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.

The strategy for both funds is to back companies with a preclinical drug candidate that can be advanced through clinical proof-of-concept with a mid-sized series A round. 

Genentech will use the X-Chem platform to obtain leads against multiple oncology targets. Lilly partners with Merus on CD3-targeting T-cell therapy candidates.

Another failed study in Duchenne muscular dystrophy spells the end for edasalonexent and possibly the firm.