Xcovery, a West Palm Beach clinical-stage company focused on the development of next-generation targeted therapeutics for cancer, has raised $20M from Betta Pharmaceuticals Co., a leading Chinese pharmaceutical company. In addition to the equity investment in Xcovery, Betta will gain Chinese rights to X-396, a potent small molecule anaplastic lymphoma kinase (ALK) inhibitor currently in a Phase 1/2 expansion cohort. “This significant investment from Betta Pharmaceuticals, a company that has demonstrated success in research and development as well as commercializing drugs in China, will benefit the Chinese patients as well as advance the development of X-396,” said Dr. Chris Liang, cofounder and Executive Vice President and Chief Scientific Officer at Xcovery. “Xcovery has developed a molecule that potentially has significant anti-tumor activity as well a favorable tolerability profile when compared to other ALK inhibitors,” said Fenlai Tan, MD, vice president and Chief Medical Officer at Betta Pharmaceuticals. “We look forward to working with Xcovery to bring X-396 through the next phase of development and to patients in the U.S., China and the rest of the world.” Read more here.