HONG KONG - Bispecific antibody startup Epimab Biotherapeutics Inc. has completed a $120 million series C financing, bringing it closer to a potential IPO next year. The Shanghai-based company said the new funds would help it move its EGFR/cMET-targeted bispecific candidate, EMB-01, into phase II testing this year, as well supporting the advancement of other clinical candidates and an expansion of its pipeline.

Two recent studies have independently identified macropinocytosis, a nutrient procurement pathway whereby cancer cells take up extracellular fluid droplets containing proteins and other macromolecules, as a promising new therapeutic target for pancreatic ductal adenocarcinoma (PDAC).