OncoImmune Inc. is an innovative biopharmaceutical company focused on oncology and immune diseases. The pipeline covers viral pneumonia, graft-versus-host disease (GVHD), autoimmune diseases, tumor immunotherapy, etc., all of which are the world's First-in-Class or First-in-Mechanisms of Action drug candidates. HM identified the company through its global ecosystem and led the investment in the company 2 months prior to the acquisition by Merck & Co., with an upfront payment of $425M, milestone payments, sales-based payments, plus shares of spin-off companies. In addition, HM supported the management team identify clinical trial sites for fast patient enrollment in the pandemic and convinced shareholders of an acquisition due to prime market timing.

Founded in Dec 2020 in Maryland, US, OncoC4 is a spin-off company from OncoImmune, which was acquired by Merck & Co. in 2020. All pipelines are First-in-Class or First-in-Mechanisms of Action candidates. The co-founders are serial entrepreneurs and reputable scientists in the field of immunotherapy. HM has built trusted relationship with the management team through the previous investment in OncoImmune and HM was the only institutional investor invited by the management team for additional investment in OncoC4. HM analyzed the preclinical and clinical data of all CTLA4 drugs thoroughly and believed that ONC-392 has the potential to become Best-in-Class with high expected peak sales. In addition, the other products in the pipeline have potential to become blockbuster drugs. Taking advantage of the bear market, HM also obtained favorable deal terms.

Within 9 months of HM’s investment, BioNTech and OncoC4 announced a strategic collaboration to co-develop and commercialize novel checkpoint antibody in multiple solid tumor indications. OncoC4 will receive $200 million upfront and is eligible to receive development, regulatory and commercial milestone payments and double-digit tiered royalties.

Founded in 2022, Airiver Medical Inc. develops Drug Coated Balloons (DCB) for recurring airway stenosis and asthma. The product solves unmet medical needs with a large potential market size and is expected to become the first-line therapy. Previously HM had successfully invested in 2 DCB technology companies started by the same entrepreneur, Urotronic for urology stenosis and GIE for gastrointestinal stenosis.

As a result, HM actively explored the application of DCB technology in the respiratory tract with systematic and in-depth internal research. With encouraging research outcomes, HM convinced the entrepreneur to incubate a new company, Airiver, which is the first company applying the DCB-based product to respiratory tract related diseases in the world. HM assisted the entrepreneur in the spin-off of Airiver and helped the entrepreneur structure the deal with a reasonable valuation.