Harbour Biomed Secures $75m to Pursue Coronavirus Vaccine with Mount Sinai

Mar 14, 2020 | Coronavirus, COVID-19, Immuno-oncology, Investor Watch, Mount Sinai

Harbour Biomed Secures $75m to Pursue Coronavirus Vaccine with Mount Sinai

Harbour Biomed, a biotech collaborating with Mount Sinai to work on a drug targeting coronavirus, closed $75 million from investors to further research treatments for cancer and immunological diseases. Yet another example of external collaboration as a centerpiece of drug development in this decade.

Who is Harbour Biomed?

Harbour Biomed is a global clinical-stage biotech venture developing innovative therapeutics in the fields of immuno-oncology and inflammatory diseases. Their discovery and development programs are driven by unmet medical and patient needs and strong science supported by two patented transgenic mouse platforms (Harbour Mice®) for generating both fully human and monoclonal antibodies (H2L2) and heavy chain only antibodies (HCAb) based immune cell engager (HBICE™) bispecific antibodies. They focus on developing an innovative pipeline of Next-Gen therapeutics through their internal R&D programs, collaborations with co-discovery and co-development partners, and select acquisitions.

Founded in 2016, according to Crunchbase, they have raised $216 million.

Who are their founders?

Founders include Jingsong Wang, Dutch molecular biologist Frank Grosveld, and Liang Schweizer.

Where are they based?

They have a presence in Cambridge, MA, in addition to the Netherlands and China.

What is the nature of their Mount Sinai Partnership?

The two organizations have been collaborating to develop coronavirus target treatments. The company and academic medical center will jointly develop biotherapies for COVID-19 and cancer. Inking a multi-year, multifaceted agreement, the teams will center their attention on human antibodies. Part of the deal includes the parties leveraging the H2L2 Harbour Mice platform to produce monoclonal antibodies targeting the novel coronavirus that causes COVID-19. For example, the parties contemplate that these targeted prospective monoclonal antibodies could be used in a manner to treat those exposed to the virus, or prophylactically to protect individuals at a high risk of exposure, such as healthcare workers.

Background Information

After meeting its initial $50 million fundraising goal after Harbour was founded in 2016, the company acquired Netherlands-based Harbour Antibodies BV, one of the few companies that owned technologies using mice for antibody treatments. Harbour then integrated mice technologies into its antibody technology to begin clinical testing.

What will the funds be used for?

The funds will be utilized to progress development involving key clinical milestones and pipeline advancement.

Who are the investors?

Harbour’s new investors for its B+ round include SK Holdings Co Ltd., Efung Capital, and Zheshang Venture Capital Co Ltd., all of which joined existing investors such as Legend Capital, AdvanTech, and GIC Private Ltd., Singapore’s sovereign wealth fund.

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