Finance Watch: Atlas Raises $450m Venture Fund For Biotech Breakthroughs
VC Cash Continues To Flow Despite Public Market Woes
Both Atlas and Foresite Capital announced new funds focused on start-ups. Also, Flagship launched Vesalius with $75m in initial funding, Innoviva sold $225m in notes, Hookipa priced a $75m follow-on offering and job cuts were revealed by Epizyme, Flexion, Deciphera and Gemini.
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Red Tree Venture Capital closed its first fund with $272m for biotech companies emerging from academic and research institutions, seeking to fill a need for early-stage funding on the West Coast.
Cash is available for start-up, growth-stage and public companies through Texas Medical Center’s newly doubled venture fund, a pandemic preparedness initiative and new VC funds. In recent financings, Nutcracker closed a $167m series C round and 2Seventy raised $170m in a private placement.
Frazier Life Sciences managing partner James Topper described how the firm will use its 11th fund to launch new companies, support growing firms and take advantage of public market opportunities.