Hummingbird Bio secures $19M to expand antibody therapeutics portfolio
Category: #health  By Pankaj Singh  Date: 2019-12-07
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Hummingbird Bio secures $19M to expand antibody therapeutics portfolio

Hummingbird Bioscience, an advanced biotherapeutics company, recently announced it has raised USD 19 million in a Series B funding round. Apparently, the financing round was co-led by GNTech Venture Capital and Mirae Asset Venture Investment.

Sources aware of the development stated that Hummingbird Bioscience will not only use the proceeds earned from the financing round in development of new disease targets but also expand its state-of-the-art pipeline of antibody therapeutics.

The proceeds will also augment the co-discovery projects which are a part of multi-target agreement with Amgen, sources claimed. HMBD-001 and HMBD-002 are the current profile assets which will be conducted in human trials following regulatory submissions in 2020.

For the record, Hummingbird Bioscience develops innovative antibody therapies for intractable and difficult-to-treat illnesses using its advanced antibody discovery platform. These intractable targets can then be used to create antibodies which precisely treat the relative conditions. The company has various drugs in pipeline for the treatment of cancer including HMBD-001, HMBD-002, an anti-HER3 Antibody, an anti-VISTA antibody.

Dr. Piers Ingram Co-founder and CEO of Hummingbird Bioscience stated that the funding will not only transform the future of drug development but also provides a strong support to the company’s translational science.

Ingram added that two leading candidates growing into trials with support from Cancer Prevention Research Institute of Texas and Cancer Research UK demonstrates the company’s ability to develop antibodies that can address previously intractable targets.

Mirae Asset Venture Investment’s Managing Director Jae Joon Kim was reported saying that the group acknowledges Hummingbird Bioscience’s track record to create innovative therapies that can help the patients suffering from serious disorders. He further mentioned that Hummingbird Bioscience has generated favorable therapeutic antibody results with regards to intractable targets through its distinctive antibody discovery platform.

Notably, other firms that participated in financial round were DA Value-GiltEdge, Mirae Asset Capital, HB Investment, Kiwoom Investment-Shinhan Capital and Wooshin Venture Investment, Delian Capital and Hummingbird Bioscience’s existing investor Seeds Capital and Heritas Capital.

To date, Hummingbird Bioscience has raised up to US $60 million through numerous financial activities.

 

Source Credits – http://www.hummingbirdbioscience.com/en/news-events/hummingbird-bioscience-series-b-financing/



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Pankaj Singh

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Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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