14 January 2019 | News
Financing will accelerate development of the Company’s cancer immunotherapy and targeted therapy programs
Apollomics, Inc. (previously CBT Pharmaceuticals, Inc.), an innovative biopharmaceutical company committed to the discovery and development of oncology combination therapies, announced that it has raised $100 million in a Series B financing. The financing is led by CMB International (“CMBI”), a subsidiary of China Merchants Bank, with participation from existing Series A investor OrbiMed Asia, and several new investors.
The infusion of capital will accelerate the growth of the Company with a focus on advancing multiple oncology programs, exploring new treatment areas, increasing the pipeline of assets, and adding the necessary talent and infrastructure to support these programs. In conjunction with the financing, Apollomics has added Kexiang Zhou, M.D., Managing Director, CMBI to its Board of Directors.
To accommodate its expansion in the U.S., Apollomics will relocate its headquarters to Foster City, CA. In 2018 the Company established its presence in Hangzhou, China to build a state-of-the-art research and development facility as well as manufacturing capabilities to advance its pipeline programs in China and the rest of the world.
“We founded Apollomics with the vision to become a global leader in the development of novel medicines for cancer patients,” said Guo-Liang Yu, PhD, Apollomics CEO and OrbiMed Venture Partner. “With this Series B funding and a physical presence in the United States, China, and Australia, Apollomics is poised to expand its clinical development programs globally. We welcome CMBI and our other new investors, and Dr. Zhou’s expertise in developing medicines in China and internationally will be instrumental as we enter the next stage for the Company. Together with our established partners in China, we currently have over ten clinical trials ongoing, and we will continue creating value for our investors by developing innovative solutions in the fight against cancer.”
Sanjeev Redkar, PhD, President of Apollomics, stated, “Rebranding the company to Apollomics truly captures our spirit and values. The name is derived from the Greek verb ‘apollymi’ which means ‘to destroy’, and ‘omics’ is a term used for large amounts of biological data. In Greek mythology, Apollo is the god of healing. Our new identity reinforces our mission to utilize sound scientific rationale to eradicate cancer and improve the lives of cancer patients.”