On May 28, 2019 Alphamab Oncology, a leading biopharmaceutical company dedicated to global development of innovative biologics for cancer therapy, reported that it has completed a US$60 million Series B financing led by Hudson Bay Capital Management LP and participated by new investors including entrepreneur Adrian Cheng (Press release, Alphamab, MAY 28, 2019, View Source [SID1234536619]). Existing institutional investors including China Venture Capital Fund (CVC), PAG, and Advantech Capital also participated. Proceeds from the financing round will be used for developing the pipeline, commissioning a new R&D and manufacturing site, accelerating the clinical development of clinical stage assets, and preparing for commercial launch of KN035 (Envafolimab).
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Alphamab Oncology is well positioned to develop next-generation multi-functional biologics therapy for cancer treatment based on its extensive expertise in protein engineering and proprietary platforms including Bispecific and Mix-mAb Platforms as well as rich experience in single domain antibodies. The company has also assembled highly experienced management and technical teams with experiences covering the entire R&D process of innovative biologic drugs.
The new round comes on the heel of its strong US$130 million Series A financing in November 2018 – one of the largest in China’s biotechnology industry in recent years. Since then, Alphamab Oncology has advanced several drug candidates in its pipeline and formed new partnerships for its leading assets:
KN035 (Envafolimab), the world’s leading subcutaneous injection of PD-L1 antibody, entered phase II and phase III clinical trials for multiple indications.
KN046, the world’s first PD-L1/CTLA-4 bispecific antibody, has undergone phase I clinical trials in Australia and China which has demonstrated promising early clinical results, and is undergoing phase II clinical trials for multiple indications in China. Additionally, Alphamab Oncology reached a partnership with HEC Research Institute and TOT Biopharm to develop innovative combination therapies involving KN046.
KN026, an anti-HER2 bispecific antibody, is starting phase II clinical trial in China.
Immunomodulator KN019 is undergoing phase II clinical trial in China.
"Since the founding of the company, we have been working hard to break new grounds. We have been focusing on the development of key platforms and proprietary innovative drug candidates, and consistently executing our long-term strategy, focusing on global development for innovative biological dugs. We are striving to transform cancer into a controllable and treatable disease and to improve quality of life of cancer patients," said Dr. Ting Xu, Founder, Chairman and CEO of Alphamab Oncology. "We are very grateful to these prestigious investors for their enthusiasm and confidence in Alphamab Oncology. We look forward to working with our stakeholders to accelerate the new generation of multi-functional biological therapeutics, and to fulfill our vision to be globally competitive."
Sander Gerber, Chief Executive Officer and Chief Investment Officer of Hudson Bay Capital Management LP, added, "We are pleased to support Alphamab Oncology in its mission of creating effective, high quality and affordable biotherapeutics for cancer treatment. Hudson Bay’s investment in Alphamab Oncology underscores our confidence in the company’s ability to be a next-generation leader in the development and commercialization of innovative biological oncology drugs globally. We look forward to helping Alphamab Oncology advance its strong product pipeline to drive significant value for the business over time."
Mr. Shaojing Ma, Managing Director of China Venture Capital Fund (CVC) commented: "Alphamab Oncology leads the new-generation innovative biopharmaceutical industry in China. As a Series A shareholder, China Venture Capital Fund is excited to witness that, within one year, the Company has achieved rapid progress in R&D and clinical development, and various data has proven the tremendous growth potential of its products; with a more robust product pipeline, the Company has demonstrated its capability to maintain world-leading R&D of innovative drugs. Therefore, we are also actively participating in this Series B funding. We expect that after entering the capital market in the future, Alphamab Oncology will gain more opportunities for international development and stands out as an excellent representative of innovative Chinese biopharmaceutical companies to the world."
Adrian Cheng commented: "Technological innovation can be a powerful tool in improving the human condition. I believe that advances in biotechnology and pharmaceuticals will be crucial in changing our lives for the better, and I am delighted to see China taking its place at the forefront of medical innovation. Alphamab Oncology boasts world-class capabilities in ground-breaking research and development and they’re very strong in team execution. We are pleased to be a contributor to Alphamab Oncology’s growth as it becomes the world’s leading research and development company for tumor-targeted drugs."