Singapore-based Hummingbird Bioscience closed an extended Series B funding round of US$25 million. This brings the total capital raised through financing activities and strategic partnerships to over US$65 million to date. SK Holdings led the financing along with participation from existing investors including Heritas Capital and SEEDS Capital, the investment arm of Enterprise Singapore.
TrialSite News’ Investor Watch reviews and provides a brief breakdown of this transaction. First an overview. Hummingbird Bioscience, an innovative therapeutics development company with a proprietary rational antibody discovery platform and deep experience in applying integrative genomics and proteomics. The company develops precision therapeutic antibodies to clinical proof-of-concept for patients with the highest unmet need. The company has locations in South San Francisco and Singapore.
Why was the financing extended to US$25 million?
This occurred due to great demand for equity in this company and the consequent over-subscription—with the addition of select quality and value-add investors.
Who is the leadership?
The leadership includes CEO and co-founder Piers Ingram. Mr. Ingram earned his PhD in Systems Biology at Imperial College London—supported by the prominent Wellcome Trust and subsequently held several roles in academia, such as at Imperial College before moving into commercial strategy at Sanofi. Observing the progress in systems biology and immunology over the last decade led Piers to co-found Hummingbird Bioscience. He also holds an MBA from INSEAD.
What are the planned use of funds?
The biotech will use the new funds to “accelerate development of new candidates into clinical trials and strengthen its scientific and research and development capabilities.” As Dr. Piers Ingram, Chief Executive Officer and co-founder noted, “These new funds give us further resources to develop early stage pipeline, and support the clinical development of our lead programs.”
What is the company’s lead drug candidates?
HMBD-001, a first-in-class HER3 antibody was recently associated with positive data; and the company is commencing the manufacturing of HMB2-002, a first-in-class VISTA antibody.
When are the planning a regulatory filing for clinical trials?
They plan on regulatory submissions to initiate Phase I studies for the two candidates by the second half of 2020.
Who are their investors?