By Ashley Galina Dudarenok China was one of the first countries to contain the COVID-19 epidemic with relative success, and the economy is better for it. The National Statistics Bureau reported 4.9% growth in China’s Q3 GDP year-on-year, showing improvement against both its 3.2% growth in Q2, and [...]
Harbour BioMed takes its capital pool to well over US$300 million with this round
Shanghai-based biotech startup Harbour BioMed has rounded off its Series C financing with a haul of US$102.8 million, the company announced in a statement today.
Hudson Bay Capital led the round, with participation from OrbiMed, Country Garden VC, GTJA Investment Group, Octagon Capital, and Sage Partners, the statement said. Existing backer Greater Bay Area Homeland Development Fund also joined Harbour BioMed’s league of Series C investors, it added.
With this round of funding, the startup has now raised over $177 million just in the first half of 2020, the statement noted.
The startup had earlier aggregated total funding of $210 million prior to the Series C. With this capital injection, Harbour BioMed’s total funding now stands at $312.8 million, not including its 2018 Series A+ round of an undisclosed amount.
The company had earlier closed its Series B+ financing in March this year, where it raised $75 million from investors including Zhejiang University, Singapore state-owned GIC, and Greater Bay Area Homeland Development Fund.
Harbour BioMed is a clinical stage therapeutics company with operations in Massachusetts, U.S., Rotterdam, the Netherlands, and Suzhou, China, in addition to its headquarters in Shanghai. The company will be focusing its funds toward growing its portfolio of next-gen biologics that target cancer, immunologic diseases, and COVID-19, the statement noted.
Founder, Chairman and CEO of Harbour BioMed, Dr Jingsong Wang said in the statement that the company’s clinical programs were “rapidly moving” to the clinical trials stage.
“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,” he added.
Currently, five of the company’s products are at the clinical development stage, the statement noted. These include monoclonal antibodies (mAb) HBM9161 (Batoclimab), HBM4003, HBM9036 (Tanfanercept).
While Batoclimab is currently in the clinical trial stage in China, with approval from National Medical Products Administration (NMPA) as an investigational new drug (IND), preparations are underway for Phase 3 registration trials for Tanfanercept in China, the statement said.
It added that HBM4003 has received IND approval from the Food and Drug Administration (FDA) for clinical trials in the U.S.
The company has a total of 30 programs targeted toward different types of cancer, all in the preclinical development stage. Additionally, it says it is also developing a “COVID-19 pipeline.”
Harbour BioMed recently announced a research collaboration with American biopharma AbbVie, along with Utrecht University and Erasmus Medical Centre, to study the therapeutic and prophylactic use case of mAb 47D11 targeting the SARS-CoV2 virus, or the novel coronavirus, the statement said.
Further, it added that the company is also working with New York-based Mount Sinai Health System for the discovery of antibodies targeting SARS-CoV2.
Header image by National Cancer Institute on Unsplash