Finance Watch: Investors Launch New SPACs After Initial Deals
Panacea II, CM Life Sciences III Complete IPOs
EcoR1 and Casdin/Corvex took their second and third special purpose acquisition corporations public. Also, Ionis sold notes to buy back older notes and fund operations as it cut 70% of Akcea’s staff. In venture capital, ValenzaBio raised $70m and RA boosted Metagenomi’s series A to $75m.
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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 Dutch biotech has firmed up its finances as its promising pipeline of RNA therapies for rare genetic eye disease starts to move through the clinic.
Phase III results show benefit in cytokine-release syndrome, while other drugs for treating patients hospitalized with COVID-19 have produced mixed results.