Harbour BioMed revenue jumps 160% for FY2020

Hong Kong-listed Chinese biotech HBM Holdings Limited, also known as Harbour BioMed, released its full-year financial results for 2020 on Tuesday, which showed the company's revenue for the fiscal year ending on Dec 31 hit $14.1 million, increasing 160 percent year-on-year from $5.4 million in the 2019 fiscal year.

Listed on the Hong Kong stock exchange last December, the clinical-stage biopharmaceutical company earned $12.8 million from molecule license fees and $1.1 million from technology out-license fees in, respectively.

Research and development expenses increased from $49.5 million in FY2019 to $55.2 million in FY2020, which was primarily attributable to the combined impact of the increase in the number and scale of clinical trials, the increase in headcounts of research and development personnel, and the increase of share-based payment expenses, the report showed.

The report also showed the company has multiple products entering clinical trials for registration home or abroad.

Wang Jingsong, chairman and CEO of Harbour BioMed, said the company will continue to focus on clinical-stage products that are expected to fill the gap in the healthcare market, as they are strategically important, with clinical value, and in favor of business interest.

The company was included in the Hang Seng Composite Index and Shenzhen-Hong Kong Stock Connect in early 2021.

In December 2020, the Company and Utrecht University jointly announced a deal to out-license the global rights of development and commercialization for a fully human antibody ABBV-47D11 (HBM9022) to United States-based biopharmaceutical company AbbVie and authorized it to initiate clinical trials.