Appolomics Completes $124.2 million Series C Financing

Apollomics, Inc. recently announced the completion of a $124.2 million Series C Financing led by China’s Ping An Capital with participation from several new and existing investors. Dong Liu, Ph.D., nominated by Ping An Capital will join the Apollomics Board of Directors. Apollomics is an innovative biopharmaceutical company committed to the discovery and development of mono and combination oncology therapies to harness the immune system and target specific molecular pathways to eradicate cancer. The company’s existing pipeline consists of several development-stage assets, including novel, humanized monoclonal antibodies that restore the body’s immune system to recognize and kill cancer cells, and targeted therapies against uncontrolled growth signaling pathways.

“Apollomics is focused on a precision medicine approach that targets specific mutations, amplifications, and resistance mechanisms to bring transformative therapies to cancer patients," according to Guo-Liang Yu, Ph.D., Co-Founder, Chairman, and Chief Executive Officer. “We appreciate the profound level of support and interest we received during this financing and welcome several new investors to our shareholder base. With this infusion of capital, we will continue our ambitious plans to progress our current pipeline and expand our programs globally.”

Earlier in the year, Apollomics announced that APL-106 (uproleselan) had received Investigational New Drug approval from the China National Medical Products Administration Center for Drug Evaluation. That approval enables the initiation of a Phase 1 pharmacokinetic and tolerability study and includes acceptance of a Phase 3 bridging study of APL-106 in combination with chemotherapy in relapsed/refractory acute myeloid leukemia. Apollomics licensed APL-106 from Glycomimetics in January 2020.  Under the terms of the agreement, Apollomics has the rights and responsibility to develop and commercialize APL-106 in Mainland China, Hong Kong, Macau, and Taiwan, also known as Greater China.

Acute myeloid leukemia (AML) is a cancer of the blood and bone marrow. It is an aggressive disease that causes the bone marrow to produce immature cells that are unable to carry out their normal function and develop into leukemic white blood cells called myeloblasts. In the US, there are approximately 20,000 new cases of AML each year and a five-year survival rate of 28.7%. The annual incidence of new cases of AML in China is 21,600, and relapsed/refractory AML has an extremely poor prognosis.

“Since our founding in 2016, we have established a broad portfolio of single agent and combination programs through our internal research efforts and strategic collaborations,” according to Sanjeev Redkar, Ph.D., Co-Founder and President. “In conjunction with our partners, we now have six assets in over ten clinical trials in the US and China. We are pleased with the progress we have made thus far and expect to maintain this momentum going forward as our pipeline evolves.”

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