Biomica Announces Closing of $20 Million Financing Round led by Shanghai Healthcare Capital

Rhea-AI Summary

Biomica Ltd., a subsidiary of Evogene Ltd. (Nasdaq: EVGN), has successfully closed a financing round totaling $20 million, aimed at advancing its microbiome-based therapeutics. The funding was primarily led by a $10 million investment from Shanghai Healthcare Capital, which now owns 20% of Biomica's shares. The funds will be allocated to complete the BMC128 phase 1 immuno-oncology study and initiate a phase 2 trial, as well as to scale up GMP production of BMC333 for an upcoming phase 1 clinical trial focused on inflammatory bowel disease (IBD). Biomica is dedicated to developing innovative therapeutics utilizing its MicroBoost AI technology, emphasizing treatments for antibiotic-resistant bacteria and gastrointestinal disorders.

Positive

• Successfully closed a financing round of $20 million.
• Shanghai Healthcare Capital invested $10 million, acquiring 20% ownership in Biomica.
• Funding will enable completion of BMC128 phase 1 study and advance to phase 2 trial.
• Plans to initiate GMP production of BMC333 for phase 1 trial targeting inflammatory bowel disease.

Negative

• None.

REHOVOT, Israel, April 27, 2023 /PRNewswire/ -- Biomica Ltd., a clinical-stage biopharmaceutical company developing innovative microbiome-based therapeutics and a subsidiary of Evogene Ltd. (Nasdaq: EVGN) (TASE: EVGN), today announced that it has closed a financing round of $20 million. The round was led by a $10 million investment from Shanghai Healthcare Capital (SHC), a leading Chinese private equity fund based in Shanghai, focused on biotech and healthcare investments globally. Following the investment, SHC holds 20% of the share capital in Biomica on a fully-diluted basis. Evogene also invested $10 million in Biomica in the current financing round.

The $20 million investment enables Biomica to forge ahead with 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.

About Biomica Ltd.:

Biomica is a clinical stage biopharmaceutical company developing innovative microbiome-based therapeutics utilizing MicroBoost AI tech-engine, licensed from Evogene. Biomica aims to identify and characterize disease-related microbiome entities and to develop novel therapeutics based on these understandings. The company is focused on the development of therapies for antibiotic resistant bacteria, immuno-oncology, and microbiome-related gastrointestinal (GI) disorders. Biomica is a subsidiary of Evogene Ltd. (Nasdaq: EVGN, TASE: EVGN).

For more information, please visit www.biomicamed.com.

About Evogene Ltd.:

Evogene Ltd. (Nasdaq: EVGN, TASE: EVGN) is a computational biology company aiming to revolutionize the development of life-science based products by utilizing cutting edge technologies to increase the probability of success while reducing development time and cost. Evogene established three unique tech-engines - MicroBoost AI, ChemPass AI and GeneRator AI – leveraging Big Data and Artificial Intelligence and incorporating deep multidisciplinary understanding in life sciences. Each tech-engine is focused on the discovery and development of products based on one of the following core components: microbes (MicroBoost AI), small molecules (ChemPass AI), and genetic elements (GeneRator AI).

Evogene uses its tech-engines to develop products through subsidiaries and strategic partnerships. Evogene's subsidiaries currently utilize the tech-engines to develop human microbiome-based therapeutics by Biomica, ag-biologicals by Lavie Bio, ag-chemicals by AgPlenus, medical cannabis products by Canonic and castor varieties, for the biofuel and other industries, by Casterra. 

For more information, please visit www.evogene.com

Forward Looking Statements

This press release contains "forward-looking statements" relating to future events. These statements may be identified by words such as "may", "could", "expects", "hopes" "intends", "anticipates", "plans", "believes", "scheduled", "estimates", "demonstrates" or words of similar meaning. For example, Evogene and its subsidiaries are using forward-looking statement in this press release when it discusses the BMC128 phase 1 immuno-oncology study and the advancement to phase 2 clinical trial; scale up and completion of GMP production of BMC333 in preparation for a phase 1 clinical trial for the treatment of inflammatory bowel disease (IBD) and advancement of additional programs. Such statements are based on current expectations, estimates, projections and assumptions, describe opinions about future events, involve certain risks and uncertainties which are difficult to predict and are not guarantees of future performance. Therefore, actual future results, performance or achievements of Evogene and its subsidiaries may differ materially from what is expressed or implied by such forward-looking statements due to a variety of factors, many of which are beyond the control of Evogene and its subsidiaries, including, without limitation, those risk factors contained in Evogene's reports filed with the applicable securities authority. In addition, Evogene and its subsidiaries rely, and expect to continue to rely, on third parties to conduct certain activities, such as their field-trials and pre-clinical studies, and if these third parties do not successfully carry out their contractual duties, comply with regulatory requirements or meet expected deadlines, Evogene and its subsidiaries may experience significant delays in the conduct of their activities. Evogene and its subsidiaries disclaim any obligation or commitment to update these forward-looking statements to reflect future events or developments or changes in expectations, estimates, projections and assumptions.

Investor Contact:

Kenny Green Email: kenny.green@evogene.com Tel: +1 212 378 8040

Logo - https://mma.prnewswire.com/media/1974949/Biomica.jpg
Logo - https://mma.prnewswire.com/media/1947468/Evogene.jpg

 

 

View original content:https://www.prnewswire.com/news-releases/biomica-announces-closing-of-20-million-financing-round-led-by-shanghai-healthcare-capital-301809514.html

SOURCE Biomica Ltd.

FAQ

What recent funding did Evogene's subsidiary Biomica Ltd. secure?

Biomica Ltd. secured a $20 million financing round led by Shanghai Healthcare Capital.

How much did Shanghai Healthcare Capital invest in Biomica?

Shanghai Healthcare Capital invested $10 million in Biomica, acquiring a 20% stake in the company.

What will Biomica use the $20 million funding for?

Biomica will use the funding to advance its BMC128 phase 1 study, begin phase 2 trials, and scale up GMP production of BMC333.

What is the significance of the BMC128 study for Biomica?

The BMC128 study is crucial as it aims to progress Biomica's immuno-oncology therapeutic pipeline.

What type of therapeutics is Biomica focusing on developing?

Biomica focuses on microbiome-based therapeutics, particularly for antibiotic-resistant bacteria and gastrointestinal disorders.