On December 21, 2022 Biomica Ltd., a clinical-stage biopharmaceutical company developing innovative microbiome-based therapeutics and a subsidiary of Evogene Ltd. (Nasdaq: EVGN, TASE: EVGN), reported the signing of a definitive agreement for a $20 million financing round, to be led by Shanghai Healthcare Capital (SHC) (Press release, Biomica, DEC 21, 2022, View Source [SID1234625471]). The financing is subject to customary closing conditions, including clearance by Chinese regulatory authorities.
Shanghai Healthcare Capital is a leading Chinese private equity fund, based in Shanghai and focused on biotech and healthcare investments globally. The fund’s goal is investment in early stage and best-in-class innovators with a pipeline of therapies for improving the lives and long-term outcome of patients. The fund is managed by SIIC Capital, with Shanghai Pharma as one of the founding and strategic Limited Partners.
The financing round will enable Biomica to forge ahead, developing its pipeline of microbiome-based therapeutics. Biomica plans to use the proceeds to complete its current BMC128 phase 1 immuno-oncology study and advance to phase 2 clinical trial; scale up and complete GMP production of BMC333 in preparation for a phase 1 clinical trial for the treatment of inflammatory bowel disease (IBD); as well as advance additional programs.
Biomica’s drug candidates are based on a rationally designed consortia of microbes, selected through high-resolution functional microbiome analysis using PRISM, a computational platform powered by Evogene’s ‘MicroBoost AI’ tech engine.
"We are delighted to welcome SHC to Biomica as a strong value-adding shareholder and we are grateful to our existing shareholders and partners for their continued support," commented Dr. Elran Haber, Chief Executive Officer of Biomica. "Biomica has made tremendous progress in the past year. This includes the initiation of the first in-human phase 1 immune-oncology clinical trial of BMC128 as well as advancing our infectious and gastrointestinal-related disease programs. We look forward to working closely with our shareholders, as we continue our advancements and meet our milestones in the coming years."
Dr. Jing Bao, Senior Advisor of Shanghai HealthCare Capital with a PhD from the Weizmann Institute of Science, commented: "Microbiome research is an attractive field for SHC. It could potentially benefit a very large Chinese population. We see that the FDA just approved the first microbiome product, and we believe there is more to come. Specifically, Shanghai Pharma plays a strong role in China’s Live Biotherapeutic Product industry. Biomica, together with Evogene, has deep knowledge in the field and is pushing its first asset into the clinical stage. By leading the investment, we look forward to a meaningful and fruitful collaboration in the years to come."
Added Ofer Haviv, Chairman of Biomica and President & CEO of Evogene, "We are pleased to bring this new strategic partner, Shanghai Healthcare Capital, to join us. This external and independent endorsement validates our belief in the long-term potential of Biomica. It shows that all our hard work in building and investing in Biomica’s development, whose underpinning technology leverages our AI tech engine, MicroBoost AI, is a successful strategy and continues to bear fruit."
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