][4]. This fits the modality: radiochemistry and isotope handling are hard to outsource. Details of its radiochemistry labs, GMP suite and radiation-safety permit were not found; a radiation-safety license would confirm an in-house radiochemistry lab [1].
Small rounds, steady cadence: three rounds of roughly RMB 100M each in about 15 months suggests staged, milestone-driven financing rather than a single large round [1].
Platform breadth vs focus: covering three ligand classes and two isotope classes is ambitious for a ~RMB 300M company; the undisclosed lead target makes differentiation hard to assess from outside.

5. Financials / Funding

Round	Date	Amount	Investors
Angel	2024-12	RMB 100M	Tailong Investment and Yuansheng Venture (co-leads); Qingsong Capital, Taiyu, Bohe Angel Fund, Lula Capital [3]
Angel+	2025-09-25	Over RMB 100M	Co-leads: Huaige Capital, Qingsong Capital, Xinneng Venture; CSPC Guofang Pioneer Fund, Gaoxin Rongsheng, Lizhi, Honghou, Bohe Angel (existing) [4]
Undisclosed	2026-03	≈RMB 100M (≈US$14.5M)	Longfeng, Yicheng, Hongsheng, Beike Fund (per a Chinese roundup; no company release found) [5][6]

Total: about RMB 300M [1]. Caplight lists US$27.76M raised, which does not reconcile with the RMB figures above [7].
Uses: IND filing and early clinical studies, target discovery and platform build-out [4][6].

6. People & Relationships

Founder & CEO: Dr. 喻峰 (Feng Yu); prior career not disclosed [1][7].
Founded: 2024-01-08 per business registration cited in media [1].
Investors: Tailong, Yuansheng, Qingsong, Huaige, Xinneng, CSPC-affiliated fund, Bohe Angel.
Peers: vivatides, lingtai-tianrun, allink-biotherapeutics (2023+ Chinese startups with own pipelines).