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Apollomics Raises $124M in Series C Funding to Advance Precision Oncology Pipeline

NEW YORK – Apollomics announced on Friday that it has raised $124.2 million in a Series C funding round to advance precision oncology agents in its pipeline.

The financing was led by China-based Ping An Capital and included the participation of new and existing investors. Dong Liu, a principal partner at Ping An Capital, will join Apollomics' board of directors.

Foster City, California-based Apollomics will use the newly raised funds to further develop its targeted c-MET inhibitor APL-101, which is being evaluated in a Phase I/II trial involving patients with a variety of MET dysregulated solid tumors. After establishing the agent's safety and maximum tolerated dose in the Phase I portion of the study, dubbed SPARTA, APL-101 advanced into the Phase II portion in May.

In this portion of the trial, SPARTA is evaluating the efficacy of APL-101 in multiple patient cohorts, including a cohort of non-small cell lung cancer patients harboring MET exon 14 skipping mutations. This NSCLC cohort will be further subdivided according to whether the patients have been previously treated, and whether they progressed on a prior c-MET inhibitor. Two other cohorts in the trial are enrolling cancer patients with c-MET high-level amplifications and c-MET fusions.

Beyond APL-101, Apollomics will also use the funds to advance APL-106 (uproleselan), a first-in-class agent designed to target E-selectin, a molecule found on bone marrow cells. The company is evaluating uproleselan in a Phase III trial as a treatment for patients with relapsed or refractory acute myeloid leukemia.

"Since our founding in 2016, we have established a broad portfolio of single agent and combination programs through our internal research efforts and strategic collaborations," Apollomics President and Cofounder Sanjeev Redkar said in a statement. "We are pleased with the progress we have made thus far and expect to maintain this momentum going forward as our pipeline evolves."