U.S.-based biotech builder Mountainfield Venture Partners and China’s Keymed Biosciences have launched a new company armed with $180 million in series A funds and a clinical-stage CD38-targeting antibody.
The new company, called Timberlyne Therapeutics, will be centered around the IgG1 monoclonal antibody CM313, for which Keymed has sold the ex-China rights for an undisclosed upfront payment, potential milestones, royalties and an equity stake in Timberlyne.
Keymed has tested CM313 in various clinical trials ranging from autoimmune disorders like immune thrombocytopenic purpura and systemic lupus erythematosus to multiple myeloma.
“Across these trials, CM313 has demonstrated potentially best-in-class characteristics,” Timberlyne said in the release. The biotech pointed to a phase 1/2 study last year showing a 95% response rate in patients with treatment-refractory immune thrombocytopenia.
CD38 is highly expressed in plasma cells, NK cells and other immune cells. The hope is that CM313 can therefore modulate a range of immune cell types “leading to both rapid and durable responses across a range of autoimmune diseases and cancers,” Timberlyne said.
The series A round was led by Abingworth, Bain Capital Life Sciences and Venrock Healthcare Capital Partners. Boyu Capital, Lilly Asia Ventures, Braidwell and 3H Health Investment also participated.
Keymed was behind KYM, a joint venture with fellow Hong Kong-listed Lepu Biopharma that received $63 million from AstraZeneca in 2023 in return for an early-phase antibody-drug conjugate.
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