Finance Watch: $135m In Venture Capital Will Fund Amylyx’s Late-Stage ALS Drug
Kriya, Adlai Nortye Also Closed VC Mega-Rounds
Private Company Edition: Amylyx will use its new cash to run a Phase III trial and submit applications seeking EU and Canadian approvals of AMX0035, but US filing plans based on prior Phase II/III data are less clear. Also, three VC firms raised new funds targeting biopharma and other investments.
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The start-up is built around four business units – technology, manufacturing, R&D and therapeutics – based on internal and external expertise. Kriya will take its first gene therapies into the clinic in 2023.
Public Company Edition: Genenta, Cingulate, ImmixBio, Bionomics and NeuroSense launched initial public offerings, grossing just $118m between them. But Amylyx, with a recently filed ALS drug, has filed to raise up to $100m. In follow-on offerings, Legend took advantage of ASH goodwill to raise $300m.
Vedanta thinks its live biotherapeutic sourced from clonal cell banking could offer strong prevention against C. difficile infections after antibiotics have cleared an initial infection.