Start-Ups & SMEs

The future fate of Jiangsu Hengrui’s new drug discovery and development subsidiary may provide some tips on what’s ahead for the Chinese biopharma sector.

The ex-chief medical officer at Novartis is now CEO at the UK-based biotech, which he he told Scrip could have a ‘transformational’ therapy to protect patients after a heart attack.

Genentech is broadening its stake in the protein degradation field, following BMS and Merck & Co into molecular glue drugs.

Private Company Edition: ReCode’s series B venture capital round grew for a third time, now totaling $260m for precision genetic medicines. Also, DalCor closed an $80m series D, manufacturer Nephron amassed $350m, Hyku launched with a $56m seed financing and Magnet emerged with $50m.

Emerging Company Profile: BioAge has Phase Ib proof-of-concept data in age-related muscle loss and is gearing up for its first Phase II study, but will need fresh cash or a partner for a potential weight loss-related muscle loss study.

These are interesting times for Mironid, a Glasgow-based biotech developing small molecule therapeutics for the treatment of autosomal dominant polycystic kidney disease, a life-threatening hereditary condition.

A mix of mega-rounds and smaller seed financings show investment happening at both ends of the venture capital spectrum. In public company financings, Gilead prices $2bn note offering, Biogen secures $1.5bn for Reata deal, Inhibrx completes a $200m PIPE and the IPO market shows new signs of life.

Mariana Oncology closed a $175m series A venture capital round to fund its first clinical trial, for MC-339 in small-cell lung cancer, as well as its manufacturing and pipeline-building activities.

Private Company Edition: Genesis raised $200m, Rapport brought in $150m and Cellares closed a $255m round. Also, Ferring got $300m up front in a royalty deal, Fore Biotherapeutics raised a $75m series D and Vaxxas won a $3.67m Wellcome grant to advance a next-generation typhoid vaccine.

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: Recent venture capital mega-rounds of $100m or more include ADARx and Alltrna, which closed five days after CG Oncology brought in $105m. Also, Tisento launched with assets from Cyclerion and $81m in series A funding and Georgiamune raised a $75m series A round.

Private Company Edition: Kriya raised the first $270m of its now $430m-plus series C venture capital round in May 2022 and has raised more than $600m to date. Also, Nexo launched with $60m in series A cash, Ossium brought in $52m in series A financing and cell therapy CDMO Kincell launched with $36m.