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Classified in: Health, Science and technology, Business
Subject: VEN

Hummingbird Bioscience Raises US$19 Million in Series B Financing

Fundraising will support the expansion of Hummingbird Bioscience's discovery pipeline and rapid development of its portfolio of targeted antibody therapeutics

SINGAPORE, Dec. 5, 2019 /PRNewswire/ -- Hummingbird Bioscience, an innovative biotherapeutics company pioneering the discovery and development of new breakthrough precision antibody therapeutics for difficult-to-treat conditions, today announced that it has raised US$19 million in a Series B financing round.

The financing was co-led by Mirae Asset Venture Investment and GNTech Venture Capital. Existing investors, Heritas Capital and Seeds Capital, as well as new investors, Delian Capital; Mirae Asset Capital; DAValue-GiltEdge; HB Investment; Wooshin Venture Investment; and Kiwoom Investment-Shinhan Capital also participated in the round.

Proceeds from the financing will support the discovery of new disease targets, expanding Hummingbird Bioscience's pipeline of first and best-in-class antibody therapeutics, as well as fueling the 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 following regulatory submissions in the second half of 2020.

"With our world-class team of cancer systems biology experts, multiple -omics and data science technologies, Hummingbird Bioscience is at the cutting-edge of scientific discovery. The support from our strategic investors is a strong endorsement of our translational science and transformative vision for the future of drug development," said Dr. Piers Ingram, Chief Executive Officer and co-founder, Hummingbird Bioscience.

"Our novel platform is able to accurately identify previously intractable targets, enabling us to engineer antibodies that precisely hit these difficult targets. This validated approach is demonstrated by our two lead candidates, which are progressing towards clinical trials in partnership with, and with the support from, world-renowned institutions such as Cancer Research UK and Cancer Prevention Research Institute of Texas. We will continue to execute on rapidly building our pipeline of potential medicines across different disease modalities to help treat and inspire hope for people living with cancer and other conditions," he said.

Jae Joon Kim, Managing Director at Mirae Asset Venture Investment, commented: "Hummingbird Bioscience has invented a differentiated rational antibody discovery platform that designs and generates candidate therapeutic antibodies against difficult yet desirable targets. We are optimistic about the company's potential to create breakthrough therapies that impact the lives of patients living with serious illnesses. We are delighted to work with Hummingbird Bioscience's proven management team and investor syndicates."

To date, Hummingbird Bioscience has secured more than US$60 million in funding through financing activities and strategic partnerships.

About Hummingbird Bioscience

Hummingbird Bioscience is an innovative biotherapeutics company pioneering the discovery and development of new breakthrough precision antibody therapeutics for difficult-to-treat conditions. Leveraging its proprietary rational antibody discovery platform and deep experience in systems biology, Hummingbird Bioscience is able to accurately identify novel disease targets enabling it to engineer and generate antibodies to precisely hit these difficult targets. The company is developing a broad pipeline of first and best-in-class drug candidates across multiple indications, including: HMBD-001, an anti-HER3 antibody, and HMBD-002, an anti-VISTA antibody, for the treatment of cancer. Hummingbird Bioscience has established strategic collaborations with Cancer Research UK and Amgen, and has been awarded a product development grant from the Cancer Prevention and Research Institute of Texas.

Hummingbird Bioscience is located in Singapore, Houston, Texas and South San Francisco, California. To learn more about its science, pipeline assets, and team, please visit: www.hummingbirdbioscience.com or follow the company on LinkedIn and Twitter at @Hummingbirdbio.

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