US-based immuno-oncology and inflammatory disease therapy developer Harbour BioMed completed a $75m series B-plus round yesterday featuring SK Holdings, the conglomerate that owns telecommunications operator SK Telecom.
The round included Legend Capital, the venture capital firm established by conglomerate Legend Holdings, as well as Greater Bay Area Fund, GIC, Advantech Capital, Efung Capital, Zheshang Venture Capital, JT New Century and the university-founded Zhejiang University Future Capital.
Founded in 2016, Harbour BioMed is developing antibodies to treat cancer and inflammatory diseases, and is concentrating on 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, European Union and China.
Harbour BioMed’s pipeline includes prospective therapies for severe autoimmune disease, dry eye disease and nasopharyngeal cancer.
The company’s collaborations include a drug targeting Covid-19 that it is developing in partnership with integrated healthcare network Mount Sinai Health System. The latest funding will support efforts to progress its pipeline.
Harbour BioMed was formed to acquire transgenic antibody developer Harbour Antibodies, and raised $50m in series A funding from Legend Capital and Advantech Capital in 2016.
Advantech Capital joined CDH Investments to provide an undisclosed amount of series A-plus funding for the company in January 2018.
GIC then led Harbour BioMed’s $85m series B round, which closed in August 2018, investing with China Life Private Equity Investment Company, a subsidiary of insurance firm China Life, as well as Legend Capital and Singaporean state-owned VC firm Vertex Ventures.
The original version of this story appeared on our sister site, Global University Venturing.