LongBio announced the completion of Series B2 financing, led by Qiming Venture Partners

SHANGHAI, Sept. 24, 2024 /PRNewswire/ -- LongBio Pharma (Suzhou) Co., Ltd. ("LongBio" or the "Company"), a Phase III-stage biotech company focused on the R&D of innovative antibody and fusion protein drugs for allergies and complement-mediated diseases, announced the completion of its Series B2 financing round, raising tens of millions of RMB. The round was led by Qiming Venture Partners, with continued support from existing investors. The funds will primarily be used to advance late-stage clinical studies in the company's pipeline, strengthen team capabilities, and bolster working capital.

Leveraging its proprietary technology platform, LongBio has developed a range of innovative biologics with independent intellectual property rights.

LP-003, a best-in-class, high-affinity anti-IgE antibody, has demonstrated the potential for superior efficacy, lower dosing, longer dosing intervals, and greater cost-effectiveness. Existing data indicates that:

• LP-003 can extend the dosing frequency of current drugs targeting the same target from once every 2-4 weeks to once every 3-6 months.
• 100 mg of LP-003 showed comparable efficacy to 300 mg of omalizumab.
• Subgroup analysis in Phase II study further revealed that LP-003 may offer superior efficacy compared to omalizumab under similar pollen density conditions.

LongBio has also initiated clinical studies in China for LP-003 in various other indications, including chronic spontaneous urticaria (CSU), asthma, and food allergy. The company aims to present the topline results of the LP-003 Phase II study for CSU, using omalizumab as a positive control, at the 2025 American Academy of Allergy, Asthma & Immunology (AAAAI) meeting in San Diego, US, in February 2025. The US FDA IND filing for CSU and food allergy is currently in preparation, and will be submitted later this year.

LP-005, a potential first-in-class bi-functional anti-C3&C5 antibody, has entered Phase II clinical trials for paroxysmal nocturnal hemoglobinuria (PNH) in China. By fully inhibiting all three pathways of the complement system, LP-005 may offer superior efficacy in diseases involving multiple pathways compared to other complement drugs that target only one. LongBio is also exploring LP-005 as a potential treatment for complement-mediated nephritis, eye diseases, and neurological disorders.

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About Qiming Venture Partners

Qiming Venture Partners was founded in 2006. Currently, Qiming Venture Partners manages eleven US Dollar funds and seven RMB funds with $9.5 billion in capital raised. Since our establishment, we have invested in outstanding companies in the Technology and Consumer (T&C) and Healthcare industries at the early and growth stages.

Since our debut, we have backed over 530 fast-growing and innovative companies. Over 200 of our portfolio companies have achieved exits through IPOs at the NYSE, NASDAQ, HKEX, Shanghai Stock Exchange, or Shenzhen Stock Exchange, or through M&A or other means. There are also over 70 portfolio companies that have achieved unicorn or super unicorn status.