Finance Watch: Morphic's 'Smooth' Progress With Oral Integrin Inhibitors Justifies $80m Series B
Private Company Edition: Morphic raises $80m to take its first two integrin inhibitors into the clinic for fibrosis and inflammatory bowel disease. Also, Hillhouse has a new $10.6bn private equity fund for health care and other investments, and Atreca closes a $125m Series C.
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Private Company Edition: The astonishing pace of venture capital investment in drug development continues with another $1.5bn in financings of $100m or more, including $152m for Pyxis and $126m for Omega. New VC funds also continue to launch, including RiverVest’s fifth fund, totaling $275m.
The company will initiate a clinical trial this year for lead ADC candidate SBT6050, which links a HER2-targeting antibody to a TLR8 agonist to activate myeloid cells in the tumor and spur an immune response.
Even though half of the drug developers that have gone public in the US during the first two quarters of the year are providing negative returns, the 13 companies trading in positive territory bring the class of 2019's average return to 10%.