Venture Funding Deals: $688.8m In Financings From Avitide To Zai Lab
June venture capital financings for emerging companies totaled more than $688.8m, ranging from an undisclosed round for Avitide to a $120m Series B for Rubius Therapeutics.
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The average return for the 54 drug developers that went public in the US during first three quarters of 2018 was 13.6% as of Oct. 1 versus 16.9% as of Aug. 31 for the 47 biopharma firms that launched IPOs during the first eight months of this year. September had seven new offerings after just two in August.
Melinta is positioning its novel fluroquinolone antibiotic as an attractive option for seriously ill patients with underlying chronic conditions, but Baxdela will face challenges in a market dominated by generics.
Athenex and Immuron launched IPOs in the US, but June has otherwise been a pretty quiet month for new biopharma financings – so far. The largest VC round so far this month is Checkmate's $27m Series B and the biggest public offering was conducted by CTI BioPharma, raising $45m.