Harbour BioMed Reports First-Ever Profit in H1 2023 Interim Financial Results

Harbour BioMed (HKG: 2142), a biotech company with operations in Suzhou, China, Cambridge in the US, and the Netherlands, has announced its interim financial results for the period ending June 30, 2023. In a preliminary review of unaudited figures, the company reported a net profit for the first time, expecting to announce profits between USD 2 million to USD 4 million for the six-month period. This marks a significant turnaround from the net loss of approximately USD 73.1 million reported in the same period a year prior. The news sparked a rise of over 20% in Harbour Bio’s Hong Kong stock during midday trading.

Revenue Growth and Profitability
The emergence of profitability was driven by revenues of USD 40 million, representing a 44.9% year-on-year (YOY) increase. Harbour Bio attributes these profits to its global collaborations focused on innovative portfolio products and effective cost-cutting measures within its operations.

Strategic Partnerships and Deal with Cullinan Oncology
During the reporting period, Harbour BioMed agreed to grant Cullinan Oncology Inc., a US firm, development and commercial rights in the United States for HBM7008, a bispecific antibody (BsAb) targeting both the tumor antigen B7H4 and the T cell co-stimulatory molecule 4-1BB. The deal included a USD 25 million upfront payment and potential milestone payments of up to USD 600 million. This agreement is one of a series of significant partnerships Harbour BioMed has established, including collaborations with Moderna Inc. (NASDAQ: MRNA), AstraZeneca (AZ, NASDAQ: AZN), and AbbVie (NYSE: ABBV).-Fineline Info & Tech

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