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Hummingbird Bioscience, raised US$25 million from series B extension funding
Fremont, CA: Hummingbird Bioscience, an innovative biotherapeutics company that aims to discover and conjure the development of breakthrough therapies, has successfully closed an extended Series B investment round after raising US$25 million. The total capital raised by the firm through financing activities and strategic partnerships will account to more than US$65 million to date.
The latest Series B extension round was led by the new investor SK Holdings, along with the participation from existing shareholders, including Heritas Capital and SEEDS Capital, the investment wing of Enterprise Singapore.
The Series B round was extended to US$25 million due to the significant over-subscription, along with the addition of select quality and value-add investors. Hummingbird will use the newly collected funds to accelerate the development of new candidates into clinical trials, strengthen it is scientific and research and development capabilities.
“We are delighted to have SK Holdings join our investor base. Hummingbird is building a strong portfolio of promising new therapies that we believe can deliver significant benefits for patients across a broad spectrum of diseases. These new funds give us further resources to develop our early-stage pipeline, and support the clinical development of our lead programs,” said Dr. Piers Ingram, Chief Executive Officer, and co-founder, Hummingbird Bioscience.
“Heritas Capital is pleased to continue our backing of the Hummingbird team since leading its Series A extended round,” commented Chik Wai Chiew, Executive Director and Chief Executive Officer, Heritas Capital Management. “Even as the COVID-19 pandemic has resulted in a slow-down in investing, we are mindful that backing leading innovative biotech companies, especially players such as Hummingbird, to develop cures for addressing patients’ needs remains our priority.”
In the first few days of the year, Hummingbird obtained positive data to the lead candidate, HMBD-001, a first-in-class HER3 antibody, and manufacturing of HMBD-002, another first-in-class VISTA antibody. The regulatory submissions to initiate the Phase I research on the two candidates are expected to happen in the second half of 2020.