HaemaLogiX raises $10 million to advance multiple myeloma treatments
8 September 2021
• HaemaLogiX completes a fully subscribed $10 million share placement and welcomes Platinum Asset Management as core new institutional investor within its Platinum International Health Care Fund.
• Funding underpins HaemaLogiX’s drug development pipeline, targeting multiple myeloma - the second most common haematological cancer worldwide.
• Lead drug, KappaMab is a first in class monoclonal antibody treatment with compelling proof of concept data and potential to address significant unmet medical need in the treatment of multiple myeloma.
• Final results from the Phase IIb clinical trial are expected to be published in early 2022.
HaemaLogiX Pty Ltd, a clinical stage biotech company developing novel immuno-oncology and immune therapies for patients with blood cancers, is pleased to both announce the close of a fully subscribed $10 million placement to sophisticated investors and welcomes Platinum Asset Management as core new institutional investor within its Platinum International Health Care Fund.
Bryce Carmine, HaemaLogiX Chairman and CEO commented: “We are pleased to have secured $10 million in new capital which will enable HaemaLogiX advance the development of our lead asset KappaMab. In clinical studies to date, KappaMab has shown strong potential as an efficacy-boosting adjunct to the standard of care across multiple lines of treatment for multiple myeloma patients. Funds raised will contribute significantly to HaemaLogiX’s efforts to address the patient need in this underserved market and expedite our commercialisation efforts.
“Both new and existing shareholders have supported the raise and I’m very pleased to welcome the world-class Platinum Asset Management as a new institutional investor.”
HaemaLogiX's lead drug is a monoclonal antibody called KappaMab. It targets a cancer cell surface kappa myeloma antigen (KMA), which is believed to play a role in protecting the cancerous myeloma cell from the patient’s own immune response. When KappaMab specifically binds to the myeloma cell, it enables the patient’s immune system to recognise the cell as abnormal, triggering the natural response to attack and kill the myeloma cell.
Importantly the specificity of KappaMab has demonstrated excellent safety and efficacy in myeloma patients whose disease has relapsed. Due to its unique mode of action, KappaMab works in partnership with drugs that represent standard of care for treating multiple myeloma. These standard of care drugs have been shown to upregulate the KMA target on the myeloma cells and increase the patient’s own immune response, leading to a more effective synergistic drug combination treatment.
KappaMab’s potential to boost the efficacy of standard of care treatment has been validated by interim Phase IIb data. It is anticipated that final results of the Phase IIb clinical trial will be published in late 2021.
Placement and Use of Funds
Approximately 873k new fully paid ordinary shares in the Company (New Shares) will be issued under the Placement at the issue price of $11.60 per new share (Issue Price).
The funds raised under the placement will directly support manufacturing of the next batch of the Kappa antibody plus the conduct of a higher dose, 30mg/kg, monotherapy study and prepare for two further studies. One study demonstrating the clinical relevance of KappaMab in patients on a maintenance regime – which represents more than 50% of the overall market potential of the treatment landscape1 - and a second study in patients who have relapsed or become refractory to other immunomodulatory drugs in previous lines of treatment.
The Company also plans to progress its antibody for lambda-type multiple myeloma (which account for 30% of multiple myeloma patients) and continue activities to secure pharmaceutical partners for technology development, which may generate income through a licence or asset sale.
For more information, please contact:
Investors and partners:
Bryce Carmine, Chairman and CEO
HaemaLogiX Pty Ltd
+61 481 344 140
Jane Lowe, Managing Director
+61 411 117 774
About HaemaLogiX | www.haemalogix.com
Founded in 2014, HaemaLogiX Pty Ltd is a clinical stage biotech developing novel immuno-oncology and immune therapies for patients with blood cancers. The Company is focused on the development and commercialisation of monoclonal antibodies (Mab) for the potential treatment of multiple myeloma and potentially other blood cancers.
We have identified and characterised two novel drug targets, Kappa Myeloma Antigen (KMA) and Lambda Myeloma Antigen (LMA), on the surface of human blood cancers and autoimmune cells. These targets are highly specific to the cancer cells identified in blood cancers such as multiple myeloma, some lymphomas and Waldenstrom’s macroglobulinemia.
Importantly, KMA and LMA are not present on healthy cells. Clinical studies to date, have demonstrated fewer side effects, especially when compared to other current therapies in multiple myeloma. It is anticipated that further clinical studies will support this trend.
HaemaLogiX is a private Australian company, and our Mab technology is based on 10 years of research conducted at the University of Technology, Sydney, along with various world-leading institutions in Australia, Europe and the US. We hold a breadth of patents and have exclusivity over both the targets and the antibodies directed to them, making our intellectual property position comparatively more valuable and less prone to competitive challenge.
The monoclonal antibodies under development have also been formulated into other platforms such as CAR-T cell therapy and a bispecific monoclonal antibody. These three formulations may enable use in additional disease areas and the treatment of both early and late-stage disease giving them wide market potential.
About Multiple Myeloma
Multiple myeloma is the second most common haematological cancer worldwide, with an estimated 32,000 new cases and over 12,500 deaths annually in the US alone (2019), and a European incidence roughly equivalent. As increasing age (>60 years) is a risk factor for MM, the incidence of the disease is expected to rise along with increasing life expectancies.
The incurable nature of MM makes it necessary to expand treatment options available to patients. Prognosis remains poor at around 6 to 8 years survival with a patient suffering cyclical relapse, re-treatment and remission – this is classified as “relapsed/refractory” multiple myeloma (RRMM). There is significant unmet need, with the global multiple myeloma market valued at USD$14.5Bn in 2017 and projected to grow to USD$27.5Bn by 2027 using a CAGR of ~6.7% (GlobalData).
1. Triangle Insights Report, commissioned by HaemaLogiX