VC data from Evaluate show quarter-over-quarter drops in the number of biopharma companies raising private cash and in the amount of money raised as investors ride out public market troubles.

The company’s fresh cash will fund readouts for lead drug candidate ABC008 from a pivotal Phase II/III trial in inclusion body myositis and from Phase I/II studies in two other rare indications.

Private Company Edition: The pre-J.P. Morgan Healthcare Conference financing news deluge during the first week of 2021 included several significant venture capital deals, including a $226m series B round for Affinivax, Ikena’s $120m series B round and an $88m series A round for Aro.