Hummingbird Biosciences, a Heritas Venture Fund-backed company, announced that it has received US$19 million in Series B funding. The financing was co-led by Mirae Asset Venture Investment and GNTech Venture Capital, joined by Delian Capital, Mirae Asset Capital, GiltEdge Partners, HB Investment, Wooshin Venture Investment, and Kiwoom Investment-Shinhan Capital.
The new capital will fuel the discovery of new disease targets using Hummingbird’s proprietary Rational Antibody Discovery (RAD) platform, expanding its pipeline of first and best-in-class antibody therapeutics. Proceeds of this round will also support work on the co-discovery projects that are part of the multi-target collaboration agreement signed with Amgen in September this year. Current lead portfolio assets, HMBD-001 and HMBD-002, are expected to enter first-in-human clinical trials in the second half of 2020 with support from Cancer Research UK (CRUK) and Cancer Prevention Research Institute of Texas (CPRIT).
Heritas Capital and SEEDS Capital, which co-led an extended Series A round early this year also followed on with an investment in the current round.
“We congratulate the Hummingbird team on completing a successful Series B fundraise,” said Mr Chik Wai Chiew, CEO and Executive Director of Heritas Capital Management, and board member of Hummingbird Biosciences. “Hummingbird has achieved multiple major milestones since Heritas led its Extended Series A investment earlier this year. Their proprietary technology platform has enabled them to establish strategic partnerships with industry leaders and top institutions like Amgen, CRUK and CPRIT. Heritas Capital is committed to identify and nurture the first potential unicorns in Singapore biotech. We, together with SEEDS Capital, are therefore pleased to continue backing a leading Singapore-based biotech player as they maintain their focus in creating more effective cancer therapeutics for patients with limited treatment options.”
For more information on Hummingbird Biosciences, please refer to their website. http://www.hummingbirdbioscience.com/en/
