News briefing: Chinese cancer player gets $124M+ Series C; IN8bio sets terms for $86M IPO
A little less than two years after a nine-figure Series B, Apollomics has returned to the venture well.
This time, the company has come out with even more money, pulling in $124.2 million for a Series C round. The funding will go mainly toward developing Apollomics’ lead programs APL-101 and APL-106.
Ping An Capital led the funding, and several new and existing investors participated, though Apollomics did not disclose any other sources. The company was incubated by OrbiMed Asia.
APL-101 is an orally administered c-MET inhibitor currently enrolling the Phase II portion of an international Phase I/II trial. Researchers are studying whether the experimental drug works in non-small cell lung cancer, rare brain cancers and other types of solid tumors.
APL-106, also known as uproleselan, is an E-selectin antagonist that has received breakthrough therapy designation from the FDA in relapsed and refractory acute myeloid leukemia. Apollomics is planning to launch a Phase III bridging trial in China soon, as well as a Phase I trial in parallel. — Max Gelman
IN8bio sets terms for $86 million IPO
IN8bio, a New York-based company focused on genetically modified gamma delta T cell therapies, has set the terms for its IPO. The biotech is seeking an $86 million raise, planning to to offer 4.7 million shares between $15 and $17 apiece.
IN8bio’s lead candidate recently entered Phase I for newly diagnosed glioblastoma, as the first patient was dosed in June. Dubbed INB-200, the program is expected to see its first data readout in 2021. The company is hoping it can combine conventional chemotherapy with gamma delta T cells to alter the tumor microenvironment.
The second program, called INB-100, focuses on leukemia with data from a Phase I expected toward the end of 2022. IN8bio previously said in its SEC filings that it plans to complete the two Phase I studies and initiate Phase II in both programs with the expected IPO raise.
Through the end of October, there had been 72 biotech and biopharma IPOs so far in 2020, according to Nasdaq head of healthcare listings Jordan Saxe, good for a combined raise of $13.2 billion. He estimated that there could be 75 IPOs before the year is out, with the companies totaling just under $14 billion in money raised. — Max Gelman
Correction: A previous version of this article incorrectly stated that IN8bio’s estimated IPO raise was revised downward to $75 million. It remains at $86 million.