Harbour BioMed Announces Positive Profit Alert

CAMBRIDGE, Mass., ROTTERDAM, Netherlands and SUZHOU, China, Jan. 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, announces a positive profit alert for the year ended December 31, 2023.

As disclosed before, there was a turnaround from a loss of US$73.1 million for the six months ended June 30, 2022 to a profit of US$2.9 million for the six months ended June 30, 2023. Based on the preliminary review of the unaudited consolidated management accounts, it is expected that there will be a profit of approximately US$18 million for the year ended December 31, 2023, as compared to a loss of approximately US$137 million for the year ended December 31, 2022. This is the first time that the Company has recorded a net profit on its annual financial statements. The anticipated turnaround from loss to profit was mainly attributable to:

• The improved cost control through enhanced business operation efficiency and the out-licensing and collaboration of innovative products from the portfolio of Harbour Therapeutics, such as HBM7008 and HBM9161, which contributed significantly to the revenue for the six months ended June 30, 2023;
• Continued strategic partnerships with global pharmaceutical companies, such as the collaboration with Pfizer/Seagen in the development and commercialization of HBM9033;
• Continuous global industry and business momentum captured by Nona Biosciences as reflected in its significant revenue ramp-up.

Dr. Jingsong Wang, Founder, Chairman and CEO of Harbour BioMed, commented: "Our business has demonstrated significant progress and adaptability under challenging market conditions. Leveraging our innovative Harbour Mice^® platform and a globalized operation, we've expanded the horizons for future growth. We are confident that our business strategy will consistently create value for the company, and we remain steadfast in our commitment to continuously unleash our cutting-edge technologies to address the unmet medical needs for patients."

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 year ended December 31, 2023 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 year ended December 31, 2023 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