Alphamab Oncology Completes Series-A Round Financing - Further Strengthening Its Global Innovative Biologics Platforms
SUZHOU, China, Nov. 16, 2018
SUZHOU, China, Nov. 16, 2018 /PRNewswire/ -- Alphamab Oncology announced the successful completion of series A financing round, with more than $100 million raised. A number of well-regarded institutional investors, including Advantech Capital, PAG, China Venture Capital Fund, OrbiMed, Heritage Provider Network and Janchor Partners, participated in the financing.
Alphamab Oncology plans to use the proceeds to advance global clinical development of its innovative pipeline, especially its second-generation immuno-oncology medicine, to expand its global clinical and commercial teams, as well as to complete the ongoing construction of its state-of-the-art biologics manufacturing facilities.
Alphamab Oncology inherited Suzhou Alphamab's oncology pipeline and related technology platforms. The company focuses on the research and development of innovative biologics for cancer therapy, and it has developed several proprietary and robust technology platforms for bispecific and mixed antibodies. Leveraging on these world-leading protein engineering platforms, Alphamab Oncology is well positioned to develop next-generation multi-functional biologics therapy for cancer treatment.
So far, four drug candidates in Alphamab Oncology's pipeline have advanced into clinical development phase:
- KN035 (Envafolimab), the world's leading subcutaneously-administered PD-L1antibody, has entered pivotal trials in China and is expanding its indications. KN035 was discovered and developed internally. It is in partnership with 3D Medicines on the clinical development
- KN046, the world's first PD-L1 - CTLA-4 bispecific antibody, was also solely developed internally. It is in phase I clinical trial in Australia, and will soon kick off multiple phase I/II clinical trials in China, with BLA enabling trials planned as well.
- KN026, the anti-HER2 bispecific antibody, has entered phase I clinical trial in China. With the recent US IND approval, its US phase I trial will be initiated in the near future.
- Phase I clinical trials of the immunomodulator KN019 in China are being wrapped up, and phase II clinical trial is expected in H1, 2019.
 China Venture Capital Fund is completing the closing process.
Dr. Xu Ting, Chairman and CEO of Alphamab Oncology, said: "We are honored to be recognized and supported by these well-regarded investors. We expect to work with them to expedite the progress in global clinical trial and commercialization of our highly differentiated and innovative products, to further strengthen our presence and unique advantages in the fast-growing global immuno-oncology drug market, and to bring much needed innovative therapies to global cancer patients sooner than later. Meanwhile, we are looking for collaboration opportunities to expand our footage in oncology area."
Advantech Capital's Co-Head of Healthcare Investment, Mr. Qiu Yumin commented, "Alphamab Oncology team, under the leadership of Dr. Xu Ting, has been leading the biologics drug innovation in China, in terms of R&D capability and track record. Alphamab is also at the forefront of developing globally competitive biologics platforms, such as its bispecific antibody platform and domain antibody platform. With the construction of new manufacturing site on track, Alphamab Oncology has presented huge potential to develop into a fully integrated bio-pharmaceutical company across the entire value chain."
He added, "Healthcare is one of the two investment focuses at Advantech. As a leading player in developing next-generation biotherapeutics, Alphamab Oncology fits well with Advantech's philosophy of investing in high-tech and high growth potential targets. Advantech will support the company in building a world-class immuno-oncology company."
Dr. Dong Lyu, Executive Director of PAG said: "The company team led by Dr. Xu Ting has accumulated a wealth of R&D experience in the field of antibody drugs, both in novel single-domain antibodies and in bispecific antibody drugs. The company has formed a robust pipeline of antibody drugs built on its proprietary platforms, which are all industry-leading. Alphamab Oncology currently has several products in different stages of clinical research in China, the United States, Japan and Australia, with the most advanced product in its pipeline, KN035, expected to obtain market approval within a relatively short period of time with a distinct clinical advantage. In addition, Alphamab Oncology has started constructing a commercial manufacturing site, with a number of cGMP production lines meeting NMPA, EMA and FDA requirements, allowing Alphamab Oncology to cover the entire product development life cycle from early screening and engineering of antibody/protein drugs, cell line construction and small batch tests, pilot scale amplification and preparation of clinical research samples, to mass production of commercialized products."
Dr. Dong Lyu continued, "PAG has a long track record of investing in the healthcare sector, and a comprehensive and in-depth understanding of innovative drugs, especially in the field of biologics. We see Alphamab Oncology as a leader in the area of innovative biological drugs, and have full confidence in the future of the company. PAG is committed to working with Alphamab Oncology to build a global leader in the development and production of biological drugs for oncology and immunotherapy."
Mr. Shaojing Ma, Managing Director of China Venture Capital Fund (CVC) commented, "China innovative drug industry is embracing superior development opportunities, within which the innovative oncology biologics sector has become a focus with tremendous market potential. With world-class R&D capability, Alphamab Oncology has the potential to become a leader of China biopharmaceutical industry. Dr. Ting Xu is a preeminent entrepreneur, and he has deep understanding of the market and technology. The investment will strongly promote the industrialization of innovative biotech in China, fitting well with the investment strategy of CVC.
Ms. Iris Wang, director of OrbiMed Asia Pacific, commented, "Chinese biotech industry is becoming an increasingly important and notable contributor to global research and development of innovative medicine. We are very pleased to have the opportunity to support Alphamab Oncology to address significant unmet medical needs worldwide and we have great confidence in the execution capabilities of the management team."
About Alphamab Oncology
Alphamab Oncology is a clinical-stage biopharmaceutical company dedicated to the discovery, development, manufacturing and commercialization of world-class innovative therapeutics for cancer treatment. With multiple in-house proprietary platforms, including bispecifics, protein engineering and antibody screening, Alphamab Oncology has built a robust pipeline in oncology/immunology. We strive to develop next-generation or best-in-class medicines to address global unmet medical needs.
Please feel free to visit the official website: http://www.alphamabonc.com
About Advantech Capital:
Advantech Capital is a private equity investment fund, focusing on innovation-driven growth opportunities in China, mainly investing in TMT, pharmaceuticals and healthcare.
PAG is a leading Asia-focused alternative investment firm with funds under management across private equity, real estate and absolute return strategies. PAG currently manages more than US$20 billion in capital for some of the world's largest private and institutional investors. PAG's investment in Alphamab comes from its Growth Capital strategy, which focuses on growth equity investments in "New Economy" sectors, with healthcare a core sector.
About China Venture Capital Fund (CVC):
CVC is a 200 billion yuan venture capital fund established in 2016, after approval by China's State Council and China SASAC. The main objective of CVC is to invest in innovative technology and industrial upgrading projects. The field of biotech & healthcare is one of focused areas of CVC.
OrbiMed is a leading investment firm dedicated exclusively to the healthcare sector, with over $14 billion in assets under management. OrbiMed invests globally across the spectrum of healthcare companies, from venture capital start-ups to large multinational corporations, utilizing a range of private equity funds, public equity funds, royalty/credit funds and other investment vehicles. OrbiMed maintains its headquarters in New York City, with additional offices in San Francisco, Shanghai, Mumbai, Herzliya and Hong Kong. OrbiMed seeks to be a capital provider of choice, with the flexibility to provide equity and debt capital solutions that are tailored to the unique needs of our portfolio companies. The firm's global team of over 80 professionals brings the resources and experience required to be an exceptional long-term partner in building world-class healthcare companies.
About Heritage Provider Network:
Established in 1979 by Dr. Richard Merkin, Heritage Provider Network is the largest physician - owned integrated healthcare services delivery network in the US with approximately 1 million patient - members.
About Janchor Partners:
Established in 2009, Janchor Partners is a long-term industrialist investor, partnering with companies that have superior business models, favorable growth prospects and the potential to be part of long-term positive structural dynamics of Asian countries and economies. As a genuine thought partner with its investee companies, Janchor Partners helps to increase long-term corporate value and builds strong and meaningful long-term relationships with investee companies.
SOURCE Jiangsu Alphamab Biopharmaceuticals Co., Ltd.