Finance Watch: Genocea, Mateon Shift Strategies, Cut Jobs To Preserve Cash
Genocea shifts to preclinical neoantigen-based cancer vaccines rather than advance a Phase III-ready herpes program on its own and Mateon gives up on its lead drug as placebo outperforms. Also, Juno tops recent public company financings and new VC funds back early-stage firms.
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Public Company Edition: iTeos, Annexon, Nurix and Inozyme went public on 23 July and now CureVac had added its name to the IPO queue for what could be a large offering. Also, BioNTech raises $511.5m as COVID-19 vaccine progresses and PTC gets $650m from sale of risdiplam royalties.
Public Company Edition: The last biopharma initial public offering in the US was on 11 November, but follow-on and other offerings are generating hundreds of millions of dollars. Among RNA drug developers, Ionis issued more than $500m in new debt, while Arrowhead raised $266.8m.
Privately held Avidity’s platform creates antibody-oligonucleotide conjugate therapies, which build on RNAi approaches. Basilea/Forge collaboration seeks to create novel antibiotics using metalloenzyme chemistry.