Week In Review: Alphamab Oncology Plans $350 Million Hong Kong IPO

Beijing Hygea Medical Technology closed a $28 million Series B funding to develop its minimally invasive cryogenic treatment for cancer (see story). The round was led by Jianxing Medical Fund under the management of CCB International, with participation from Kunying Capital and Shuncheng Capital. Hygea holds 14 patents for its proprietary HYG KB Cryosurgical System and HYG KBD Sterile Cryosurgical Probes. It is also developing cancer diagnostics. An affiliate of the China Academy of Sciences, Division of Physics and Chemistry, Hygea has been supported by China's 863 program and other China national and Beijing funds.

Singapore's Aslan Pharma (Nasdaq: ASLN; TPEx: 6497) raised $12.8 million in a secondary offering of its NASDAQ listed ADSs, placing 5.12 million ADSs at $2.50 each (see story). The price of its shares have been on a seven-day roller coaster, rising 12-fold starting from a low on November 22, when Aslan announced preliminary signs of efficacy in a preclinical study of ASLAN003 for acute myeloid leukemia. The rally was cut in half yesterday when Aslan said it would conduct a secondary offering, without releasing details. Today, after announcing terms for the deal, Aslan trading lower by an additional 47% at $2.73, a market capitalization of just under $20 million.

ViGeneron GmbH of Munich closed a Series A round led by two China investors, WuXi AppTec and Sequoia Capital China (see story). The company will use the proceeds to advance its proprietary viral vector-based gene therapy platforms and develop its two lead ophthalmic gene therapy candidates. ViGeneron's pipeline is built on two proprietary adeno-associated virus (AAV) technology platforms: vgAAV gene therapy vectors, which allow superior transduction efficiency and intravitreal, less invasive treatment administration; and REVeRT vectors, which target diseases caused by mutations in large genes.

Trials and Approvals

Suzhou Innovent (HK: 01801)has dosed the first patient in a China Phase I trial of its anti-lymphocyte activation gene 3 (LAG-3) candidate in patients with advanced malignancies (see story). A novel immunotherapy, IBI110 will be studied as a monotherapy and in combination with Tyvyt®, Innovent's approved anti-PD-1 antibody drug. IBI110 is designed to bind to LAG-3 on the surface of T cells and disturb the interaction between LAG-3 and MHCII, relieving the inhibiting effect of LAG-3 on T cell activation. Its mechanism is expected to be synergistic with PD-1/PD-L1 drugs.

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