Financing

With a new CEO at the helm, Gamida is closing in on an FDA approval, but a lack of cash could hobble its US launch efforts for allogeneic cell therapy product omidubicel.

Axcella’s AXA1125, a therapeutic combination of amino acids, shows liver stiffness, liver enzyme and fat reduction benefits in Phase IIb interim look, but the firm lacks the cash to complete the trial.

The UK firm with a presence in Boston has just emerged but Pheon’s CEO Bertrand Damour tells Scrip that big pharma is already showing interest in its next-generation antibody-drug conjugate.

The start-up will secure $70m from Genentech, after closing a series B financing, while it moves its first CAR-T program into the clinic for ovarian cancer later this year.

Oversee returnee-founded Chinese biotech start-ups Nuwacell and Arnatar secure $14m in series A and seed rounds respectively, while four other major deals backed by private equity and venture capital firms raise a combined $116m.

VC funding slowed recently, but public company financings kept up a brisk pace with follow-on public offerings for Allakos and Alpine, private placements for Ventyx and Syros, and Albireo’s royalty deal. In restructuring updates, Biogen raised $592m in a real estate deal and Acerus is assessing options.

Large or small, Chinese biotechs are receiving the cold shoulder from some investors amid souring investment sentiment. HanBio, Frontier and InnoCare have all seen their fundraising efforts hampered to various degrees.

Private Company Edition: Acelyrin will use its latest funding for Phase III development of izokibep in inflammatory diseases. Also, ArsenalBio raised $220m to take its programmable cell therapies into the clinic and RayzeBio’s $160m series D round will fund clinical trials for its radiopharmaceuticals. 

Biopharma stock prices overall are trending down again, but standout firms are raising cash, including the first company to price an IPO over $100m since May, Third Harmonic. Also, Sarepta and Alnylam launched large note offerings, totaling $1bn and $900m, respectively.

Looking ahead to lengthy, expensive Phase III NASH studies, Akero looks to tap public markets for $200m. Analysts call EFX’s Phase IIb data potentially best-in-class.

The French firm will use the funds to establish proof-of-concept for two gene therapy programs in a rare eye condition as it strives to become a world leader in ophthalmic genomic medicine, its CEO tells Scrip.

A drastic risk-off pullback in the public market can close an IPO window while private biotechs aspiring for either a public debut or an acquisition by big pharma may be stymied by their stale valuations.