OncoImmune, Inc., a US-based innovative pharmaceutical firm announced on Thursday that it has garnered $50 million in a Series B round led by HM Capital and an undisclosed blue-chip investor.
New investors GBA Fund and GF Xinde — the PE arm of Hong Kong- and Shenzhen-listed GF Securities, which manages over 30 billion yuan ($4.4 billion) in assets — also participated. Returning backers included China-US healthcare-focused investment firm 3E Bioventures Capital, and Hangzhou-headquartered Kaitai Capital, OncoImmune said on its official website.
The latest proceeds will be used for late-stage clinical trials of therapeutic programmes, and product pipeline advancement. 3E Bioventures Capital had led a $15 million Series A round in OncoImmune in 2017.
OncoImmune, co-founded by Dr. Ming You and Pan Zhang in 2000 in Maryland, US, is a clinical-stage biopharmaceutical firm with expertise in therapies for cancer and autoimmune diseases. Its flagship product, CD24Fc, is used in treating tissue injuries and other treatments such as autoimmune diseases, metabolic syndromes, and also COVID-19.
Recently, OncoImmune conducted COVID-19 trials in US patients, and phase III trials have been initiated in 17 medical centers seeking to enroll over 270 patients, it said.
It set up a research center in Southeast China’s Guangzhou city in 2018 in a bid to extend its discovery and development of innovative drugs. According to a press release on August 10, China’s National Medical Products Administration has approved its clinical trial application for a new generation antibody reagent.
“We are delighted to see the significant progress OncoImmune has made in the past few years. It exemplifies how great scientific discovery can be turned into potential novel therapeutics benefiting patients,” said Dr. Karen Liu, partner at 3E Bioventures Capital.