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Olinvacimab, the lead pipeline, is an anti-VEGFR2 antibody that inhibits tumor growth and metastasis by deterring tumor angiogenesis. 
It has an ongoing phase II clinical trials in metastatic triple-negative breast cancer (mTNBC).
In the mTNBC study, olinvacimab is being used in combination with pembrolizumab, an anti-PD-1 antibody from Merck Sharp & Dohme Corp., for patients in Australia. 
The phase II study was initiated in December 2021 based on the encouraging result from the phase Ib combo study. The phase Ib study, which began in October 2018, showed 50% Overall Response Rate (ORR), 67% Disease Control Rate (DCR), and no serious adverse events (commonly showed mild reversible capillary hemangioma). 
This interim result provided strong scientific rationale to proceed to phase II which is currently ongoing and recruiting patients at multiple clinical sites in Australia. 

PMC-309 is a monoclonal antibody that targets human VISTA (V-domain Ig suppressor of T cell activation), a novel negative immune checkpoint. 
It indirectly promotes T cells' immune responses by inhibiting VISTA-expressing immunosuppressive cells, such as MDSCs (Myeloid-Derived Suppressor Cells) and M2 macrophages. 
The preclinical data showed that PMC-309, not only activates adaptive immunity (T cells) like the existing anti-PD-1/PD-L1 and anti-CTLA4 antibodies, but also activates innate immunity by stimulating monocytes. 
This unique mode of action allows PMC-309 to be used for patients who show low or no response to the existing drugs. In addition, when PMC-309 was used in combination with an anti-PD-1 antibody, it showed significantly increased tumor growth inhibition compared to either PMC-309 monotherapy or anti-PD-1 monotherapy. 
The data indicates that PMC-309 can help address the unmet needs in immuno-oncology area in both mono and combo therapies. 
The Company plans to submit Clinical Trial Application in 4Q22 for a phase I study. 

PMC-403 is a novel agonistic antibody that binds to human TIE2 receptor. Activation of TIE2 receptors results in a normalization of pathologically leaky blood vessels in vascular-related diseases. It is being developed as a therapeutic drug for vessel-related ocular diseases, such as age-related macular degeneration (AMD), diabetic retinopathy (DR), and macular edema. 
In the preclinical studies, PMC-403 showed similar retinal leakage reduction to aflibercept, the best-selling drug, in ophthalmology market. The significance of this data is that PMC-403’s novel TIE2-activating mechanism can be used in the VEGF-exclusive market to treat patients who show low or no response to the existing therapeutics. 
Also, amongst the main pathophysiology factors of vessel-related ocular diseases (angiogenesis, leakage, and inflammation), PMC-403 shows improvement in all three factors, while anti-VEGF drugs show weak effect in controlling inflammation. 
In April 2022, the GLP-Tox study revealed that PMC-403 does not show any serious adverse events, meaning it is safe enough to be administered in human trials. The Company plans to submit an IND in 4Q22 for a phase I ophthalmology trial.
The vessel-normalizing mechanism of PMC-403 can also be utilized in many other vascular-related diseases. In August 2020, PharmAbcine signed a Materials Cooperative Research and Development Agreement (MCRADA) with National Institutes of Health (NIH) to conduct collaborative studies in evaluating PMC-403’s therapeutic effect for Systemic Capillary Leak Syndrome (SCLS, Clarkson Disease), a fatal orphan disease with no approved treatments available. The study has entered a nonclinical phase and is well underway.