Posted On: 25 Feb 2026
New CEO Dr Chris Baldwin says HaemaLogiX’s potentially groundbreaking immunotherapies for multiple myeloma could become Australia’s next biotech success story.
“HaemaLogiX is an Australian story because in my mind, if it had happened in America, it would have either succeeded or failed very
quickly,” he said. “A lot of money would’ve been thrown at it and it would have been swallowed into a big pharma company very fast.”
However, Baldwin said because of the funding environment and sector structure in Australia, HaemaLogiX was still in the hands of a small team of clinicians who see patients every day and are focused on the quality of care they can deliver. “Often in Australia we feel like we’re disadvantaged because we don’t swim with the big fish and the industry may not have an eye on what we’re doing here,” he said.
“But the flip side is that you can avoid the sharks and can focus on the science, safety and clinical effect.”
Multiple myeloma is the second most common blood cancer, with nearly 176,000 new cases diagnosed worldwide annually. HaemaLogiX was built on the foundation of novel monoclonal antibodies targeting antigens found only on cancerous plasma cells, with research originating from its co-founder and chief scientific officer Dr Rosanne Dunn at the University of Technology Sydney.
“The company identified the potential of the two variants of the myeloma antigen – Kappa (KMA) and Lambda (LMA) – and developed antibodies against both,” Baldwin said. “What is exciting is that binding to these antigens directs the patient’s immune system to induce cancer cell death.
“Many therapies require an additional mechanism to kill the cell, so they need additional components, like antibody-drug conjugates or bi- and tri specific antibodies.”
HaemaLogiX’s monoclonal antibodies, however, engaged the immune system and directly induced antibody-dependent cell death upon binding to KMA and LMA – a discovery Baldwin described as the company’s big “ah- ha!” moment.
The company has always focused on the specific KMA and LMA antigen targets, found on aberrant and malfunctioning plasma cells. HaemaLogiX is preparing to launch two clinical trials in multiple myeloma, including a multi-site phase IIb study of its monoclonal antibody KappaMab, being led by international myeloma expert Professor Andrew Spencer.
“The clinical trial protocol is progressing through ethics committee review right now with the lead site being Melbourne’s The Alfred hospital,” Baldwin said. A phase I trial is also set to begin, adapting KappaMab’s binding capability into a CAR-T cell therapy.
HaemaLogiX has earmarked an IPO on the ASX in 2026. “During the IPO process there will be lots of opportunities to discuss what the company has to offer and what it could do for patients and that is incredibly exciting,” Baldwin said.