Jacobio Pharmaceuticals Announces 2021 Interim Results
Beijing and Boston, Aug. 31 2021 /PR Newswire/ -- Jacobio Pharmaceuticals (“Jacobio”, 1167.HK) announced its results for the first half of 2021. Investment in R&D for the clinical-stage biotech firm reached 175 million yuan (approx. US$27 million) for the half year, up 146 percent year-on-year. Driven by revenue generated from its overseas licensing deals, the company recorded revenue of 57.69 million yuan (approx. US$8.9 million) during the reporting period.
During the six months, Jacobio accelerated the pace of its clinical-stage research projects in both China and the United States.
➢ The company received a US$20 million milestone payment from one of its partners, triggered by the first two patients have been dosed in clinical trial of SHP2 inhibitor JAB-3312 in combination with PD-1 antibody Pembrolizumab and MEK inhibitor Binimetinib respectively.
➢ The KRAS G12C inhibitor JAB-21822 was approved for clinical trials in both China and the United States, and the first patient with advanced solid tumors was dosed in a Phase I/II clinical trial in China.
➢ In addition, the BET inhibitor JAB-8263 completed the first patient administration in China during the period after completing the same in the US in late 2020.
Jacobio’s research projects focus on five major tumor signaling pathways: SHP2/RAS, I/O, RB, tumor metabolism, and c-MYC, with the aim of seeking out undeveloped therapy targets on validated signaling pathways. Besides the clinical phase projects, the company has five programs in IND-enabling stage, three in preclinical stage and others in early pipelines under development.
In addition to small molecules and antibody drugs, Jacobio is also developing revolutionary therapies in the realm of tumor treatment. During the period, the company made a strategic investment in cell therapy company Hebecell for the development of new iPSC-derived natural killer (iPSC-CAR-NK) cells both in global markets.
In the first half of 2021, Jacobio collaborated with many well-known players in the industry, including a number of AI-driven new drug R&D companies, major oncology hospitals and other medical facilities, to enhance its strength in each link of new drug R&D through complementary cooperation.
During the period, Jacobio’s staff expanded from 180 to 213 employees. In order to attract more professionals, the company set up an R&D center in Shanghai in April 2021 to ramp up its R&D footprint alongside facilities in Beijing and Boston. In addition, the 20,000 square meter in Beijing has been roof-sealed and is expected to become the headquarters where R&D, production and administrative offices will be integrated in one space, paving the way for the company to become a full function biopharma with R&D, manufacture and sales.
“As new drug R&D has entered a critical and complex phase, Jacobio is committed to benefiting the patient while seeking project opportunities from the latest scientific research achievements with the aim of developing first-of-its-kind new drugs,” said Dr. Wang Yinxiang, Chairman and CEO of Jacobio, “We strive to be among the world’s top three producers when it comes to core projects and grow global market share through project licensing cooperation with internationally renowned pharmaceutical manufacturers.”
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Jacobio is committed to providing more products and solutions to people's health. Our mission is to provide compelling innovations for creating a pipeline of life-changing medicines. Our vision is to become a global leader recognized for our impact in drug R&D together with our partners. The company's R&D centers are located in Beijing, Shanghai and MA, with a platform and expertise in developing allosteric inhibitors against protein tyrosine phosphatase, KRAS and transcriptional factors.
This news release may contain certain forward-looking statements that are, by their nature, subject to significant risks and uncertainties. The words "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to the Company, are intended to identify certain of such forward-looking statements. The Company does not intend to update these forward-looking statements regularly.
These forward-looking statements are based on the existing beliefs, assumptions, expectations, estimates, projections and understandings of the management of the Company with respect to future events at the time these statements are made. These statements are not a guarantee of future developments and are subject to risks, uncertainties and other factors, some of which are beyond the Company's control and are difficult to predict. Consequently, actual results may differ materially from information contained in the forward-looking statements as a result of future changes or developments in our business, the Company's competitive environment, and political, economic, legal and social conditions in China.
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Source: Jacobio Pharmaceuticals