HONG KONG – Shanghai-based biopharmaceutical firm Harbour Biomed Therapeutics Ltd. completed a series B financing of $85 million, "slightly above" its target, with the round led by Singapore's wealth fund GIC Private Ltd. Harbour anticipates more fundraising in 2019.

The company, which specializes in therapeutics concerning immuno-oncology and inflammatory diseases, will use the funds "to continue the development and growth of our portfolio, namely development of clinical projects and discovery projects as well as potential opportunities for in-licensing and partnerships that have synergy to our pipeline," a spokesperson from Harbour told BioWorld.

Its featured products include two strains of transgenic mice that are used to generate therapeutic antibodies. But Sook Chen Lee, principal consultant for the Economist Intelligence Unit Healthcare, said she believes that Harbour's advantage lies in its future promises.

"Harbour Biomed has been very active in inking strategic partnerships and agreements to develop innovative interventions," she said. "But [the firm] has yet to launch any new intervention since its formation in 2016. Most of its products are still in clinical trials, and its only revenue-generating arm is from its acquired entity Harbour Antibodies BV.

"As a result, this interest in Harbour Biomed is likely due to its future potential, rather than its performance," Lee added.

Founded in December 2016, Harbour raised $50 million in series A financing and acquired the Netherlands-based company Harbour Antibodies, which specializes in fully human transgenic antibody technology, and its subsidiaries. Earlier this year, the company also raised an A-plus round of an undisclosed amount from CDH Investments and Advantech Co. Ltd. to back its in-licensed clinical programs in the greater China region.

The company currently has had more than 40 licensees to its mice and more than 200 related projects since the beginning of the Harbour Antibodies.

There are two types of Harbour mice – one is "human monoclonal antibody mouse platform" (H2L2), which produces two heavy and light immunoglobulin chain antibodies with fully human variable regions. The other is named "heavy chain only antibody mouse platform" (HCAb), which is a heavy chain-only dimeric without a light chain. HCAbs are said to facilitate generation of soluble human VH domains when derived, which are the minimal immunoglobulin recognition unit.

Henceforth, the construction of multifunctional molecules comprises either multiple VH domains or those coupled to other molecules, including bispecifics and antibody-drug conjugates, among others.

The global mice model market is growing and is expected to exceed $1.59 billion by 2022 at a compound annual growth rate of 7.5 percent in the given forecast period, according to a report by Market Search Engine.

In the clinic

Harbour recently filed two INDs in China for its anti-FcRn-based antibody in three indications: myasthenia gravis, neuromyelitis optica and inflammatory dry eye disease. The company seeks to conduct clinical trials of the product that it in-licensed last year for development in the greater China market.

Earlier this month, Harbour joined hands with Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd. to develop and commercialize an anti-PD-L1 antibody, A-167, worldwide outside of the greater China region. Harbour put the potential value of the partnership at more than $350 million in addition to royalties. Both companies will share data from their research and clinical trials.

The drug, which is intended to be used in a range of solid tumor and hematological malignancies as a monotherapy, is currently in a phase I trial targeting lymphoma and in phase II testing in solid tumors in China.

In early August, the company partnered with Glenmark Pharmaceuticals SA to develop, manufacture and commercialize GBR-1302, the latter's bispecific antibody targeting HER2-positive cancers, including breast, gastric and ovarian cancers. (See BioWorld, Aug. 10, 2018.)

The immuno-oncology candidate is now undergoing a first-in-human study to determine maximum tolerated dose in patients with a variety of HER2-positive cancers.

Economist's Lee noted that the therapeutics market in immuno-oncology and inflammatory diseases in China and globally are looking up.

"Immunotherapy and biologics are among the newest innovations in medicine, and have disrupted treatment algorithms, especially in oncology and inflammatory indications," she said. "Many such products have reached blockbuster status globally, and there remains significant opportunity for growth due to the significant benefits these therapies have over conventional treatments."

GIC invested in Hua Medicine (Shanghai) Ltd., China's diabetes drugmaker, earlier this year in its combined series D and E financing of $117.4 million. The Singaporean investment firm also backed Cstone Pharmaceuticals Co. Ltd., another Chinese R&D company in immuno-based combination therapeutics for oncology, cardiovascular diseases, rheumatoid arthritis, hematology and autoimmune disease, in its $260 million series B financing.

Other investors of Harbour's series B financing include China Life Private Equity Investment Co. and Vertex Ventures, as well as series A investors Advantech and Legend Capital Management Co. Ltd.