Finance Watch: Semma Raises $114m As VC Funding Keeps Up Brisk Pace
Semma closed a $114m Series B round to fund development of insulin-producing cells. Also, Tesaro and Catalyst are among recent public company financings, while Otonomy shifted gears, laying off sales staff.
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Flagship Pioneering combined Torque Therapeutics and Cogen Immune Medicines, which have raised more than $220m, into Repertoire Immune Medicines with an autologous T-cell therapy being studied in a Phase I trial.
With about three IPOs per month compared with a pace of nearly six per month in 2018, drug developers have raised $1.55bn with US offerings this year – though returns have been mixed.
Private Company Edition: Scripps Research has a new model for translating academic findings into drugs, including a novel fund for financing that work. Also, in venture capital deals, Oyster Point closes a $93m Series B round and Peloton raises a $150m Series E.