Harpoon Therapeutics Banks $70M Series C Financing

Harpoon Therapeutics, Inc. announced on 11/11/18 the closing of a $70 million Series C equity financing. OrbiMed served as the lead new investor, along with new investors Cormorant, Ridgeback Capital Investments, Lilly Asia Ventures (LAV) and NS Investment. Harpoon's existing investors MPM Capital, Oncology Impact Fund, Arix Bioscience, New Leaf Venture Partners and Taiho Ventures, LLC also participated in the Series C financing round. Harpoon intends to use the proceeds from the financing to support further advancement of its immunotherapy programs based on its TriTAC™ (Tri-specific T cell Activating Construct) and ProTriTAC (Protease-activated Tri-specific T Cell Activating Construct) platforms, which are designed to harness the natural power of the body’s immune system to fight cancer and other diseases.

Harpoon’s TriTAC platform was designed to advance the therapeutic potential of T cell engagers, with a long half-life extended format. Harpoon is developing a pipeline of four wholly owned TriTAC product candidates. Harpoon’s lead product candidate, HPN424, is currently in a Phase 1 clinical trial for the treatment of metastatic castration-resistant prostate cancer, or mCRPC.

“This financing is a significant milestone for us as we continue to advance our pipeline, including HPN424, our lead product candidate, with which we initiated a Phase 1 trial this summer as a potential treatment for prostate cancer,” said Jerry McMahon, Ph.D., President and Chief Executive Officer. “With these funds, we intend to pursue preclinical and clinical development of additional product candidates based on our TriTAC platform as well as our second technology platform, ProTriTAC, which we believe can expand access to a broader landscape of tumor targets and indications.”

In 2019, Harpoon plans to initiate Phase 1 clinical trials for HPN536 (a mesothelin-targeting TriTAC) for the treatment of mesothelin-expressing tumors, and HPN217 (a BCMA-targeting TriTAC) for the treatment of multiple myeloma. The ProTriTAC platform effort is yielding T-cell engagers against additional targets based on tumor protease-dependent activation in the tumor microenvironment, and Harpoon expects to advance its first ProTriTAC product candidate to IND-enabling studies in 2019.

In May of 2019 Harpoon raised $45M in a Series B round.