Alphamab Oncology Announces Completion of US$60 Million Series B Financing

SUZHOU,China,May 28,2019 -- Alphamab Oncology,a leading biopharmaceutical company dedicated to global development of innovative biologics for cancer therapy,announced today that it has completed a US$60 million Series B financing led by Hudson Bay Capital Management LP and participated by new investors including entrepreneur Adrian Cheng. Existing institutional investors including China Venture Capital Fund (CVC),PAG,and Advantech Capital also participated. Proceeds from the financing round will be used for developing the pipeline,commissioning a new R&D and manufacturing site,accelerating the clinical development of clinical stage assets,andpreparing for commercial launch of KN035 (Envafolimab).

Alphamab Oncology is well positioned to develop next-generation multi-functional biologics therapy for cancer treatment based on its extensiveexpertise in protein engineering and proprietary platforms including Bispecific and Mix-mAb Platforms as well as rich experience in single domain antibodies. The company has also assembled highly experienced management and technical teams with experiences covering theentire R&D process of innovativebiologic drugs.

The new round comes on the heel of its strong US$130 million Series A financing in November 2018 – one of the largest in China's biotechnology industry in recent years. Since then,Alphamab Oncology has advanced several drug candidates in its pipeline and formed new partnerships for its leading assets:

KN035 (Envafolimab),the world's leading subcutaneous injection of PD-L1 antibody,entered phase II and phase III clinical trials for multiple indications.

KN046,the world's first PD-L1/CTLA-4 bispecific antibody,has undergone phase I clinical trials in Australia and Chinawhich has demonstrated promising early clinical results,and is undergoing phase II clinical trials for multiple indications in China. Additionally,Alphamab Oncology reached a partnership with HEC Research Institute and TOT Biopharm to develop innovative combination therapies involving KN046.

KN026,an anti-HER2 bispecific antibody,is starting phase II clinical trial in China.

Immunomodulator KN019 is undergoing phase II clinical trial in China.

"Since the founding of the company,we have been working hard to break new grounds. We have been focusing on the development of key platforms and proprietary innovative drug candidates,and consistently executing our long-term strategy,focusing on global development for innovative biological dugs. We are striving to transform cancer into a controllable and treatable disease and to improve quality of life of cancer patients," said Dr. Ting Xu,Founder,Chairman and CEO of Alphamab Oncology. "We are very grateful to these prestigious investors for their enthusiasm and confidence in Alphamab Oncology. We look forward to working with our stakeholders to accelerate the new generation of multi-functional biological therapeutics,and to fulfill our vision to be globally competitive."

Sander Gerber,Chief Executive Officer and Chief Investment Officer of Hudson Bay Capital Management LP,added,"We are pleased to support Alphamab Oncology in its mission of creating effective,high quality and affordable biotherapeutics for cancer treatment. Hudson Bay's investment in Alphamab Oncology underscores our confidence in the company's ability to be a next-generation leader in the development and commercialization of innovative biological oncology drugs globally. We look forward to helping Alphamab Oncology advance its strong product pipeline to drive significant value for the business over time."

Mr. Shaojing Ma,Managing Director of China Venture Capital Fund (CVC) commented: "Alphamab Oncology leads the new-generation innovative biopharmaceutical industry in China. As a Series A shareholder,China Venture Capital Fund is excited to witness that,within one year,the Company has achieved rapid progress in R&D and clinical development,and various data has proven the tremendous growth potential of its products; with a more robust product pipeline,the Company has demonstrated its capability to maintain world-leading R&D of innovative drugs. Therefore,we are also actively participating in this Series B funding. We expect that after entering the capital market in the future,Alphamab Oncology will gain more opportunities for international development and stands out as an excellent representative of innovative Chinese biopharmaceutical companies to the world."

Adrian Cheng commented: "Technological innovation can be a powerful tool in improving the human condition. I believe that advances in biotechnology and pharmaceuticals will be crucial in changing our lives for the better,and I am delighted to see China taking its place at the forefront of medical innovation. Alphamab Oncology boasts world-class capabilities in ground-breaking research and development and they're very strong in team execution. We are pleased to be a contributor to Alphamab Oncology's growth as it becomes the world's leading research and development company for tumor-targeted drugs."

About Alphamab Oncology

Alphamab Oncology is a leading biopharmaceutical company in China dedicated to the development of innovative biologics for cancer therapy globally. Thus far,four drug candidates in Alphamab Oncology's pipeline have advanced into clinical development phase. With multiple in-house proprietary platforms for innovative biopharmaceuticals,Alphamab Oncology has built a robust pipeline in oncology and immunology to benefit cancer patients around the world.

Please feel free to visit the official website: http://www.alphamabonc.com

About Hudson Bay Capital Management LP

Founded in 2005,Hudson Bay is a multi-billion-dollar asset management firm operating in New York and London. With over 70 employees,the firm targets traditional and non-traditional sources of alpha by employing multiple absolute return strategies designed to be uncorrelated to each other and to market indices. For additional information,please visit: https://hudsonbaycapital.com/

About China Venture Capital Fund (CVC)

CVC is a 200-billion-RMB venture capital fund established in 2016,after approval by China's State Council and China SASAC. The main objective of CVC is to invest in innovative technology and industrial upgrading projects. The field of biotech & healthcare is one of the focus areas of CVC.

About Adrian Cheng

Mr. Adrian Cheng,Executive Vice-Chairman and General Manager of New World Development,Founder of K11,is a renowned entrepreneur,and uniquely positioned at the heart of a business and cultural ecosystem that is a blueprint for tomorrow's interconnected society. Adrian's expertise and his vision as a change maker,makes him a champion for sustainable transformation and the development of contemporary,human-centred enterprise. He also provides early-stage funding to disruptive start-ups,technology-driven brands and platforms that appeal to younger generation consumers. Adrian has been acknowledged by Fortune as one of "40 Under 40" global business stars,a "Young Global Leader" by the World Economic Forum and was recently made an Officier in the Ordre des Arts et des Lettres by the French Government,the youngest person in Hong Kong to receive such an honor.

About PAG

PAG is a leading Asia-focused alternative investment firm with funds under management across private equity,real estate and absolute return strategies. PAG currently manages more than US$30 billion in capital for some of the world's largest private and institutional investors. PAG's investment in Alphamab comes from its Growth Capital strategy,which focuses on growth equity investments in "New Economy" sectors,with healthcare a core sector.

About Advantech Capital

Advantech Capital is a private equity investment fund,focusing on innovation-driven growth opportunities in China,mainly investing in TMT,pharmaceuticals and healthcare.

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