Scorpion Nabs $108m, Biopharma Veterans For Precision Oncology 2.0
Serial Entrepreneur Gary Glick Previously Founded IFM, Lycera, FirstWave
The company has assembled small molecule discovery capabilities for the development of targeted cancer drugs that it believes rivals big pharma efforts and will fulfill patients’ unmet needs.
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While Amgen said the Phase III GALACTIC-HF results for omecamtiv mecarbil did not meet its high expectations for the heart failure candidate, Cytokinetics sees a path to treating certain patients.
Olema launched this year’s 76th US biopharma IPO. Also, investments in regenerative medicines reached a new high, Qiming closed a $1.2bn China-focused VC fund, D3 Bio led recent venture deals with a $200m round, and Bausch sold $2bn worth of notes to pay down near-term debts.
The $80m financing will support a Phase III myelofibrosis study for the LSD1 inhibitor and earlier-stage programs, but additional late-stage studies will require an initial public offering, likely next year.