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Week in Review: BeiGene Raises $3.5 Billion in Shanghai STAR Board IPO
Deals and Financings
Suzhou Abogen Biosciences, an mRNA company, raised $300 million to support development of its COVID-19 vaccine and other drug candidates (see story). In August, Abogen completed a very large $720 million C funding. The company is focused on nucleic acid-based (RNA and DNA) therapeutics for cancer and infectious diseases. Its COVID mRNA vaccine was originally discovered by
Ablaze Pharmaceuticals, a Shanghai-San Diego company, closed a $75 million Series A round for
SanReno Therapeutics, a
Nanjing Help Therapeutics completed a $25 million Series C financing to develop its stem cell programs for heart failure and oncology immunotherapies (see story). The company says its induced pluripotent stem cell (iPSC) technology offer a better alternative for cell therapies than current manual manufacturing systems. Help Therapeutics will use its iPSC technology to conduct heart cell injection trials and to start clinical trials of an immune cell therapy next year. The C round was led by Ming Bioventures and included Share Capital, Beisen Medical Fund, and Jolmo Capital.
Shanghai ITabMed announced it has completed the spin-off from Evive Biotech of the iTAb™ (immunotherapy antibody) platform and closed a $20 million Series A-round financing (see story). Earlier this year, Evive (formerly Generon BioMed) and Dr. Xiaoqiang Yan formed ITabMed as a joint venture with full support from Evive. The JV will focus on continued development of oncology immunotherapies derived from the iTAb™ platform, which generates bi- or tri-specific T cell engagers. The company has started Phase I trials of two products while other iTAb drug candidates are in preclinical development.
Hangzhou Sciwind Biosciences in-licensed global rights to Sanofi's portfolio of long-lasting glucose-dependent insulinotropic polypeptide (GIP) receptor agonists (see story). Sciwind is a clinical-stage biopharma that is developing three GLP-1 receptor agonist candidates for NASH and other metabolic conditions. Its technologies include oral peptide and inhaled protein therapeutics delivery. Sciwind plans to test Sanofi's candidates in combination with its own molecules. Financial details of the agreement were not disclosed.
Trials and Approvals
Ascentage Pharma HK: 6855) and Innovent Biologics (HK: 01801), two
Suzhou Tot Biopharm (HK: 1875) announced that its Avastin biosimilar, Pusintin® (bevacizumab injection), has been approved to launch in
Hangzhou Lynk Pharma started a China Phase II trial of a targeted kinase inhibitor in patients with rheumatoid arthritis (see story). The company believes LNK01001 has best-in-class potential for autoimmune disease indications. The Phase II trial is designed to evaluate the safety and efficacy of LNK01001 in patients with moderate to severe active rheumatoid arthritis who have poor response or intolerance to conventional synthetic disease-modifying antirheumatic drugs (csDMARDs). Lynk has a