Global biopharmaceutical firm Harbour BioMed (HBM) announced on Thursday the completion of a Series B+ round of financing at $75 million to accelerate the advancement of its clinical-stage compounds and next-generation biotherapeutics for treating cancer and immunological diseases.
New investors in the Series B+ round include South Korea’s SK Holdings, Chinese venture capital firm Efung Capital, Hangzhou-based Zheshang Venture Capital (ZSVC), Zhejiang University Future Capital, Greater Bay Area Fund, and JT New Century, according to a statement.
Existing investors Legend Capital, the investment unit of Chinese conglomerate Legend Holdings, Taipei-based computer manufacturer AdvanTech, and Singapore’s sovereign wealth fund GIC continued to invest in the transaction.
“Over the past several months, HBM has made great progress in advancing two leading assets towards mid-late stage clinical trials in China, and we began international clinical studies with our first internally-discovered biotherapeutic, a next-generation, fully-human anti-CTLA-4 antibody (HBM4003) for the treatment of advanced solid tumours,” said Wang Jingsong, founder, chairman and CEO of Harbour BioMed, in the statement.
HBM is a global, clinical-stage biopharmaceutical company that develops innovative therapeutics in the fields of immuno-oncology and inflammatory diseases.
Its internal discovery programs are centred around two patented transgenic mouse platforms: Harbour Mice® for generating both fully human monoclonal antibodies and heavy chain only antibodies (HCAb), as well as HBICE™ immune cell engager technology for developing bispecific antibodies.
The company entered into a collaboration with New York’s academic medical system Mount Sinai Health System earlier this month to study novel, fully human antibodies for the treatment and prevention of various diseases, including the development of monoclonal antibodies against the coronavirus (COVID-19), which has claimed almost 3,200 fatalities in China as of March 12.
HBM also licenses the platforms to companies and academic institutions. It has operations in Cambridge, Massachusetts; Rotterdam, The Netherlands; and Suzhou & Shanghai, China.
The company previously completed an $85 million Series B round in August 2018.