PERTH, Australia – The Australian government is investing AU$79 million (US$56.75 million) in medical research and innovation projects to develop new drugs, devices and digital health technologies through its AU$20 billion Medical Research Future Fund (MRFF).
Hong Kong Exchanges and Clearing Ltd. (HKEX) has taken the first step towards allowing listings on the market via special purpose acquisition companies (SPACs), also known as “blank check” companies. The move has left biotech companies wondering if the change could provide the next big opportunity to join the market after pre-revenue companies were first allowed to list there under a 2018 main board listing rule paved the path for them to do so.
Cell therapy company Zhuhai Grit Biotechnology Inc. completed a series A+ financing of undisclosed value to advance its lead tumor-infiltrating lymphocyte (TIL) program, GT-101 for advanced solid tumors, into the clinic by year end while also developing other TIL candidates in its pipeline.
Jiangsu Gdk Biotechnology Co. Ltd. will further develop its vaccine pipeline after it started trading on the Shanghai Stock Exchange Star Market on Aug. 2, where it raised ¥1.21 billion ($187 million) through an initial public offering of 22 million shares. The company plans to use the proceeds from the listing to establish a manufacturing plant to produce its quadrivalent influenza vaccine and invest in R&D for other vaccine candidates, as well as replenish working capital and repay bank loans.
Zentera Therapeutics Inc. completed a $75 million series B financing round to help further its candidates in China, as it paves the way for a listing in Hong Kong next year.
Financing is the fuel that drives growth in the biopharma sector, and participants at the BIO Asia-Taiwan Conference 2021 this week discussed different financing strategies for companies in the currently booming market.
Hongyun Biotech Co. Ltd. raised ¥100 million (US$15.5 million) in a series B round to move its new generation EGFR inhibitor, RC-01, to the IND stage in China and the U.S. for non-small-cell lung carcinoma (NSCLC). The plan is to finish the IND filing by the end of this year and start the trial in 2022.
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