Singapore-based cancer biotherapeutics developer Hummingbird Bioscience has grown its series B round to $25m after raising a $6m second tranche led by conglomerate SK Group.
The extension was rounded off by existing investors including Seeds Capital, an investment arm of government-owned business promotion board Enterprise Singapore, and investment firm Heritas Capital Management.
GNTech Venture Capital, the corporate venturing arm of alcoholic beverage producer Kooksoondang Brewery, had co-led the original $19m close together with Mirae Asset Venture Investment, a subsidiary of investment manager Mirae Asset Global Investments, in December 2019.
Kiwoom Investment-Shinhan Capital, an alliance between Mirae Asset, investment bank Kiwoom Securities and financial and leasing services firm Shinhan Capital, also featured in the initial tranche alongside Seeds Capital, Delian Capital, DAValue-GiltEdge, HB Investment and Wooshin Venture Investment.
Founded in 2014, Hummingbird Bioscience is working on therapeutic antibodies engineered to hit specific disease targets.
The company’s lead candidates both target cancer and are due to begin phase 1 clinical testing in the second half of 2020.
The additional capital will go to bolstering Hummingbird’s R&D capacity as it aims to prepare more drug candidates for the clinic.
Hummingbird has strategic collaborations in place with pharmaceutical firm Amgen and research charity Cancer Research UK.
The company had previously raised an undisclosed amount in a series A round co-led by Heritas and Seeds Capital that closed in July 2019, after earlier contributions from Heritas Capital, Seeds Capital and Decheng Capital.