OncoImmune Inc., has reportedly announced that it has successfully raised a sum of $56 million in a Series B funding initiative co-led by a blue-chip investor and HM Capital. Other participants of the funding round comprise the company’s existing investors, including Kaitai Capital and 3E Bioventures Capital, along with new investors, comprising GF Xinde and GBA Fund. OncoImmune has planned to utilize the financing for the expansion of its product pipeline and supporting its novel therapeutic initiatives in late stage clinical trials.
According to Yang Liu, the CEO and Chairman at OncoImmune, the company is thankful to its investors for their continued support and confidence, adding that it is delighted to witness the remarkable progress made by it over the past few years. This is an example of how great scientific discovery can be turned into potential novel therapeutics for the purpose of benefiting patients, added Liu.
As per sources, OncoImmune presently has two Phase III clinical initiatives for the evaluation of its chief product, CD24F. While one trial will be conducted for offering protection against immune destruction in critical and severe COVID-19 patients, the other one will be conducted amongst leukemia patients who are likely to contract acute GVHD after having allogeneic hematopoietic stem cell transplant.
For the record, the COVID-19 Phase III trial has been already launched in 17 medical centers across the nation and is currently enrolling critical and severe COVID-19 patients that need high flow non-invasive ventilation or supplemental oxygen support, along with ICU patients that require invasive mechanical ventilation. As per sources, the trial intends to enroll more than 270 patients and is nearing its enrollment targets with top figures to be announced soon.
Robert Luo, the Founding Partner of HM Capital, has stated that HM Capital is thrilled to co-lead the investment for backing innovations expected to have a transformative effect. The company is eagerly looking ahead to OncoImmune’s consistent success, added Luo.