The coronavirus pandemic could be a turning point for master protocol and platform trial designs, but clear guidance and coordination are still needed.

Public Company Edition: Phathom went public in the US within proposed pricing terms, but Cabaletta’s IPO went to market below a proposed range, while TFF launched in line with earlier plans. Also, Principia’s FOPO raises $210m and Trillium restructures.

In a review of biopharma start-up dealmaking and financing activity from January through March, based on data from Strategic Transactions, Anthos completed the largest venture capital round in the first quarter, raising $250m.

As its lead product fails at Phase IIb in diabetic retinopathy, Aerpio’s attentions turn to its other potential indications, but investors will need more convincing that this strategy will pay dividends.