OncoImmune, Inc. Raises $56 Million Series B Financing for Novel Cancer and COVID-19 Therapeutics

ROCKVILLE, Md.--(BUSINESS WIRE)--OncoImmune, Inc. announced the completion of a $56 million financing in Series B equity co-led by HM Capital and a blue-chip investor. Existing investors, 3E Bioventures Capital and Kaitai Capital, as well as additional new investors, GBA Fund and GF Xinde, also joined the round. Oncoimmune will use the proceeds to support its novel therapeutic programs in late stage clinical trials and to expand its product pipeline.

OncoImmune currently has two Phase III clinical programs to evaluate its lead product CD24Fc, a first-in-class biologic, in protecting against immune destruction in severe and critical COVID-19 patients in one trial, and in leukemia patients that are prone to acute GVHD after receiving allogeneic hematopoietic stem cell transplant in the second trial. The COVID-19 Phase III trial has been initiated in 17 medical centers nationwide and is enrolling severe and critical COVID-19 patients that either require supplemental oxygen support or high flow oxygen non-invasive ventilation, in addition to ICU patients requiring invasive mechanical ventilation. The trial plans to enroll over 270 patients and is near its enrollment target with topline readouts expected soon.

“We are grateful to our investors for their confidence and continued support,” said Yang Liu, PhD, Founder, CEO and Chairman of OncoImmune. “We are delighted to see the significant progress OncoImmune has made in the past few years. It exemplifies how great scientific discovery can be turned into potential novel therapeutics benefiting patients,” said Dr. Karen Liu, Partner at 3E Bioventures Capital, which led OncoImmune’s Series A round in 2017.

“HM Capital is delighted to co-lead the investment to support innovations of transformative impact. We very much look forward to OncoImmune’s continuous success,” said Robert Luo, the founding partner of HM Capital.

About OncoImmune, Inc.

OncoImmune (www.oncoimmune.com) is a privately-held, clinical-stage biopharmaceutical company that is actively engaged in the discovery and development of novel immunotherapies for cancer, inflammation and autoimmune diseases. OncoImmune is based in Rockville, Maryland.

OncoImmune’s lead product, CD24Fc, is a novel therapeutic that regulates host inflammatory response to tissue injuries and has broad implications in the pathogenesis of cancer, autoimmune disease, metabolic syndrome and graft-versus-host disease (GvHD). OncoImmune has completed a Phase IIa trial for CD24Fc for the prophylactic treatment of acute Graft versus Host Disease (aGvHD) in leukemia patients undergoing hematopoietic stem cell transplantation (HSCT), which resulted in a significant improvement in 180 Day Grade III-IV acute GVHD Free Survival, the Phase III primary endpoint. CD24Fc prophylaxis also resulted in reduced relapse and demonstrated improvement in Overall Survival, Non-Relapse Mortality and Relapse-Free Survival, as compared with the controls. A dose-dependent reduction in severe (Grade > 3) mucositis was also observed. A 20 patient open label dose expansion cohort at the recommended clinical dose has been fully enrolled and CD24Fc continues to perform very well.