Finance Watch: Public Market Doldrums Have Not Sunk Private Company Funding Yet
Venture Capital Kept Up Near-Record Pace In Q1
ARCH closed a $3bn VC fund to end the month of June while in the same week six public biopharma firms said they are cutting jobs. Even so, some publicly traded companies have been able to launch sizeable offerings, including a $450m note sale by Cytokinetics and Xenon’s $250m follow-on.
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Avadel challenges FDA requirement that it submit patent certification, asks court to direct the agency to issue final approval of its narcolepsy drug Lymryz. Having often criticized the use of REMS to delay competition, FDA now finds itself defending an Orange Book listing.
Private Company Edition: The amount of venture capital raised by biopharma firms fell but individual companies grabbed a lot of cash, making for a remarkable Q2 relative to pre-pandemic times. Recent Q3 rounds includes Frontera’s $160m series B. Also, Oxford Science Enterprises added €250m to its fund.
Public Company Edition: William Blair analysts note that stock prices are rising due to a Q2 boost in dealmaking after a lull in Q1. Nevertheless, layoffs and portfolio prioritizations are ongoing, including at X4 Pharmaceuticals, but others have raised cash following good news, like Revolution Medicines.