Investors are dropping dollars into the life sciences industry like the trees are dropping their leaves. Here’s who’s raking in the cash this week.
Investors are dropping dollars into the life sciences industry like the trees are dropping their leaves. Here’s who’s raking in the cash this week.
Neumora Therapeutics
Uncloaking with a massive $500 million in financing, neuroscience-focused Neumora has hit the ground running. A strategic partnership with mega biotech Amgen will develop and commercialize assets targeting casein kinase 1 delta and glucocerebrosidase for neurodegenerative diseases. With a portfolio of eight programs in varying stages from internal discovery assets, Neumora is developing precision medicines for complex brain diseases. Paul L. Berns, cofounder, chairman and CEO said the company was founded to approach drug development in a “smarter, more precise way.” “Neumora is built at scale to pioneer potential best-in-class precision medicines for brain diseases, and we believe that integrating data sciences is the key.”
Pyxis Oncology
Mere months after its $152 million Series B round, this Cambridge-based company hopped on the Nasdaq’s ticker board with the symbol PYXS. Selling at $16 a share, Pyxis drew in about $168 million in its IPO last week. The biotech develops ADCs and monoclonal antibodies targeting different forms of cancer. Most of the funds are earmarked for Pyxis’ three lead ADC programs, taking the candidates through preclinical research, NDA and Phase I trials.
CinCor Pharma
Cincinnati’s CinCor just finished its $143 million Series B financing round to support the development of its lead drug for hypertension, primary aldosteronism and chronic kidney disease. CIN-107 is an oral small molecule that inhibits aldosterone synthase. The funds will be used to complete ongoing Phase II trials for patients with resistant hypertension and hypertensive patients with primary aldosteronism. The round will also fuel two new Phase II trials in patients with uncontrolled hypertension and to study the drugs impact on blood pressure and kidney function in CKD patients.
Twin Health
AI drives the future of medical devices and services, treating and preventing disease through technology. Last week, Twin Health scooped up a $140 million Series C to scale services of its Whole Body Digital Twin. The precision health service builds a dynamic representation of each patient’s unique metabolism through non-invasive wearable sensors and patient tracking to help reverse and prevent chronic metabolic diseases. With the idea that your body can “heal itself,” the program provides real-time health insights with recommendations to address the root cause of chronic metabolic diseases like type 2 diabetes. In a randomized controlled trial, over 90% of patients achieved type 2 diabetes reversal with 92% able to eliminate all diabetes drugs.
With stock listed at $15 a share, IsoPlexis scored $125 million from its IPO. Developing tech to support drug R&D is the company’s focus. Its commercialized technology platform, based on tech licensed from Yale, assists biopharma companies in analyzing proteins. Initially focused on applications for cancer immunology and cell and gene therapies, IsoPlexis is expanding its scope to include infectious and neurologic disease as well as inflammatory conditions. Proceeds will be used for general corporate purposes.
Intergalactic Therapeutics
Launching off with $75 million in seed funding, Intergalactic is one of the handful of biotech companies aiming to create non-viral gene therapies. Currently approved gene therapies rely on viruses to deliver the DNA strands. While effective, viruses can cause safety concerns and limit treatments to one-time use. Intergalactic is relying on technique with 40 years of research behind it, electroporation, which uses electrical fields to open doorways into cells. Like many gene editing companies, this one will start by targeting diseases affecting the eye, as well as respiratory disease and cancer. The goal is for in-human trials within two years.
Since Biogen’s landmark approval of Aduhelm, the industry is seeing a fresh surge of interest in targeting amyloid proteins to treat the devastating disease of Alzheimer’s. Cognition is developing small molecules to break up amyloid in the brain with its lead drug. By jumping on the Nasdaq, the company now has a fresh $45.2 million to push forward CT1812 to Phase II testing in patients with mild-to-moderate Alzheimer’s. A second candidate is targeting wet form of age-related macular degeneration. $16.2 million of the IPO raise will funnel into that program’s Phase II.
Chance Pharmaceuticals
Out of Hangzhou, China, Chance has the “leading particle engineering knowhow” for developing inhaled therapeutics for today’s debilitating diseases. With seven products in the early stages of its pipeline, the company lists its R&D as including diseases like chronic obstructive pulmonary disease, asthma, pulmonary arterial hypertension, and central nervous system disorders. This week Chance scored $30 million in Series C financing to advance the pipeline, initiate collaborations and accelerate construction on a manufacturing facility.
