Clinical-stage biotechnology company HI-Bio has successfully concluded a Series B financing round, raising $95 million to advance its mission of developing targeted therapies for patients facing severe immune-mediated diseases (IMDs). The financing was led by new investor Alpha Wave Global, with participation from Viking Global Investors, Arkin Bio Capital, and existing investors Jeito Capital and ARCH Venture Partners.
The substantial funding will enable HI-Bio to progress its lead therapeutic candidate, felzartamab, through clinical readouts in multiple indications and prepare for registrational studies. Felzartamab, a monoclonal antibody targeting CD38, was in-licensed from MorphoSys and has shown promise across various indications, including antibody-mediated rejection (AMR), IgA nephropathy (IgAN), lupus nephritis (LN), and primary membranous nephropathy (PMN). The candidate has received Breakthrough Therapy Designation and Orphan Drug Designation from the U.S. Food and Drug Administration (FDA) in PMN.
Dr. Travis Murdoch, CEO of HI-Bio, expressed enthusiasm about the funding, stating, “We are encouraged by promising clinical data to date for felzartamab and its anti-CD38 cell depletion approach, and we look forward to new data, including Phase 2 results from an investigator-initiated trial for antibody-mediated rejection in kidney transplant patients.”
HI-Bio has also initiated a clinical study for HIB210, an anti-C5aR1 candidate designed to target neutrophil activation and chemotaxis. The company aims to evaluate the clinical properties of HIB210 in healthy volunteers and advance a discovery-stage program targeting mast cell dysfunction toward Investigational New Drug (IND)-enabling studies.
Chris Dimitropoulos, Managing Director of Healthcare Investments at Alpha Wave Global, emphasized the significant disease burden associated with immune-mediated diseases and the need for novel targeted treatments. He expressed confidence in HI-Bio’s differentiated potential, citing compelling clinical data for felzartamab, and looks forward to continued progress across multiple indications with high unmet need.
As part of the Series B financing, Chris Dimitropoulos has been appointed to the HI-Bio Board of Directors. The funding will play a crucial role in advancing the clinical development of felzartamab and furthering the evaluation of innovative therapeutic candidates, marking a significant step forward in addressing the challenges posed by severe immune-mediated diseases.