Find out which biopharma companies are raking in the cash this week, as companies from around the globe provide updates on their financing rounds and IPOs.
2020 is the year of biotechs, with over 60 companies going public. Find out which biopharma companies are raking in the cash this week, as companies from around the globe provide updates on their financing rounds and IPOs.
Praxis Precision Medicines
Praxis has been raking in the cash this year with a $100 million launch in May, another $110 million in July and now $190 million in an upsized IPO. The Massachusetts-based biotech upped its offering from 7.4 to 10 million shares at $19 apiece. About half of the funds will be used for getting its lead CNS candidate to clinical development in addition to funding a Phase II/III trial in major depressive disorder.
“We look forward to our next chapter as a public company, as we continue to develop our pipeline with the aim of positively impacting the lives of patients with common and rare CNS diseases characterized by neuronal imbalance,” CEO Marcio Souza said.
Opthea
Retinal disease biotech Opthea went public to help fund its Phase III trials in anticipation that the company’s treatment for wet AMD, an age-related eye disease, will out sell Roche and Regeneron’s current treatments combined. The $128.2 million raised from their IPO, a hefty chunk less than the $160 they’d originally hope for, should fund them through 2023’s third quarter. Opthea is hopeful that its listing will help it find a big pharma partner.
Tarsus Pharmaceuticals
Tarsus exceeded its own expectations with an IPO that raised 10% more in proceeds than expected. The company’s successful selling of 5.5 million shares raked in a cool $88 million and got on the Nasdaq ticker with the symbol TARS. CEO Bobak Azamian, MD, Ph.D. said “Our mission at Tarsus is to discover and deliver breakthrough treatments to transform the lives of patients with common and poorly treated diseases, starting with the eye. Tarsus was founded because we are passionate about this goal and believe we can attain it with the support of our partners and the great team we are building here at Tarsus.” The majority of the proceeds will go into taking its lead candidate for Demodex blepharitis into a Phase IIb/III trial.
IN8bio
IN8bio, previously Incysus Therapeutics, announced a filing to go public, seeking an $86 million raise. The clinical stage biopharma company focuses on the development of modified gamma-delta T cells for anti-cancer therapies. IN8bio hopes to use the funds to take its leukemia and glioblastoma candidates into clinical testing, as well as other various R&D and administrative matters.
AbSci
A strong belief in AbSci’s Protein Printing technology drove investors to drop $65 million into Portland-area biotech AbSci. The unique technology has the opportunity to support the commercialization of next-gen biologics previously considered unmanufacturable. The Series E will be used to increase production capacity by expanding AbSci’s facility and support research and development. With the expansion of the facility will come an expansion of job opportunities as well. AbSci CEO Sean McClain was recently named Entrepreneur of the Year for the Pacific Northwest Region.
Dren Bio
While Dren Bio’s focus is on depleting diseased cells, the company’s coffers experienced the opposite with a Series A investment of $60 million. Dren will utilize the cash to advance its two lead programs through early clinical development.
“Our strategy is to select the appropriate immune cell type to induce potent and measurable therapeutic effects,” said Nenad Tomasevic, PhD, Dren’s CEO and co-founder. “The DR-01 program employs enhanced ADCC to eliminate pathologic cells in clearly defined patient populations. Our DR-02 platform engages a different immune effector cell to a target, resulting in immune stimulation and target depletion.”
Last year, Dren closed a $6 million raise in seed financing.
Topas Therapeutics
Topas utilizes the liver’s natural immunology capabilities using its novel technology to develop new therapeutic solutions for challenging diseases. An influx of over $26 million from a Series B round will help progress their lead two lead candidates into clinical development for treating autoimmune disease pemphigus vulgaris, a rare autoimmune disease that causes painful blistering on the skin a mucus membranes, and celiac disease. Topas also announced the appointment of new CEO Klaus Martin, Ph.D.
Solarea Bio
Food-as-medicine startup Solarea Bio got some green in a $11.2M Series A financing round. With a focus on microbial-based solutions to aid human health, Solarea will use the proceeds to advance SBD111, its musculoskeletal product, through a clinical proof of activity trial. It will also bolster discovery and development of their microbial-based product pipeline. “We see a clear link between analyzing healthy foods and creating new products to improve the lives of patients in need,” said Gerardo V. Toledo, CEO and Co-Founder in Solarea Bio.
