Biotech Investment Outlook Remains Strong Despite Jitters
Despite the recent volatility in the stock market, experts and industry insiders at the BIO CEO & Investor conference in New York said biotech remains a leading area to invest, predicting continued VC investment and more M&A ahead.
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Moderna raised $500m to fund its growing pipeline, choosing once again to stay private rather than pursue an IPO. Also, AvroBio closed a $60m Series B round to advance its gene therapies for lysosomal storage disorders, Seattle Genetics led recent public company financings, and Vical is restructuring.
The company is seeking FDA accelerated approval of the closely watched gene therapy based on a surrogate marker and has proposed its fully enrolled Phase III trial to serve as a confirmatory study.
The start-up will secure $70m from Genentech, after closing a series B financing, while it moves its first CAR-T program into the clinic for ovarian cancer later this year.