Alphamab Oncology, a Suzhou, China-based biopharmaceutical company dedicated to global development of innovative biologics for cancer therapy, completed a US$60m Series B financing.
The round was led by Hudson Bay Capital Management LP with participation from entrepreneur Adrian Cheng and existing investors China Venture Capital Fund (CVC), PAG, and Advantech Capital.
The company intends to use the funds 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).
Led by Dr. Ting Xu, Founder, Chairman and CEO, Alphamab Oncology is developing a 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 new round follows a US$130m Series A financing in November 2018. Since then, Alphamab Oncology has advanced several drug candidates in its pipeline and formed new partnerships for its leading assets:
– KN035 (Envafolimab), a subcutaneous injection of PD-L1 antibody, which entered phase II and phase III clinical trials for multiple indications.
– KN046, a PD-L1/CTLA-4 bispecific antibody, which 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, the company reached a partnership with HEC Research Institute and TOT Biopharm to develop innovative combination therapies involving KN046.
– KN026, an anti-HER2 bispecific antibody, which is starting phase II clinical trial in China.
– Immunomodulator KN019, which is undergoing phase II clinical trial in China.