Harbour BioMed announced the completion of a Series C round of financing at $102.7 million led by Hudson Bay Capital, an asset management firm in New York and London.
The new transaction was joined by New York-based healthcare investment specialist OrbiMed and Octagon Capital, a multi-stage investment manager specialized in public and private healthcare companies, according to a statement.
The Series C round comes less than four months after HBM completed a Series B+ round at $75 million in mid-March, underlining the company’s ambition in speeding up the development of its portfolio for the treatment of next-generation biologics targeting cancer, immunologic diseases, and the COVID-19.
“We have made great progress with our clinical programs and multiple promising, bi- and monospecific antibodies from our discovery engine that are rapidly moving towards clinical trials,” said Wang Jingsong, founder, chairman, and CEO of HBM, in the statement.
“The funding will support the final development and initial commercialization of our late-stage portfolio and advancement of both our earlier stage discovery and preclinical molecules,” said Wang.
Along with the Netherlands’ Utrecht University and Erasmus Medical Center, HBM recently announced a research collaboration with US biopharma firm AbbVie for a monoclonal antibody termed 47D11 for therapeutic/prophylactic use against the deadly COVID-19virus.
The Series C round comes as China’s biotech and healthcare companies are rising to become one of the most eye-catching sectors by collecting almost $1.17 billion from venture capital and private equity investors in May 2020.