OncoImmune announced the completion of a $56 million Series B financing round. The financing was co-led by HM Capital and a blue-chip investor, along with existing investors 3E Bioventures Capital and Kaitai Capital, and additional new investors, GBA Fund and GF Xinde. Oncoimmune will use the proceeds to support its therapeutic programs in late stage clinical trials and to expand its product pipeline.
“We are grateful to our investors for their confidence and continued support,” said Yang Liu, founder, chief executive officer and chairman of OncoImmune.
OncoImmune’s lead product is CD24Fc, a first-in-class biologic that regulates host inflammatory response to tissue injuries and has broad implications in the pathogenesis of cancer, autoimmune disease, metabolic syndrome and graft-versus-host disease (GvHD). Two phase 3 trials are currently underway: SAC-COVID, to evaluate CD24Fc in protecting against immune destruction in severe and critical COVID-19 patients, and CATHY, enrolling leukemia patients that are prone to acute GVHD after receiving allogeneic hematopoietic stem cell transplant. The COVID-19 Phase III trial has been initiated in 17 medical centers nationwide and is enrolling severe and critical COVID-19 patients that either require supplemental oxygen support or high flow oxygen non-invasive ventilation, in addition to ICU patients requiring invasive mechanical ventilation. The trial plans to enroll over 270 patients and is near its enrollment target with topline readouts expected soon.
The company has four other products in preclinical development, all for oncology indications: Onc-392, echinomycin, ONC-781 Bispecific and ONC-781 CAR-T.
“We are grateful to our investors for their confidence and continued support,” said Yang Liu, PhD, Founder, CEO and Chairman of OncoImmune. “We are delighted to see the significant progress OncoImmune has made in the past few years. It exemplifies how great scientific discovery can be turned into potential novel therapeutics benefiting patients,” said Dr. Karen Liu, Partner at 3E Bioventures Capital, which led OncoImmune’s Series A round in 2017.