Former Medivation CEO David Hung launched stealthy oncology start-up Nuvation with $275m in series A venture capital, while Tenaya's series B brought in $92m for small molecules as well as cell and gene therapies to treat cardiovascular diseases.

A review of biopharma start-up dealmaking and financing activity from July through September 2019, based on data from Strategic Transactions. Fundraising activity fell 23% from the second to the third quarter, but start-up M&A surged, led by Vertex's acquisition of Semma. 

VC deals totaled $8.3bn in the first half of 2019, but the year's total rose to just $11.5bn at the end of September, reflecting only a $3.2bn third quarter gain. Among recent financings, Cygnal emerged from stealth mode with $65m invested to date.

TNX-1600 joins two other candidates, including Phase III TNX-102 SL, in Tonix’s PTSD portfolio. CureVac and Yale partner on mRNA therapies for pulmonary disease.