PT Etana Biotechnologies Indonesia (Etana), an Indonesian biopharmaceutical company, has raised a new round of funding led by DEG, with Yunfeng Capital, HighLight Capital, and East Ventures also participating. This round of funding will be used to strengthen the company's pipeline and portfolio, particularly in the Oncology area, in order to build drug substance manufacturing facilities. Etana is committed to increasing mammalian cell production capacity for monoclonal antibodies drug substance to ensure high local content production and technological capability. Etana is currently concentrating on local biopharmaceutical production of mRNA platforms, proteins, and monoclonal antibodies.
"Etana as an Indonesian biopharmaceutical start-up, always strive to provide high quality, affordable and innovative biopharmaceutical products to serve the patients in Indonesia and South-East Asian countries. We will use the support obtained from the investors to develop local biopharmaceutical production capabilities in line with the policies promoted by the Indonesian government. Etana aims to tackle challenges in oncology and other life-threatening diseases for the South-East Asian market including vaccine. We believe these biological products can provide better treatment and greatly improve healthcare for the population," said Nathan Tirtana, President Director of Etana.
"As a development finance institution, DEG is committed to the UN Sustainable Development Goals (SDGs). This also includes improving health care. By working with Etana, we are helping to ensure that underprivileged people also have access to high-quality biopharmaceutical medicines and mRNA vaccines," said Monika Beck, DEG Management Board member.
China biologics' desire to expand coincides with the Southeast Asia market demand for superior biological medicinal products as China's innovative drug industries mature. Etana, a leading biopharma in Southeast Asia, has vaccine manufacturing, local clinical and registration capabilities, and its own sales force. "We believe in Etana's vision, led by Nathan, to be Southeast Asia's leading biopharma and vaccine enterprise," said Dr. Huang Xiao, Managing Director of Yunfeng Fund.
"We are excited to add on our initial investment in 2022 and continuously to support Etana which is led by a determined and seasoned founder Nathan. Etana's outstanding capabilities in manufacturing and registering innovative biopharmaceutical products in Indonesia are well received by Chinese biopharma partners, including multiple HLC's portfolio companies. HLC is devoted to bringing the breadth of our network and the depth of our expertise to advance Etana's development in ASEAN and beyond," said HighLight Capital Investment Team.
"At East Ventures, we believe that strengthening the nation's health requires innovative solutions and products; we are humbled to be able to take an active role in empowering this space further. We welcome Etana into part of our family, and we believe Etana is at the forefront in bringing high quality, affordable, and innovative biopharmaceutical products to the region," said Willson Cuaca, Co-Founder and Managing Partner East Ventures.
Etana became ASEAN's first pharmaceutical company to use mRNA technology. MRNA technology is a versatile vaccine development platform that can quickly respond to the need for innovative and adaptable biopharmaceutical products for cancer, vaccines, and other applications. It only takes about two months to develop a new vaccine using mRNA technology; the vaccine product is developed and ready to enter the Clinical Trial Phase.
Etana manufactures a COVID-19 vaccine on an mRNA platform; the mRNA vaccine has received an Emergency Use Authorization (EUA) from the Indonesian Food and Drug Authority (BPOM), a halal provision from the Indonesian Ulema Council's (MUI) LPOM, and a halal certificate from the Indonesian Ministry of Health's Halal Product Assurance Agency (BPJPH).
Etana will manufacture a biosimilar of bevacizumab, a recombinant humanised anti-VEGF monoclonal antibody drug for cancer patients in Indonesia. In terms of product quality and manufacturing processes, the product met the drug safety and efficacy standards established by the Indonesian Food and Drug Authority (BPOM) in June 2022.
Etana also produces Erythropoietin (EPO), which is required in dialysis treatment. Following that, the company intends to create an adenovirus platform for vaccine production. The production is intended to meet domestic needs and will be exported to the ASEAN market and other countries.