On April 19, 2023 AprilBio, a biopharmaceutical development company, reported on the 19th that it had raised 15 billion won in funds through the issuance of convertible bonds (CB) (Press release, AprilBio, APR 19, 2023, View Source;idx=23 [SID1234643374]).
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April Bio plans to begin full-scale development of dual-target anticancer drug candidates based on the funds secured.
April Bio is developing APB-BS2, a dual-target antibody therapy, with the goal of treating intractable solid tumors such as triple-negative breast cancer.
The targets of APB-BS2 are CD73 and cytokines.
First, CD73 is an enzyme that helps produce adenosine, which is necessary for the development of the tumor microenvironment (TME), which acts as a ‘protective shield’ around the tumor. When APB-BS2 inhibits CD73, the development of the tumor microenvironment is inhibited, allowing immune cells and anticancer drugs to attack the tumor more effectively.
The second target, cytokines, is responsible for activating natural killer (NK) cells and T cells. It can enhance anti-tumor ability.
It is not known which cytokine APB-BS2 binds to.
An April Bio official said, "When APB-BS2 was administered in an animal model of colon cancer, it showed similar activity to the PD-L1 antibody, an immune checkpoint inhibitor." He added, "We plan to expand the test subjects to triple-negative breast cancer, pancreatic cancer, etc. in the future to prove the effect." "We are also recruiting relevant personnel," he said. Collaborative research between April Bio and other companies is also actively underway.
APB-R5, whose technology was exported to Yuhan Corporation in August last year, is also a dual-target antibody treatment.
It was designed to overcome the shortcomings of immune side effects seen in existing cytokine treatments.
This official said, "After confirming the intended half-life in the body in preclinical tests using mice, we are confirming the efficacy in a solid cancer model."
The plan is to complete preclinical trials for APB-BS2 and APB-R5 next year and then submit a global phase 1 clinical trial protocol (IND).
Kim Jin-taek, Executive Director of Finance (CFO), said, "We judged that raising funds after the stock price rose could be a burden to existing investors, and that CBs issued at high stock prices could put pressure on the company to repay in the future." "We decided to raise funds at a time when the stock price is undervalued," he said.
The total cash that April Bio has secured through this procurement is 80 billion won. Managing Director Kim added, "Considering that we spend 15 billion won per year on research and development, we will be able to focus on new drug development without financial burden for the next few years."
Jin Hong-guk, director in charge of corporate activities (IR), said, "Phase 1 clinical trials for two substances, APB-A1 and APB-R3, will be completed this year, and clinical trials for new candidate substances will begin next year." He added, "Clinical trials for various candidate substances are underway. "As development progresses, the market for April Bio will be reevaluated," he said.