Perfect Pitch: Rheos Raises $60m To Tune Immune Cells In Autoimmune Diseases
The Third Rock Ventures-funded start-up Rheos Medicines raised a $60m Series A round to study immune cell metabolism for drug targets that allow the company to fine-tune the immune system in autoimmune and inflammatory diseases, as well as cancer.
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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.
Newly renamed Flagship Pioneering has raised a $285m venture capital fund to remain invested in portfolio companies as they grow. Also, 12 new and growing biopharma companies raised $657.15m.
Public Company Edition: Codiak, Kiromic, Aligos and Opthea have fallen below their initial public offering values, while Tarsus and Praxis are trading higher. Also, 5AM, MPM and Cormorant took biotech SPACs public and Evotec led recent non-IPO financings with a €250m private placement.