Biocure Technology Inc., of Vancouver, British Columbia, said its Korean Subsidiary, Biocure Pharm Co. Ltd., closed a nonbrokered private placement, issuing 5,990 shares to Biocure Technology at CA$12.639 (US$9.03) apiece for gross proceeds of CA$75,707. Following issuance of the additional shares, Biocure Technology holds a 94.32% interest in Biocure Pharm. Net proceeds will be used in part for a human trial of Biocure Pharm’s CAR T-cell therapy in Korea.
Harbour Biomed Therapeutics Ltd., of Cambridge, Mass., raised $75 million in a series B+ round. New investors SK Holdings, Greater Bay Area Fund, Efung Capital, Zheshang Venture Capital and Zhejiang University Future Capital and JT New Century joined existing investors, including Legend Capital, Advantech and GIC Pvt. Ltd. The company will use the funds to continue development of its biotherapeutics for treating cancer and immunological diseases.
Life Sciences Partners BV (LSP), of Amsterdam, said its LSP 6 fund achieved a final close at a hard cap of $600 million, surpassing the fund’s $450 million target and giving LSP $1.1 billion to invest across LSP 6, the LSP Health Economics Fund and LSP's public fund and mandates. Investors comprised pension funds, insurance companies, wealth managers, government funds and family offices and included commitments from Bristol Myers Squibb Co., of New York, and Otsuka Pharmaceutical Co. Ltd., of Tokyo. Like its predecessor funds, LSP 6 is expected to invest in 15 to 18 privately held firms, mainly from Europe, that are developing pharmaceuticals or medical technologies. To date, the firm has built more than 120 companies, and its active portfolio companies are engaged in more than 100 clinical trials.
Oncoquest Inc., a subsidiary of Quest Pharmatech Inc., of Edmonton, Alberta, said it closed a private placement of $50 million at $20 apiece to Dual Industrial Co. Ltd., of Seoul, South Korea. Oncoquest issued 2.5 million common shares in exchange for $10 million in cash and $40 million in a bond convertible into Dual shares. Proceeds will be used mainly to fund a phase III trial of the mucin 16 inhibitor oregovomab in front-line ovarian cancer.
Tiziana Life Sciences plc, of London, priced its underwritten public offering of approximately 3.3 million American depositary shares (ADSs), representing approximately 16.7 million ordinary shares or 5 ordinary shares per ADS, at $3 per ADS for expected gross proceeds of approximately $10 million. The company granted underwriters a 45-day option to purchase up to 500,000 additional ADSs. Net proceeds will be used primarily to advance development of the CD3 antagonist foralumab in Crohn's disease and progressive multiple sclerosis and to expedite development of the IL-6 receptor antagonist TZLS-501 to treat COVID-19. Thinkequity, a division of Fordham Financial Management Inc., is sole bookrunner for the offering, expected to close March 16. The company’s ADSs (NASDAQ:TLSA) bucked market trends on March 12, gaining $1.31, or 33%, to close at $5.26.