In May 2023, Shanghai Escugen Biotechnology Co., Ltd. ("Escugen") announced the completion of a $100 million Series A+ financing round.

The "Phase I/II Study to Evaluate the Safety, Tolerability, Pharmacokinetics, and Antitumor Activity of ESG401 in Patients with Locally Advanced/Metastatic Solid Tumors" (Study Number: ESG401-101), sponsored by Shanghai Escugen Biotechnology Co., Ltd., has been successfully launched. The study has received approval from the National Medical Products Administration (Clinical Trial Notification Number: 2021LP01074) and is currently recruiting participants at multiple top-tier hospitals across the country.