ABL Bio Inc., a bispecific antibody specialist, said on the 30th it will invest an additional $25 million in U.S.-based biotech firm Neok Bio through a third-party allotment capital increase.
The move marks the company’s second Series A investment in Neok Bio, following a $30 million research and development funding round in September last year.
Neok Bio plans to use the funding received from ABL Bio to accelerate clinical trials of its bispecific antibody-drug conjugate (ADC) pipelines, ABL206 (NEOK001) and ABL209 (NEOK002).
Neok Bio is a wholly owned U.S. subsidiary of ABL Bio, which holds 100% of its shares, including a 3.49% stake held by CEO Mayank Gandhi. The company holds global development and commercialization rights for ABL206 (NEOK001) and ABL209 (NEOK002), both developed by ABL Bio.
ABL206 (NEOK001) targets B7-H3 and ROR1, while ABL209 (NEOK002) targets EGFR and MUC1. Both are bispecific ADCs based on topoisomerase I inhibitors.
ABL Bio and Neok Bio recently received approval from the U.S. Food and Drug Administration (FDA) for investigational new drug (IND) applications for both pipelines.
Clinical trials targeting patients with solid tumors are currently underway, led by Neok Bio. Interim data from Phase 1 trials for both pipelines are expected in 2027.
Lee Sang-hoon, CEO of ABL Bio, said, “While no bispecific ADC drugs have yet been approved, they are gaining attention from global companies as a next-generation modality that can overcome the limitations of conventional monoclonal antibody ADCs. Neok Bio has established an optimal clinical strategy in collaboration with ADC development experts.”
