CAMBRIDGE, Mass., ROTTERDAM, Netherlands and SUZHOU,
China, July 18,
2024 /PRNewswire/ -- Harbour BioMed (the
"Company"; HKEX: 02142), a global biopharmaceutical company
committed to the discovery, development, and commercialization of
novel antibody therapeutics focusing on oncology and immunology,
today announced a positive profit alert for the six months ended
June 30, 2024 (the "Reporting
Period").
Based on a preliminary review of the Company's unaudited
consolidated management accounts for the Reporting Period, total
profit is expected to be between US$1
million and US$1.5 million,
compared to approximately US$2.9
million for the six months ended June
30, 2023 (the "HY2023"). The anticipated decrease in profit
for the Reporting Period is mainly due to a change in the revenue
structure. Specifically, the proportion of fees received from the
service business as a percentage of total revenue during the
Reporting Period has increased compared to HY2023. However, this
type of revenue has a relatively slim profit margin compared to the
licensing revenue, which constituted a larger proportion of the
revenue in HY2023. As a result, the overall profit for the
Reporting Period has decreased.
Despite the anticipated decrease in profit for the Reporting
Period compared to HY2023, the Company emphasizes that it expects
to maintain an overall profit for the Reporting Period. This
optimistic outlook is primarily attributable to:
- A stable source of income and a diverse revenue mix. The
milestone payments received from existing out-licensing and
collaboration of innovative products from the Company's portfolio
contributed significantly to the revenue for the Reporting
Period.
- Various new Licensing and Collaboration Agreements centered on
innovative products and cutting-edge antibody discovery
technology.
- Consistent enhanced cost control in business operations.
Dr. Jingsong Wang, Founder,
Chairman and CEO of Harbour BioMed, commented: "Our business
has shown remarkable resilience and adaptability in challenging
market conditions, and our global operations continue to open new
avenues for future growth. By leveraging Harbour BioMed's core
innovative capabilities, we are confident that we can enhance our
value creation worldwide."
About Harbour BioMed
Harbour BioMed (HKEX: 02142) is a global biopharmaceutical
company committed to the discovery, development, and
commercialization of novel antibody therapeutics focusing on
immunology and oncology. The Company is building its robust
portfolio and differentiated pipeline through internal R&D
capability, collaborations with co-discovery and co-development
partners, and select acquisitions.
The proprietary antibody technology platforms Harbour
Mice® generates fully human monoclonal antibodies
in two heavy and two light chains (H2L2) format, as well as heavy
chain only (HCAb) format. Building upon the HCAb antibodies, the
HCAb-based immune cell engagers (HBICE®) bispecific
antibody technology is capable of delivering tumor-killing effects
unachievable by traditional combination therapies. Integrating
Harbour Mice®, and HBICE® with a single B
cell cloning platform, our antibody discovery engine is highly
unique and efficient for the development of next-generation
therapeutic antibodies. For further information, please refer to
www.harbourbiomed.com.
Statement
The information contained in this press release is only a
preliminary assessment by the Board based on the unaudited
consolidated management accounts of the Company and its
subsidiaries for the six months ended June 30,
2024 currently available to the Company, and is not based on
any figures or information which have been reviewed or confirmed by
the audit committee of the Board, or reviewed or audited by the
auditors of the Company. The actual results for the six
months ended June 30, 2024 may differ from those
disclosed in this press release. As such, the above figures are
strictly for information only and not for any other purposes.
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SOURCE Harbour BioMed