Singaporean biotherapeutic startup Hummingbird Bioscience has raised USD 25 million in its extended Series B funding, bringing its total capital raised to USD 65 million. The funding round was led by South Korean investor SK Holdings. Also participating in the round were existing shareholders Heritas Capital and SEEDS Capital.
The company announced that the funding will be used to accelerate the development of its two lead antibody candidates for the treatment of cancer into clinical trials. The company also plans to strengthen its scientific and research and development capabilities.
“Even as the COVID-19 pandemic has resulted in a slow-down in investing, we are mindful that backing leading innovative biotech companies, especially players such as Hummingbird, to develop cures for addressing patients’ needs remains our priority,” Heritas Capital Management CEO and Executive Director Chik Wai Chiew says.
Founded in 2015, Hummingbird Bioscience is focused on the discovery and development of antibody-based therapeutics, making use of systems and computational biology to develop insights into disease biology. The firm has established strategic collaborations with Cancer Research UK and Amgen, and was awarded a USD 13.1 million product development grant from the Cancer Prevention and Research Institute of Texas (CPRIT).