Apollomics Inc. ("Apollomics"), an innovative biopharmaceutical company and portfolio company of Qiming Venture Partners, listed on Nasdaq through a SPAC merger with Maxpro Capital Acquisition Corp. The combined company is now traded under the symbol APLM with an issue price of $10.00/share and an opening price of $18.60/share, up by 172% at closing price on the first day, representing a market cap of $2.6 billion.
Qiming Venture Partners is one of the earliest investors of Apollomics, accompanying the company growth since its Pre-A round. Apollomics' IPO marks Qiming's 5th IPO since 2023.
Founded in 2015, Apollomics is committed to the discovery and development of mono- and combination-oncology therapies for cancer treatment. The company has built a pipeline includes nine novel oncology drug candidates, six of which are currently in clinical stage of development. By using targeted therapy, immuno-oncology agents, and other innovative approaches, Apollomics' novel drug candidates have the potential to address a range of cancers, including lung cancer, brain cancer, acute myeloid leukemia, and other solid tumors.
The company has achieved breakthroughs in recent years. In 2022, the US FDA has granted Orphan Drug Designation to vebreltinib (APL-101), a highly specific cMet inhibitor, in non-small cell lung cancer and other solid tumors with cMet dysregulation. Apollomics expects results from its global Phase 2 multi-cohort clinical trial this year, which may support its first new drug application with the US FDA while generating clinical data on other indications.
Apollomics is also developing uproleselan (APL-106), an E-selectin inhibitor, in China as an adjunct to chemotherapy to enhance its anti-cancer effects for adult patients with relapsed or refractory acute myeloid leukemia. Uproleselan (APL-106) has received Breakthrough Therapy Designation by the US FDA and the China National Medical Products Administration (NMPA). And the company expects to complete patient recruitment of its Phase 3 study in China this year.
"Becoming a public company represents a major milestone in our journey to provide solutions for patients with difficult-to-treat cancers worldwide," said Dr. Guo-Liang Yu, Ph.D., Chairman and Chief Executive Officer of Apollomics. "The funds now available to us are expected to facilitate development of our oncology pipeline and further our mission to provide patients with effective therapies and hope."
"Apollomics team has been working diligently to develop innovative cancer therapies and has built an extensive pipeline. We believe the successful IPO debut today will help the company further expand clinical trials and invest in research and development, continuously making groundbreaking strides in the field of cancer treatment. The core value of innovative drugs is to address unmet clinical needs, and Qiming will continue to focus on this area, benefiting more patients worldwide." said Nisa Leung, Managing Partner of Qiming Venture Partners.