Founded in 2013, AP Biosciences focuses on developing novel bispecific antibody drugs. Its Founder and CEO, Dr. Jeng Her, earned his PhD in the U.S. and previously worked at Bristol-Myers Squibb. In 2001, he co-founded KaloBios Pharmaceuticals, a U.S.-based company developing antibody drugs with humanization technology. The company successfully advanced several antibody drugs into clinical development, listed on NASDAQ, and licensed one of its products to Sanofi-Pasteur. Influenced by Taiwan’s favorable policies, Dr. Her returned to Taiwan and established AP Biosciences.
AP Biosciences builds upon Dr. Her’s extensive expertise, having developed foundational technologies, including the "Omni-Mab Naive Antibody Phage Display Library" for high-affinity human antibodies and the "T-CUBE Platform" for creating T cell engagers. Using these platforms, AP Biosciences is advancing multiple protein and antibody drugs. Dr. Her commented, “Many startups showcase their innovative technologies, claiming they can develop multiple products, but proving their efficacy requires a robust pipeline.”
The company’s most advanced product is a recombinant protein drug (development code: IBI302) for treating wet age-related macular degeneration (wet-AMD). IBI302 works by targeting both VEGF and complement (C3b and C4b), inhibiting angiogenesis and complement activation. It is currently in Phase III clinical trials in China, conducted by Innovent Biologics.
Additionally, AP Biosciences is developing other antibody drugs, including AP505, a bispecific antibody targeting PD-L1 and VEGF for solid tumors; a bispecific T cell engager targeting CD137 and PD-L1 for non-small cell lung cancer and head and neck cancer; and AP402, a bispecific T cell engager targeting CD137 and HER2 variant (HER2v) for breast cancer. The company has successfully licensed AP505's China rights to Tasly Pharmaceutical and IBI302's global rights to Innovent Biologics. Dr. Her stated, “We plan to push one product into clinical trials each year.”
When asked how the company selects its therapeutic targets, Dr. Her explained, “We first assess the market potential, the interest it could generate in clinical development over the next five to seven years, and the required investment. If all these factors align well, we proceed with development.”
However, Dr. Her also noted the challenges and high risks associated with developing therapies for entirely novel targets or mechanisms of action. “We tend to focus on validated diseases or targets where therapies are already emerging.” For example, AP402, developed for breast cancer, is based on Herceptin, an anti-HER2 antibody, but targets a HER2 variant. “For startups, pursuing true first-in-class innovation carries significant risks. When building our pipeline, balancing risk and potential is crucial,” said Dr. Her.
In 2022, AP Biosciences raised approximately JPY 3.7 billion in Series C funding, fueling its clinical development and licensing efforts. The company is now listed on Taiwan’s Emerging Stock Board. *AP Biosciences completed its Series D financing in 2024.
