China's Harbour BioMed gets $75m Series B extension
China-based biotech developer Harbour BioMed has closed an extended Series B round with a fresh $75 million commitment from a group of VCs. It initially raised $85 million in 2018.
Participants in the latest investment include SK Holdings, Greater Bay Area Fund, Efung Capital, Zheshang Venture Capital, Zhejiang University Future Capital, and JT New Century.
They join earlier Series B investors Legend Capital, Advantech Capital, Vertex Ventures, China Life Private Equity, and GIC Private, which led the initial round. It brings total funding to at least $210 million since inception in 2016. Previous backers also include CDH China Management and Atlas Capital.
According to a statement, the extension of the Series B coincided with significant technical progress, including the advancement of two products toward “mid-late stage” clinical trials in China, as well as the start of international clinical studies for a new antibody product for the treatment of solid tumors.
Harbour BioMed’s portfolio focuses on various cancers and inflammatory and immunological diseases, including myasthenia gravis, a muscular condition, adult immune thrombocytopenia, a blood disorder, and Graves’ ophthalmology, an eye disease. Its most advanced product targets dry eye disease, one of the most common eye conditions globally, and is set to enter phase-three trials in the first half of 2020.
Earlier this year, the company, which also operates across bases in the US and the Netherlands, received regulatory approval to begin US trials for two new drugs, targeting solid tumors and a rare head and neck cancer. This coincided with the establishment of a partnership to explore coronavirus treatments with US hospital operator and medical education provider Mount Sinai.
“This is a unique collaboration that will give Harbour BioMed access to Mount Sinai’s innovative research-driven from its clinical practices,” Jingsong Wang, founder, chairman and CEO of Harbour BioMed, said in a separate release. “We will push the boundaries of science and the development of new medicines that will ultimately translate into better treatments for patients.”
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