Public Company Edition: ImmunoGen received the first $75m under a $175m term loan, while Protagonist raised $100m in a follow-on offering, but companies with bankruptcy filings and job cuts outpaced those accessing new capital by a wide margin in late March and early April.

The US biotech’s lead candidate missed the mark in a Phase III hospital-related pneumonia trial due to low recruitment affected by macroeconomic headwinds but analysts retain high hopes for another upcoming study.

The company said it would discontinue the Phase III trial of the MRSA drug for futility, leaving it with no major catalysts and an uncertain cash position.

Pharma moves Phase III-ready antibody to prevent pneumonia to Aridis, licenses preclinical STING inhibitors from F-star. Sanofi teams with SRI on AI-directed discovery, Biogen licenses BTK inhibitor from InnoCare.