Forty Seven Raises $75 Million For Possible 'Universal' Cancer Therapy
This article was originally published in Start Up
Forty Seven Inc. spun out of Stanford with a $75 million Series A and an immuno-oncology development program that's already in the clinic with data expected later this year.
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Gilead will pay $4.9bn to acquire Forty Seven and its potential first-in-class anti-CD47 agent magrolimab. A fast-track development effort in myelodysplastic syndrome will be the initial focus for that asset.
Start-up Impact's new structured financing – its second fundraising event this month – will pay out in increments as fedratinib nears the market. Also, Ablynx closed its $200m US IPO; Chi-Med follow-on brings in $262m; and VCs gives Cydan $34m to launch new companies.
Series A venture capital and seed funding rounds for biopharma firms in 2016 kept pace with the level of investment seen in 2015, excluding one major deal in 2015, laying the foundation for optimism regarding early-stage financings in 2017 for particularly innovative companies.