Humanised antibody-based drug developer Harbour BioMed has now raised $210m altogether following a series B-plus round featuring Zhejiang University Future Capital.
US-based immuno-oncology and inflammatory disease therapy developer Harbour BioMed completed a $75m series B-plus round yesterday featuring university-founded venture unit Zhejiang University Future Capital.
Legend Capital, the venture capital firm established by conglomerate Legend Holdings, participated in the round together with conglomerate SK Group.
The round also included Greater Bay Area Fund, an investment partnership backed indirectly by the governments of Russia, China and Guangdong province, as well as Singaporean sovereign wealth fund GIC.
Advantech Capital, Efung Capital, Zheshang Venture Capital and JT New Century filled out the round.
Harbour BioMed is developing antibodies for cancer and inflammatory diseases that use human genetic sequences as opposed to transgenic animal material in order to prevent rejection by the patient’s immune system.
The company’s first internally-developed candidate, HBM4003, targets advanced solid tumours and has entered phase 1 clinical testing in Australia, with further trials expected in the US, EU and China.
Harbour BioMed’s other programs include severe autoimmune disease candidate HBM 9161, dry eye disease therapy HBM 9036 and nasopharyngeal cancer drug HBM 9167.
The company’s collaborations include a drug program targeting Covid-19 in partnership with integrated healthcare body Mount Sinai Health System. The capital will support efforts to progress the pipeline toward clinical and development objectives.
Harbour BioMed was formed in 2016 to acquire transgenic antibody business Harbour Antibodies, based on research at hospital Erasmus MC and itself founded in 2006.
The company initially raised $50m of series A funding from Legend Capital and Advantech Capital, the latter returning for its series A-plus round of undisclosed size alongside CDH Investments in January 2018.
GIC subsequently led Harbour’s $85m series B round closed in August 2018, investing alongside China Life Private Equity Investment Company, a subsidiary of insurance firm China Life, as well as Legend Capital and Singaporean state-owned venture firm Vertex Ventures.
