BioMed Raises $177M to Accelerate Next-Gen Biologics Development
Harbour BioMed, a global clinical stage biopharmaceutical company developing novel therapeutics in the fields of immuno-oncology, immunologic diseases, and COVID-19, has completed its series of financing raising more than $177M in the first half of 2020.
The new funding will help boost the advancement of a global therapeutic portfolio in oncology and immunology, including novel monoclonal antibodies for COVID-19 therapeutics and diagnostics.
New investors boost BioMed’s next-gen biologics with £102 Million
Harbour BioMed (HBM) announced the completion of its Series C financing of $102.8 Million to accelerate the development of its growing portfolio of next-gen biologics targeting cancer, immunologic diseases, and COVID-19. The financing was driven by new investors, Hudson Bay Capital; followed by OrbiMed, GTJA Investment Group, Country Garden VC, Octagon Capital, and Sage Partners. with extra an investment from Existing investor Greater Bay Area Investment Fund also provided additional investment. The round follows a $75 million Series B+ financing the Company completed in March 2020.
Dr. Jingsong Wang, Founder, Chairman and Chief Executive Officer of Harbour BioMed said:
“Participation of new and current investors underscores enthusiasm for our clinical portfolio, our antibody discovery and development engine, as well as our strategy to build a leading global biopharmaceutical company. We have made great progress with our clinical programs and multiple promising, bi- and monospecific antibodies from our discovery engine that are rapidly moving towards clinical trials. The funding will support final development and initial commercialization of our late-stage portfolio and advancement of both our earlier stage discovery and preclinical molecules.”
Harbour Biomed has more than 30 programs in its pipeline, including fully human neutralizing antibody 47D11, an anti-CD73 monoclonal antibody (mAb), a bi-specific anti-BCMAxCD3 mAb and, the recently announced, anti-CCR8 mAb, all in preclinical development and targeted at a variety of cancers.
Ms. Jo-Wen Lin, Asian Healthcare Portfolio Manager at Hudson Bay Capital, said:
“We are pleased to support Harbour BioMed and its management team to further develop its pipeline of leading immunology and oncology drugs. We believe the Company’s innovative approach, with next generation technologies that target unmet medical needs, present an exciting growth opportunity.”
Ms. Iris Wang, Managing Director of OrbiMed Asia, stated:
“Harbour BioMed has built an impressive clinical pipeline and at the same time created a solid foundation for next generation therapeutics through its transgenic mouse platforms. These preclinical programs along with the Company’s clinical assets create new opportunities targeting major indications with substantial global medical needs.”
To address unmet medical needs around the globe, Harbour BioMed currently has five products in clinical development. Key programs include:
· HBM9161 (Batoclimab) is a first-in-class fully human anti-FcRn mAb, that significantly reduces pathogenic IgG, with potential to become a portfolio-in-a-product for a variety of autoimmune indications. HBM has received IND approval from China’s National Medical Products Administration (NMPA) and is conducting clinical trials in myasthenia gravis, neuromyelitis optica spectrum disorder, immune thrombocytopenia and Graves’ ophthalmopathy.
· HBM9036 (Tanfanercept) is a novel TNF receptor-1 fragment to treat dry eye disease by inhibiting TNFα. Phase 2 clinical trials with the drug in the U.S. and China have shown promising signals for both clinical efficacy and safety in treating moderate-to-severe dry eye disease. Preparations for the Phase 3 registration trial in China are currently underway.
· HBM4003 is a next-generation anti-CTLA4 mAb in Phase 1 clinical studies in Australia for the treatment of advanced solid tumors. The molecule is the first of several fully human mAbs in development at HBM based on the Company’s heavy chain only (HCAb) technology. HBM4003 has shown extremely promising anti-tumor activity and a favorable safety profile in preclinical studies, suggesting it has potential in both mono- as well as combination therapy with other immuno-oncology drugs. The U.S. FDA recently cleared HBM’s IND to initiate US clinical trials; the NMPA has accepted an IND application for HBM4003 to begin clinical trials in China.
The monoclonal antibody named 47D11 against COVID-19
BioMed is also further advancing its COVID-19 pipeline. Along with Utrecht University and Erasmus Medical Center, the innovative biotech recently announced a research collaboration with AbbVie for a monoclonal antibody named 47D11 for therapeutic and prophylactic use against COVID-19. This fully human neutralizing antibody, designed to facilitate its development and minimize immune-related side effects, targets a conserved region of the virus’ spike protein and has been shown in studies published in Nature Communications to block infection by the SARS-CoV-2, better known as COVID-19 and another coronavirus SARS-CoV.
The cross-neutralizing feature of the antibody may have potential in mitigating diseases caused by future-emerging related coronaviruses. This and other mAbs in its COVID-19 pipeline are also being tested at the moment for diagnostic purposes. In addition, the Company also has an ongoing collaboration with Mt. Sinai Health System (New York) for discovering antibodies against SARS-CoV2 using its proprietary H2L2 Harbour Mice® platform.
About Harbour BioMed
Harbour BioMed is an international biopharmaceutical company developing novel therapeutics building its proprietary pipeline through internal R&D programs, collaborations with co-discovery and co-development partners and select acquisitions.
The Company’s internal discovery programs are centered around its two patented transgenic mouse platforms (Harbour Mice®) for generating fully human monoclonal antibodies: heavy chain only antibodies (HCAb), and H2L2 for conventional antibodies. BioMed integrates several next-gen technologies including Harbour Mice®, HBICETM immune engager, and the Beacon® Optofluidic System to significantly accelerate its discovery efforts for novel molecules. The biotech also licenses the platforms to companies and academic institutions. Harbour BioMed currently has operations in Cambridge, Massachusetts, USA, Rotterdam, The Netherlands; and Suzhou & Shanghai, China.
For more information, please visit www.harbourbiomed.com
About the investors
Hudson Bay Capital
Hudson Bay Capital (“HBC”) is a multi-billion-dollar asset management firm operating in New York and London. With over 80 employees, HBC has been managing assets on behalf of outside investors since 2006. The firm invests across multiple strategies by utilizing rigorous fundamental analysis and seeks to identify value and growth opportunities that are uncorrelated to each other and market indices. HBC promotes an integrated team culture emphasizing collaboration and cross-pollination of ideas across sectors and strategies. Our dedicated investment team seeks to achieve outstanding performance by investing in companies that are poised for growth or are undervalued while maintaining a focus on risk management.
OrbiMed is a leading investment firm dedicated exclusively to the healthcare sector, with over $14 billion in assets under management. OrbiMed invests globally across the spectrum of healthcare companies, from venture capital start-ups to large multinational corporations, utilizing a range of private equity funds, public equity funds, royalty/credit funds and other investment vehicles. OrbiMed maintains its headquarters in New York City, with additional offices in San Francisco, Shanghai, Mumbai, Herzliya and Hong Kong. OrbiMed seeks to be a capital provider of choice, with the flexibility to provide equity and debt capital solutions that are tailored to the unique needs of our portfolio companies. The firm’s global team of over 80 professionals brings the resources and experience required to be an exceptional long-term partner in building world-class healthcare companies.
Country Garden Venture Capital
Country Garden Venture Capital (CGVC) was established，as the directly affiliated equity investment department of Country Garden Group, in January 2019, which is responsible for the Group’s equity investments except for real estate. Adhering to the investment strategy of “industry empowerment and co-creation of value”, CGVC has dedicated to both the financial investments and strategic M&As. Gradually, CGVC has formed a specialized and multi-level investment portfolio through different stages of investing such as VC and PE,etc. Up to now, CGVC has invested a number of star enterprises such as Beike、Qhealth、Landspace、Saifeiya, etc. This year, CGVC will continue to rigorously select high-quality investment targets and stay focused on investment fields such as the upstream & downstream in real estate industry chain, healthcare, consumptions, logistics & supply chain, advanced manufacturing, and new infrastructure.
GTJA Investment Group
Founded in 2001, GIG is dedicated to investment in the healthcare industry with a focus on strategic equity investment. Currently, GIG has the largest healthcare investment team in China and has established a platform for facilitating investments in the healthcare sector. To achieve the commitment and capitalize on vast opportunities worldwide, GIG has invested in more than 140 companies, 70 of which are in the healthcare industry.
Founded in 2019, Octagon Capital is a multi-stage investment manager dedicated to evidence-based investing in public and private healthcare companies. Octagon Capital strives to build concentrated, long-term investments and work with our portfolio management teams as partners. Octagon Capital manages capital on behalf of global institutions such as university endowments, non-profit foundations, family offices and established asset managers.
Sage Partners Fund
Sage Partners is a Hong Kong-based private investment management company managed by a team of well-experienced healthcare specialists. Sage Partners focuses on investment opportunities across a spectrum of healthcare companies in both public and private markets by deploying a long-term fundamental-based approach.
Greater Bay Area Fund
Greater Bay Area Fund was jointly established by multinational large-scale industrial institutions, financial institutions, and new economic enterprises. It seeks to leverage the historical opportunities of the development of Guangdong-Hong Kong-Macao Greater Bay Area, and the construction of an International Innovation and Technology Hub, focusing on technological innovation, industrial upgrades, quality of life, smart city and all other related industries. It offers financial support for outstanding entrepreneurs and enterprises, connecting industrial and financial resources, achieving risk-adjusted long-term returns for shareholders and investors, and contributing positively to economic and social development.