LongBio Completes Series B2 Funding Led by Qiming Venture Partners

SHANGHAI, Sept. 24, 2024 – LongBio Pharma (Suzhou) Co., Ltd., a biotech firm in the late stages of clinical development, has successfully concluded its Series B2 financing round, securing substantial funds. The investment round, led by Qiming Venture Partners, also saw participation from existing investors. The capital will be utilized primarily to advance its late-stage clinical trials, enhance team capabilities, and support working capital.

LongBio Pharma specializes in the research and development of innovative antibody and fusion protein drugs, targeting allergies and diseases mediated by the complement system. The company has developed a portfolio of biologics, all protected by independent intellectual property rights, through its proprietary technology platform.

A significant focus for LongBio is LP-003, a high-affinity anti-IgE antibody. This drug has shown promising potential for improved efficacy, reduced dosage, extended dosing intervals, and better cost-efficiency. Data suggests that LP-003 can extend the dosing frequency of similar existing treatments from every 2-4 weeks to every 3-6 months. Additionally, a dose of 100 mg LP-003 is comparable in efficacy to 300 mg of omalizumab. Subgroup analysis from Phase II studies further indicates that LP-003 could be more effective than omalizumab under similar pollen conditions.

LongBio has also commenced clinical trials for LP-003 in China for various indications such as chronic spontaneous urticaria (CSU), asthma, and food allergies. The company plans to present the topline results of its Phase II study for CSU, with omalizumab as a comparator, at the 2025 American Academy of Allergy, Asthma & Immunology (AAAAI) meeting in San Diego, US, in February 2025. Preparations are underway for a US FDA IND filing for CSU and food allergy, scheduled for later this year.

Another key drug in LongBio's pipeline is LP-005, a potential first-in-class bi-functional anti-C3&C5 antibody. This drug has progressed to Phase II clinical trials for paroxysmal nocturnal hemoglobinuria (PNH) in China. LP-005 aims to offer superior efficacy by fully inhibiting all three pathways of the complement system, compared to other complement drugs that target only one pathway. The company is also investigating the potential of LP-005 for treating complement-mediated nephritis, eye diseases, and neurological disorders.

In summary, LongBio Pharma is making significant strides in the development of innovative treatments for allergies and complement-mediated diseases. The successful Series B2 financing round will enable the company to advance its clinical programs and enhance its operational capabilities. The forthcoming presentation of Phase II study results and the planned FDA IND filings demonstrate LongBio's commitment to bringing novel therapies to the market.