- Proceeds to fund development of novel and best-in-class therapeutics for eye diseases
- Charles Semba, MD, joins the company to serve as Chief Medical Officer
SHANGHAI, Nov. 27, 2020 /PRNewswire/ — Eluminex Biosciences Limited (Eluminex), an ophthalmic biotechnology company committed to the discovery and development of first-in-class and/or best-in-class therapies, today announced the completion of a $50 million (USD) Series A Financing co-led by Lilly Asia Ventures, GL Ventures (venture capital arm of Hillhouse Capital), and Quan Capital. The Eluminex headquarters and research and development center are located in Suzhou Industrial Park; the business center is based in Shanghai, and future plans include establishing a global clinical and registration center in the San Francisco Bay Area.
“We greatly appreciate the profound level of support and trust from three global investors,” said Jinzhong Zhang, PhD, Co-Founder, Chairman, and Chief Executive Officer. “With these proceeds, our goal is to build an innovative pipeline addressing critical unmet medical needs in vision-threatening diseases for patients worldwide. Additionally, we are pleased to have three world-renowned professors of ophthalmology as members of our Scientific Advisory Board: Quan Dong Nguyen, MD, MSc (Stanford University), Zuguo Liu, MD, PhD (Xiamen University), and Xiaodong Sun, MD, PhD (Shanghai Jiao Tong University). We are grateful for their significant contributions in helping us develop our pipeline programs.”
The company also announced that Charles Semba, MD, has joined Eluminex as Chief Medical Officer (CMO). Dr. Semba is an internationally recognized leader in ophthalmic drug development. He has served as CMO in three prior ophthalmic companies: SARcode Bioscience (acquired by Shire/Takeda), ForSight VISION5 (acquired by Allergan), and Graybug Vision (NASDAQ: GRAY). He has held senior leadership roles as Vice President Ophthalmic Medicine at Shire/Takeda and Ophthalmology Group Head at Genentech. Dr. Semba led the clinical development of ranibizumab (LUCENTIS®), the first global blockbuster anti-VEGF agent to reverse blindness in wet age-related macular degeneration and lifitegrast (XIIDRA®), the first novel agent for the treatment of both signs and symptoms of dry eye disease; XIIDRA® was acquired by Novartis for over $5 billion (USD).
Regarding the success of this financing, all parties have expressed their confidence and expectations for the new company. “Closing Series A financing is indeed a major milestone. The leadership at Eluminex should be congratulated for this impressive achievement amidst current global events,” commented Dr. Nguyen, Professor of Ophthalmology at the Byers Eye Institute, Stanford University. “Such financial success and security demonstrate the trusts that the company has earned from the investment community in Eluminex's research and development therapeutic plans to preserve and enhance vision for patients with devastating ocular diseases worldwide.”
“Driven by an aging population and overuse of eyes in various ages, the ophthalmic market is seeing huge unmet needs for new products. The team's solid track record and rich experience in ophthalmic drug development enables the company to develop innovative therapies not only for China but also for the global market. We are thrilled and honored to join hands with this seasoned team and partner with the reputable investors from the very beginning,” said Stephen Lin, Partner at Lilly Asia Ventures.
“The founding team of Eluminex Biosciences has rich experience in drug development and innovation with great potential in the future. Hillhouse will help Eluminex continue to innovate, research and develop leading ophthalmic disease treatment drugs, meeting the needs of a large number of patients, and continue to create social well-being,” said Michael Yi, Partner and Co-Chief Investment Officer of Hillhouse Capital Group.
“Quan Capital is committed to foster innovation and bring new solutions to patients with great unmet needs. We are pleased to co-lead the Series A round of Eluminex and are truly impressed by the stellar management team,” said Marietta Wu, Managing Director of Quan Capital. “We believe this team of seasoned industry veterans both globally and in China will build a leader in ophthalmology with accelerated development of novel therapeutics. Quan looks forward to working closely with the team and contributing our local resources and global networks.”
About Eluminex Biosciences
Eluminex was established in February 2020 with the commitment to leading the development of novel therapeutics for the benefit of patients with vision-threatening eye diseases worldwide. Co-Founders, Dr. Jinzhong Zhang and Dr. Zhenze John Hu, have assembled a top tier management team with significant ophthalmic drug development experience, aiming to build a robust and sustainable innovative ophthalmic pipeline to tackle the unmet clinical needs. For detailed information contact Zhenze John Hu at [email protected]
About Lilly Ventures Asia
Lilly Asia Ventures (LAV) is a leading biomedical venture capital firm founded in 2008, with offices in Shanghai, Hong Kong, and Menlo Park. LAV's vision is to become the trusted partner for exceptional entrepreneurs seeking smart capital and to build great companies developing breakthrough products that can treat diseases and improve human health. For more information, visit www.lillyasiaventures.com.
About GL Ventures
GL Ventures focuses on early-stage innovative companies in healthcare, software services, consumer Internet, emerging consumer brands and services. The GL Ventures team is passionate about partnering with visionary entrepreneurs to create industry leaders that stand the test of time. GL Ventures is the early stage affiliate of Hillhouse Capital, and we have been investing with innovators across the world since 2005. We were one of the earliest investors into some of the largest global companies today, including BeiGene, Zoom, Meituan, JD, Woowa Brothers and many more.
About Quan Capital
Quan Capital (Quan) is a life sciences venture capital firm with strong China expertise and global capabilities. Quan discovers, incubates, and grows next-generation life science companies in early and growth stage, worldwide. Their portfolio companies pioneer differentiated therapies and enabling technologies to address major human diseases with high unmet medical needs. With offices in Shanghai, Palo Alto and Boston, Quan's investment professionals combine their strong expertise in both science and business with their diverse experiences in global drug development and healthcare investments, and leverage their broad network worldwide to help maximize the company's value across geographies and development stages. For more information, visit www.quancapital.com.
SOURCE Eluminex Biosciences
KBRA Preliminary Ratings to BANK 2021-BNK31
Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 36 classes of BANK 2021-BNK31, a $905.2 million CMBS conduit transaction collateralized by 61 commercial mortgage loans secured by 126 properties.
The collateral properties are located throughout 30 MSAs, the largest three of which are New York (20.3%), Sacramento (9.9%), and Miami (8.8%). The pool has exposure to all of the major property types, except for lodging, with four types representing more than 10.0% of the pool balance: office (33.9%), retail (25.6%), self-storage (16.4%), and mixed-use (11.6%). The loans have principal balances ranging from $1.0 million to $90.0 million for the largest loan in the pool, McClellan Park (9.9%), which is secured by a 6.9 million sf mixed-use business park located in McClellan, California. The five largest loans also include Miami Design District (2nd largest, 8.8%), 605 Third Avenue (3rd largest, 8.8%), ExchangeRight Net Leased Portfolio #42 (4th largest, 4.5%, 14 properties) and 250 West 57th Street (5th largest, 4.2%), and represent 36.3% of the initial pool balance, while the top 10 loans represent 55.4%.
KBRAs analysis of the transaction incorporated our multi-borrower rating process that begins with our analysts’ evaluation of the underlying collateral properties’ financial and operating performance, which determine KBRAs estimate of sustainable net cash flow (KNCF) and KBRA value using our U.S. CMBS Property Evaluation Methodology. On an aggregate basis, KNCF was 9.5% less than the issuer cash flow. KBRA capitalization rates were applied to each assets KNCF to derive values that were, on an aggregate basis, 44.1% less than third party appraisal values. The pool has an in-trust KLTV of 94.6% and an all-in KLTV of 103.5%. The model deploys rent and occupancy stresses, probability of default regressions, and loss given default calculations to determine losses for each collateral loan that are then used to assign our credit ratings.
- BANK 2021-BNK31 KBRA Conduit KCAT
- U.S. CMBS Multi-Borrower Rating Methodology
- U.S. CMBS Property Evaluation Methodology
- Methodology for Rating Interest-Only Certificates in CMBS Transactions
- Global Structured Finance Counterparty Methodology
Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.
A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.
Information on the meaning of each rating category can be located here.
Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.
Caitlin Parrella, CFA, Associate Director (Lead Analyst)
+1 (646) 731-3310
James Wang, Senior Director
+1 (646) 731-2450
Dayna Carley, Senior Director
+1 (646) 731-2391
Nitin Bhasin, CFA, Senior Managing Director (Rating Committee Chair)
+1 (646) 731-23334
Business Development Contact
Michele Patterson, Managing Director
+1 (646) 731-2397
Domain Timber Advisors Achieves Record Year in Land Sales
Domain Capital Group, LLC, a comprehensive private investment management services firm, today announced its subsidiary, Domain Timber Advisors, closed 78 land sales last year, surpassing its 50 total transactions in 2019.
The sales ranged from two to 10,700 acres, with an average of 470 acres. Of the more than 36,000 acres sold in 2020, most occurred in the Southeast while many others were completed in the Northeast, Pacific Northwest and other U.S. timberland regions. Domain Timber has an additional 35 transactions, totaling 16,500 acres of timberland and environmental assets, under agreement for sale.
Our record setting year was partly driven by individuals who wanted to purchase small, rural tracts outside of large cities for varying pandemic-related reasons, said Joe Sanderson, managing director of natural resources at Domain Timber Advisors, LLC, an SEC-registered investment advisor. Due to COVID, there was a considerable increase in outdoor recreational activities, which helped further boost sales. Purchasing interest remains strong for these types of properties and we expect the trend to continue through the first half of this year.
In 2020, buyers also included adjacent landowners, those interested in longer-term timber management and others looking to build homes or subdivisions. In many instances, purchasers sought a mixture of property uses, including recreation and timber management. These properties are historically well-managed forestlands that have been thoughtfully maintained to accommodate multiple uses.
About Domain Capital Group:
Atlanta-based Domain Capital Group, LLC provides comprehensive private investment management services, through its registered investment advisor subsidiaries, to institutions, public and private pensions, corporations, foundations, endowments and high-net-worth individuals. Domain Capital Groups investment professionals are experienced across a diverse range of asset classes and investment strategies, including real estate, natural resources, media, entertainment, technology and credit and other financial services. As of September 30, 2020, Domain managed approximately $6.1 billion in total assets through its two registered subsidiaries, Domain Capital Advisors, LLC and Domain Timber Advisors, LLC. The assets are comprised of approximately $5.5 billion in real estate, debt, alternative and other assets constituting Regulatory Assets Under Management (RAUM) and another $664 million in non-RAUM real properties. Please refer to each registered investment advisors most recent Form ADV for additional details. For further information about Domain Capital Group, visit domaincapitalgroup.com.
Cookerly Public Relations
Immunicom Makes StartUpCity’s Global “Ten Most Promising 2020 Biotech Startups”
Immunicom, Inc., a pioneering global biotechnology company, has been recognized as a Top Ten Most Promising 2020 Biotech Startups by StartUpCity Magazine, Immunicom announced today.
Immunicom, featured on the cover of StartUpCitys December 2020 edition, beat out global competition in the broadly defined biotech category to earn this unique recognition.
StartUpCity considered the technology, market, business model, and leadership of each company in order to select the most promising in the sector.
StartUpCity hailed the potential efficacy and affordability of Immunicoms immuno-oncology therapy, noting the company could transcend healthcare barriers” with its novel technology designed to safely manipulate key immune system components without classic side effects typically associated with other treatments. The magazine took special note of Immunicoms apheresis-based medical device as a platform, recognizing the potential to create a multitude of products” for a variety of diseases with a streamlined path to market compared to drugs and conventional therapies.
StartUpCity contrasted the expected affordability of Immunicoms therapy with the increasing cost of many other emerging therapies.
The increased efficacy of emerging treatments for deadly diseases is truly exciting, Immunicoms Founder and CEO, Amir Jafri, said. Immunicom is on the crest of this exciting wave of increasingly effective treatments for these deadly diseases. I believe StartUpCity chose Immunicom as a one of the most promising˜ biotechs with this in mind.
Jafri also commented on the thoroughness of StartUpCitys coverage, which reflected an understanding of the biochemistry as well as the business model.
Immunicoms StartUpCity recognition follows notable progress in the U.S. with recognition as an FDA Breakthrough technology and clinical advancement in Europe. The article can be found at: https://www.startupcity.com/vendor/immunicom-a-single-immunotherapy-solution-to-potentially-treat-all-solidtumor-cancers-without-compromises-cid-579-mid-59.html.
Immunicom, Inc. creates novel immunotherapies designed to treat a variety of diseases using its breakthrough Immunopheresis„¢ technology platform to improve patient access and affordability. The privately held medical technology company develops innovative, non-pharmaceutical approaches for treating cancer, autoimmune disorders, and inflammatory and renal diseases. Immunicoms revolutionary blood-filtering Immunopheresis technology has the potential to effectively treat a wide variety of cancer types, including those that have not responded to other treatment strategies, with possibly fewer side effects. Immunicoms lead product, the LW-02 column, has received U.S. FDA Breakthrough Device designation for stage IV metastatic cancer and European regulatory clearance (CE Mark certification) for use in adults with advanced, refractory, triple negative breast cancer (TNBC). Immunopheresis is currently being evaluated in several global oncology trials for multiple cancers. Immunicom is headquartered in San Diego, CA with operations in Philadelphia, PA, Houston, TX, and Krakow, Poland.
KBRA Preliminary Ratings to BANK 2021-BNK31
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