In a positive sign for its future success, Harbinger Health Inc. closed a $140 million series B fundraising round, bringing total funds raised since its founding in 2020 to $190 million. The new funds will be used to support completion of the company’s CORE-HH 10,000 participant study of its blood-based multicancer early detection (MCED) test. The company expects to complete enrollment in CORE-HH, a three-part case control, adaptive study with development, validation and longitudinal cohorts in 2024.
Immunovant Inc. is seeking a $450 million windfall on the back of the “best-in-class potential” of its early stage monoclonal antibody for IgG-mediated autoimmune diseases, IMVT-1402, which a phase I readout demonstrated could supersede the firm’s lead, batoclimab.
Raising capital has always been a challenge for small to medium biotech firms worldwide, but the economic whiplash and the wider downturn across international markets post-pandemic have pushed Chinese biotechs to make-it-or-break-it scenarios for crossing the IPO threshold, speakers at the Chinabio Partnering Forum 2023 said in Shanghai.
Wuhan YZY Biopharma Co. Ltd. made its debut on the Hong Kong Stock Exchange, raising HK$121 million (US$15.48 million) in its IPO on Sept. 22, with shares (HKEX:02496) opening at the lower end of its range at HK$16 per share and ending the day at HK$16.60, a rise of 3.75%.
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