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Clinical stage biopharmaceutical company Harbour BioMed raised USD 102.8 million in a Series C funding round led by new investors, Hudson Bay Capital, followed by OrbiMed, Country Garden VC, GTJA Investment Group, Octagon Capital, and Sage Partners, with participation from existing investor Greater Bay Area Investment Fund.
FREMONT, CA: Clinical stage biopharmaceutical company Harbour BioMed raised USD 102.8 million in Series C funding round led by new investors, Hudson Bay Capital, followed by OrbiMed, Country Garden VC, GTJA Investment Group, Octagon Capital, and Sage Partners, with participation from existing investor Greater Bay Area Investment Fund. The new investment round comes on the heels of a USD 75 million Series B+ financing round which the company closed in March 2020. Harbour BioMed is looking to accelerate the development of its growing portfolio of next-generation biologics targeting cancer, immunologic diseases, and COVID-19.
"The 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," said Dr Jingsong Wang, Founder, Chairman and CEO of Harbour BioMed. "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 over 30 programs under its belt, including an anti-CD73 monoclonal antibody (mAb), a bi-specific anti-BCMAxCD3 mAb and, newly announced, an anti-CCR8 mAb, all in preclinical development and targeted at a variety of cancers. The company takes a patient-centric approach to address unmet medical needs across the world. Harbour BioMed currently has five products under clinical development, which include HBM9161 (Batoclimab), a first-in-class fully human anti-FcRn mAb, HBM9036 (Tanfanercept), a novel TNF receptor-1 fragment to treat dry eye disease by inhibiting TNFα, and HBM4003, a next-generation anti-CTLA4 mAb in Phase 1 clinical studies in Australia for the treatment of advanced solid tumors.
"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, presents an exciting growth opportunity," said Ms Jo-Wen Lin, Asian Healthcare Portfolio Manager at Hudson Bay Capital.