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Recent financings, including the $150m launch of Pathalys and a planned $100m IPO for Mineralys, illustrate the reality of biopharma funding in 2023 – that having near-term clinical trial milestones are key to fundraising this year. Companies with dwindling cash are conserving the funds they have left.
Public Company Edition: Also, Johnson & Johnson’s consumer health spin-out Kenvue filed paperwork to get the ball rolling on an initial public offering. In addition, Geron raised $198m and Madrigal accessed more than $300m after positive trial readouts, but layoffs were revealed by Editas, Elevation, Nabriva and others.
Private Company Edition: While Coya Therapeutics raised $15.25m in the final initial public offering in the US last year, Apnimed stayed private raising $80m in a series C extension and Metagenomi extended its series B by $100m to total $275m.
Private Company Edition: Pitchbook is out with an early look at its venture capital expectations for next year, showing continued interest in seed financings and fewer $100m-plus mega-rounds. Recent VC deals include a $75m series B financing for Alpha-9 Theranostics and $71.6m for A2 Biotherapeutics.
Aesther Healthcare Acquisition extended the deadline to merge with Ocean Biomedical, while Intrinsic Medicine no longer plans to go public by merging with a SPAC. In restructuring news, Otonomy begins liquidation, Celyad cuts last clinical program with cash running out and Clovis files for bankruptcy.
Public Company Edition: Prometheus brought in $500m from a follow-on offering after reporting positive mid-stage results for its TL1A inhibitor. Even Novavax, struggling to make money from its COVID-19 vaccine, raised cash in dual offerings, but its valuation dropped significantly afterward.
Private Company Edition: In recent weeks, 19 companies disclosed venture capital funding of $20m or more, including FogPharma with a $178m series D round and Apogee’s $169m launch. Also, Avalon BioVentures spun out of Avalon Ventures with a $135m fund.
Public Company Edition: NewAmsterdam grossed $328m in its SPAC merger, while Liminatus may raise up to $316m in a new SPAC deal. Also, Intellia and Iveric grossed $300m each in follow-on offerings, bluebird sold a PRV for $102m and MEI ends zandelisib development resulting in layoffs.
Private Company Edition: In the latest round of $100m-plus venture capital financings, CG Oncology, MBX Biosciences and Jnana Therapeutics raised $120m, $115m and $107m, respectively. Also, MVM Partners closed a $500m fund and former Sage CEO leads incubator ABio-X in Massachusetts.
Public Company Edition: Acrivon launched the 20th biopharma IPO in the US for 2022. Also, Q3 updates reveal job cuts at Tricida, Harpoon, Neoleukin and more; APIM Therapeutics will reverse merge with Nordic Nanovector; plus other follow-on offerings, royalty deals and a sale-leaseback.
Private Company Edition: The Paragon Biosciences-founded Emalex previously raised $35m when ecopipam was in Phase II. Also, Catalio Capital launches a “special situations” fund, Zenas raises $118m to develop a pipeline of autoimmune disease treatments and Lusaris emerges with $60m.
Public Company Edition: PTC will get $350m up front as part of an initial $500m commitment. Also, while Biohaven and Vaxcyte launched traditional follow-on offerings, Recursion and Agios took the private placement and royalty sale routes, while others revealed job cuts and other strategic updates.
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