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Apollomics, Inc. (previously CBT Pharmaceuticals, Inc.) Raises $100 Million in Series B Financing
- Financing will accelerate development of the Company’s cancer immunotherapy and targeted therapy programs
- New brand reinforces Apollomics’ mission to discover and develop novel medicines and effective combination therapies to improve the lives of cancer patients
FOSTER CITY, Calif. and HANGZHOU, China, Jan. 07, 2019 (GLOBE NEWSWIRE) -- Apollomics, Inc., an innovative biopharmaceutical company committed to the discovery and development of oncology combination therapies, today announced 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.”
The Company also announced a corporate name change and rebranding from CBT Pharmaceuticals, Inc. to Apollomics, Inc. and has launched a new logo and website: www.apollomicsinc.com.
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.”
“We believe in the mission of Apollomics that through combination regimens we can achieve clinically meaningful, durable responses that will allow us to enhance outcomes for patients. Apollomics’ cross-border presence, diverse pipeline, proven track record, and seasoned management team creates a highly compelling investment for CMBI, and we are delighted to join their team,” added Dr. Kexiang Zhou.
About CMB International Capital Co., Ltd.
Incorporated in Hong Kong, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services to institutional, corporate and individual customers both domestically and overseas. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), CMBI leverages CMB’s synergy and coordination in domestic and overseas markets as well as CMB’s strong resources and outstanding social reputation. CMBI and its subsidiaries have been actively implementing diversified business strategies and have established main business segments including Corporate Finance, Asset Management, Wealth Management, and Equity and Structured Finance.
About Apollomics, Inc.
Apollomics, Inc., incubated by OrbiMed Asia at inception, is an innovative biopharmaceutical company committed to the discovery and development of oncology combination therapies that harness the immune system and target specific molecular pathways to eradicate cancer. The company’s existing pipeline consists of six development-stage assets including three novel, humanized monoclonal antibodies that restore the body’s immune system to recognize and kill cancer cells, and three targeted therapies against uncontrolled growth signaling pathways. For more information, please visit www.apollomicsinc.com.