Orna emerged in 2021 with its circular RNA platform and ReNAgade launched in 2023 to deliver RNA to new tissues, both backed by MPM BioImpact, but they have been partners for years.

China's Chengdu New Radiomedicine Technology and the radiotherapy CRDMO Mitro Biotech bagged a combined $94m in their respective new financing rounds during March. Meanwhile, Beijing Varnotech Biopharm secured $83m for its vaccine candidates for the prevention of herpes zoster and respiratory syncytial virus infections. 

On the new company creation front, using Series A financings as a proxy, start-ups have not escaped the challenging funding environment. Here we update trends in those first-time rounds for 2023.

Private Company Financings: Year-end data from Pitchbook/NVCA, like recent Evaluate numbers, show venture fundraising slid from the third to fourth quarters. However, Taiho increased its VC fund by $100m, Ji Xing closed a $162m series D round and MAPS raised more than $100m.