Thirty-six biotechnology, pharmaceutical and medical device companies sought a capital raise on the Hong Kong Stock Exchange in the first half (H1) of 2025, a review by BioWorld found. Of those, 34 companies were from mainland China.

Dispatch Biotherapeutics Inc. is taking aim at solid tumors with a new viral vector/antigen technology backed by major industry names such as Arch Venture Partners and Bristol Myers Squibb Co. With offices in Philadelphia and San Francisco, Dispatch has raised $216 million since its founding in 2022. The firm’s platform delivers a cell-specific viral vector carrying a novel, universal antigen called Flare that tags solid, epithelial-derived tumor cells. Acting as a beacon, the Flare antigen directs the immune system to find and clear the cancer cells without harming healthy tissue.

Crossbow Therapeutics Inc. has nominated its second development candidate, CBX-663, a T-cell engager for the treatment of a broad range of solid tumors and hematologic malignancies.

The combination of interleukin-2 (IL-2) agonism with programmed cell death protein 1 (PD-1) checkpoint inhibition has previously demonstrated synergistic efficacy in promoting antitumor T-cell responses. However, the incompatible dose levels and dosing schedules of the two therapeutic mechanisms have made their integration within a single molecule challenging.

Akari Therapeutics plc announced that it is continuing key research on its antibody-drug conjugate (ADC) payload PH1 to further demonstrate its ability to target cancers fueled by oncogenic drivers. PH1 is a spliceosome modulator designed to disrupt RNA splicing within cells. It binds spliceosome proteins SF3B1 and PH5α and targets normal splicing of pre-mRNA. PH1 is a spliceosome modulator designed to disrupt RNA splicing within cells. It binds spliceosome proteins SF3B1 and PH5α and targets normal splicing of pre-mRNA.