Led By Former Kythera Executives, Unity Raises $116m To Make Aging Less Painful
Former Kythera founder Ned David and the CEO Keith Leonard that sold the double chin drug developer to Allergan are tackling more serious problems associated with aging in their newly funded company Unity.
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Proteostasis planned to raise cash this week, but scrapped the offering after an investor that shorted the stock published a scathing report. Also, Arena raised more than $350m in an offering after its positive Phase II etrasimod data, and venture capital flows to biopharma firms with big ideas.
Peregrine, Ardelyx, Egalet and others reduced expenses and sought alternatives in the second quarter. Also, cell and gene therapy investment rises, FibroGen priced a $326m offering and Unity increased its Series B by $35m.
Funding from the US National Institutes of Health is a vital source for biomedical research and pharmaceutical pipelines in turn – but biopharma companies have been largely silent on the matter.