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BioPharma Updates

BioPharma Updates, November 25, 2024.

SciLeads BioPharma is updated daily, giving our clients the most up to date insights on the financial and organizational updates in biopharma organizations and start ups. Below is a digest of this week’s updates. For a complete picture of organizational updates, funding, investment, and employee activities, start your free trial today.

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Funding

  • Enveda Biosciences (CO, USA) raised $130M in Series C funding to deliver clinical catalysts in 2025 and 2026 across multiple programs with strong commercial opportunities, continue advancing their deep pipeline of 10 Development Candidates and multiple discovery programs, and invest in their world-leading platform.
  • C Ray Therapeutics (Chengdu, China) raised $100M in Series A+ funding to further improve the company’s core technology platforms, such as targeted ligand discovery, and upgrade the high-throughput screening capabilities for innovative RDC drugs.
  • Tongrui Biopharma (Shanghai, China) raised $100M in Series A+ funding to accelerate clinical development of the company’s alpha radionuclide drug conjugates and enhance its core technology platforms for targeted precursor discovery and high-throughput screening.
  • Ōura (Oulu, Finland) raised $75M in Series D funding to help millions of people improve their metabolic health through the integration of Dexcom glucose data with vital sign, sleep, stress, heart health and activity data from Oura Ring.
  • Quanta Dialysis Technologies (Warwick, United Kingdom) raised ~$60M in oversubscribed Series E funding to expand its commercial presence in the US and continue to invest in cutting-edge innovation within the sector.
  • Tactotek (Oulu, Finland) raised $60M in funding to accelerate the global adoption of its transformative IMSE® technology for sustainable, lightweight, and smart electronic solutions across industries.
  • ATB Therapeutics (Marche-en-Famenne, Belgium) raised $56M in Series A funding to accelerate the clinical development of a groundbreaking therapeutic antibody pipeline derived from its proprietary ATBioFarm platform.
  • Vitara Biomedical (PA, USA) raised $50M in funding to further advance the company’s efforts leading to a first in human clinical study of their technology.
  • GI Windows Surgical (MA, USA) raised $37M in Series B funding to support the continued clinical development and planned commercialization of its Self-Forming Magnet, FlexagonTM and delivery systems.
  • Valora Therapeutics (CA, USA) raised $30M in Seed funding to propel the advancement of Valora’s proprietary AbLec platform to develop novel immunotherapeutics.
  • Synapticure (IL, USA) raised $25M in Series A funding to expand partnerships with leading healthcare providers and payers, invest in its innovative and proprietary technology platform, fast-track clinical research and expand patient access, and scale its national medical group.
  • Zenflow, Inc. (CA, USA) raised $24M in Series C funding to support the company’s Pre-Market Approval (PMA) submission and to prepare for commercialization upon FDA approval of its Spring® System, a minimally invasive treatment option for patients who suffer debilitating symptoms due to enlarged prostate.
  • OneCell Diagnostics (CA, USA) raised $16M in oversubscribed Series A funding to advance its vision of democratizing precision oncology through cancer diagnostic testing that is more accessible, actionable, and affordable.
  • Faircraft (Paris, France) raised $15.8M in funding to expand its team, notably by recruiting more engineers and biologists, and accelerate its efforts to scale operations and meet growing demand.
  • ReCode Therapeutics (TX, USA) raised $15M in funding from the Cystic Fibrosis Foundation (MD, USA) to develop a gene editing therapy that could be delivered into the lung cells of people with cystic fibrosis.
  • Mepsgen (Seoul, South Korea) raised $14.9M in Series C funding to launch a clinical-grade version of the NanoCalibur system, NanoCalibur GMP, in the first half of 2025. 
  • Freya Biosciences (Copenhagen, Denmark) raised $11.8M in funding to develop microbial immunotherapies for the treatment of bacterial vaginosis (BV) to address pre-term birth and potentially other indications affecting maternal and newborn health.
  • Synaptrix (NY, USA) raised $10M in Series A funding to develop a pivotal study, regulatory submission, and commercialization of the company’s proprietary NOVABLOC™ system.
  • Industrial Microbes (CA, USA) raised $10M in funding to advance its mission of accelerating the global transition to eco-friendly materials.
  • Cytomos (Edinburgh, United Kingdom) raised $6.26M in funding to drive sales of its first commercial product, Celledonia™, built on its cell-analysis technology platform AuraCyt, which is already generating significant market traction.
  • Converge Bio (Tel Aviv, Israel) raised $5.5M in Seed funding to further develop their platform which uses large language models (LLMs) trained on biological and chemical data (DNA, RNA, protein sequences, and small molecules) to help biotech and pharmaceutical companies discover and develop better-performing drugs in less time.
  • BiocSol (Louvain-la-Neuve, Belgium) raised $5.4M in funding to expand its team, broaden its R&D pipeline and kickstart the regulatory processes for its pioneering biofungicides.
  • Synata Bio (IL, USA) received a $4.5M NDRC grant to further develop energy-saving and carbon reduction projects that further the country’s goal to become carbon neutral by 2060.
  • CND Life Sciences (AZ, USA) received a $4.2M Michael J Fox Foundation grant to support a clinical initiative to investigate the use of the Syn-One Test to quantify abnormal phosphorylated alpha-synuclein in patients with Parkinson’s.
  • BMI OrganBank (NC, USA) received a $3.5M NIH grant to support further development of the company’s groundbreaking kidney preservation technology with the goal of preparing it for clinical trials and FDA approval.
  • TearSolutions Inc. (VA, USA) raised $3M in Series B funding to accelerate its development programs for rare corneal diseases at both pre-clinical and clinical stages.
  • Dynadic International (FL, USA) received a $3M Bill & Melinda Gates Foundation grant to contribute to the cell line development of monoclonal antibodies targeting respiratory syncytial virus and malaria utilizing the company’s proprietary C1 protein production platform to provide globally accessible treatment options for underserved populations.
  • BioCircuit Technologies (GA, USA) received a $3M NIH grant to further development of Nerve Tape®, the first device for sutureless nerve repair.
  • Integral Molecular (PA, USA) received a $2.7M NIH grant to support FDA-qualification of Integral Molecular’s Membrane Proteome Array™ (MPA), a next-generation technology that provides critical safety data required for Investigational New Drug (IND) filings of biologic drugs.
  • Insud Pharma (Madrid, Spain) received a $2.7M Bill & Melinda Gates Foundation grant to conduct a Phase II clinical trial for a novel sublingual oxytocin treatment aimed at preventing postpartum hemorrhage (PPH), one of the leading causes of maternal mortality worldwide.
  • BioSurfaces[1]  (MA, USA) received a $2.06M Bill & Melinda Gates Foundation grant to advance the development of BioSurfaces’ Bio-Spun™ Cell Chamber (BSCC), an innovative device designed to provide long-term delivery of a biotherapeutic agent to treat a chronic illness.
  • Cancer Targeted Technology (WA, USA) received a $2.4M a NCI grant to develop an innovative psma-targeted small molecule drug conjugate for prostate cancer.
  • Invizyne Technologies (CA, USA) received a $2M DoD award to enable enzyme production for cell-free biomanufacturing of sustainable aviation fuel (SAF).
  • Autoimmunity Biosolutions (TX, USA) raised $2M in Seed funding to fund the development of the company’s lead program, a first-in-class series of monoclonal antibodies specifically targeting sIL7R while sparing membrane-bound IL7R.
  • Augere Medical (Oslo, Norway) raised $2M in funding to strengthen the PolypAID European sales & marketing efforts and to expand the AI development capabilities.
  • Oncobit[2]  (Zurich, Switzerland) raised $1.65M in Pre-Series A funding to support the company’s product development initiatives and growth strategy, strengthening its focus on delivering advanced solutions in cancer care.
  • ArrePath (NJ, USA) received a $1.26M PACE grant to develop a new class of antibiotics designed to address multidrug-resistant (MDR) infections, a growing global health threat.
  • Glox Therapeutics (Glasgow, United Kingdom) received a $1.26M PACE grant to accelerate the development of novel antibiotics targeting drug-resistant pathogenic bacteria, Escherichia coli and Klebsiella pneumoniae.
  • ChromaTwist (Birmingham, United Kingdom) received a $625K UK Smart grant to fund a project that will take their novel dyes to the next level in terms of enhanced brightness and staining indices, to make cells and cellular structures stand out more clearly during bio-imaging.
  • Soaak Technologies (OK, USA) received a $497K OCAST grant to support the continued mission to provide innovative biodigital solutions, while fueling job creation and economic growth in Oklahoma.
  • Modus Therapeutics (Stockholm, Sweden) raised $450K in funding to initiate the recently approved Phase 2a clinical trial in chronic kidney disease.
  • Puerto Rico Science Technology & Research Trust (PR, USA) received a $200K SBA grant to support entrepreneurs competing for federal innovation funding.
  • Alva Health (CT, USA) received a $12K AHA grant to develop a device that uses noninvasive wearables and AI/ML algorithms to monitor the onset of stroke symptoms and immediately initiate emergency calls.
  • SRTD Biotech (Jülich, Germany) raised an undisclosed seven-figure amount in Seed funding to develop RNA-based therapeutics that are specifically active only in diseased cells.
  • NanoVation Therapeutics (Vancouver, Canada) raised an undisclosed amount in funding to further advancement of NanoVation’s lipid nanoparticle (LNP) technology platform for RNA delivery to cells outside of the liver, including the completion of large animal studies.
  • Cortechs.ai (CA, USA) raised an undisclosed amount in oversubscribed Series C funding to fuel the company’s mission to advance medical imaging through cutting-edge technology, expanding both its product suite and market reach.
  • OncoVerity (CO, USA) raised an undisclosed amount in Series A funding to advance its mission to address the unmet medical need of cancer patients, leveraging a unique computational approach to inform a development strategy that seeks breadth and depth of response.
  • Debiopharm (Lausanne, Switzerland) raised an undisclosed amount in funding to support the preclinical development of Debio 1453, a novel antibiotic specifically designed to combat Neisseria gonorrhoeae infections.
  • Khondrion (Nijmegen, Netherlands) raised an undisclosed amount in funding to initiate a Phase III study investigating the potential of its lead proprietary drug candidate, sonlicromanol, to treat adult patients with PMD due to the m.3243A>G mutation.
  • ANAFLASH (CA, USA) raised an undisclosed amount in funding to commercialize its non-volatile AI microcontroller product for battery-powered smart edge devices.
  • Avenzo Therapeutics (CA, USA) raised an undisclosed amount in Series A/A-1 funding to develop new oncology therapies for patients.

Emerging

  • Aizen Therapeutics (CA, USA) emerged from stealth with $13M in Seed funding to advance “mirror peptide” drug candidates, with an initial focus on solid tumors and neuroscience.
  • Sedivention (Straßlach-Dingharting, Germany)raised $842K in Pre-Seed funding to advance the first preclinical studies and product development.
  • New Lantern (CA, USA) emerged from stealth with $19M in Series A funding to launch its AI radiology resident and invest in continued R&D as well as hire and grow its team across engineering and sales.
  • DANNCE.ai (MA, USA) launched with $2.6M in Pre-Seed funding to bring DANNCE, a novel phenotyping platform to digitize the clinical assessments used by doctors and therapeutic developers to quantify movement, to market
  • Aspiro Therapeutics (AZ ,USA) is an emerging biotech company with aspirations to revolutionize treatment for obstructive lung diseases by mimicking the protective power of CC16, a natural lung protein vital for healthy breathing.
  • Adaptyx Biosciences (CA, USA) is a stealth mode biotechnology company with a mission is to develop wearable sensors that continuously measure panels of molecules in real time
  • Trogenix (Edinburgh, United Kingdom) emerged from stealth to advance its pipeline of viral immunotherapies for cancer, starting with a lead candidate targeting an aggressive type of brain cancer.

Post IPO Equity

  • Cidara Therapeutics (CA, USA) raised $105M in private placement to fund research and development of product candidates, working capital, and general corporate purposes.
  • Aclaris Therapeutics (PA, USA) raised $80M in private placement to fund the research and development of its pipeline and for general corporate purposes.
  • Forte Biosciences (TX, USA) raised $53M in private placement to support the continuing clinical advancement of FB102, a proprietary anti-CD122 monoclonal antibody therapeutic candidate with potentially broad autoimmune and autoimmune-related indications.
  • Spectral AI (TX, USA) raised $5M in equity financing to continue advancing AI-driven diagnostic solutions that will transform wound care.
  • Qualigen Therapeutics (CA, USA) raised $4.5M to focus on developing treatments for adult and pediatric cancer.
  • Rhythm Biosciences Limited (Melbourne, Australia) raised $3.5M to advance and commercialise the ColoSTAT Multiplex diagnostic Colorectal Cancer test.
  • Biovaxys Technology Corp. (BC, Canada) to raise ~$720K through a non-brokered private placement offering to be used for working capital and may pay finder’s fees related to the Offering.

Post IPO Debt

  • Omnicell (TX, USA) raised $150M to continue transforming pharmacy care through outcomes-centric innovation designed to optimize clinical and business outcomes across all settings of care.
  • Biofrontera (MA, USA) raised $4.2M to provide a solid foundation to meet the company’s financial objectives for 2025 and beyond

Mergers and Acquisitions

  • Dômes Pharma Group (Château-Gaillard, France) announced they have acquired NeoPolyNac from Akorn Pharmaceuticals (IL, USA). At the same time they announced they have renamed SentrX Animal Care to Dômes Pharma US (UT, USA) within the U.S market to strengthen their global brand. 
  • Radon Medical Imaging (WV, USA) announced the acquisition of Alpha Imaging (OH, USA), strengthening Radon’s strategy to become a leader within the medical imaging market.
  • SBC Medical Group Holdings (CA, USA) announced a definitive agreement to acquire Aesthetic Healthcare Holtings Pte. Ltd (Singapore), as SBC looks to expand within the Asia cosmetic industry.
  • Recursion Pharmaceuticals (UT, USA) and Exscientia Ltd (Oxford, United Kingdom) have announced the merger agreement has been completed. This means that Exscientia has become a subsidiary of Recursion, strengthening its position in the AI Drug discovery space.
  • Kyowa Kirin (Tokyo, Japan) is acquiring the commercial rights for Kura Oncology (CA, USA) ‘s targeted leukemia treatment, ziftomenib, for $330M upfront costs and up to $1.1B in possible milestone payments.
  • Transposon Therapeutics (CT, USA) acquires the portfolio of Novel Nucleoside Analogs from PrimeFour Therapeutics (CA, USA).
  • CV Sciences, Inc. (CA, USA) has entered into a definitive agreement to acquire Extract Labs (CO, USA) which will strengthen their portfolio of hemp extract products as Extract Labs is a leading manufacturer and distributor of premium cannabinoid products.
  • Stemtech Corporation (FL, USA) and Viago (Tehran, Iran) have announced a strategic merger for both companies to move forward with growth and value.
  • Novartis (Basel, Switzerland) acquires Kate Therapeutics (CA, USA) in a new deal for $1.1 with potential milestone payments.

Partnerships

  • Kura Oncology (CA, USA) and Kyowa Kirin (Tokyo, Japan) announced a ~$1.16B global strategic collaboration to develop and commercialize ziftomenib, Kura’s selective oral menin inhibitor, being investigated for the treatment of patients with acute myeloid leukemia (AML) and other hematologic malignancies.
  • Biosion, Inc (Nanjing, China) announced a ~$900M exclusive license agreement with Aclaris Therapeutics (PA, USA) for worldwide rights (excluding Greater China) to BSI-045B, a potential First-in-class, clinical-stage, novel anti-TSLP monoclonal antibody, and BSI-502, a potential best-in-class, pre-clinical stage, novel bispecific antibody that is directed against both TSLP and IL4R.
  • VelaVigo (Shanghai, China) announced a ~$750M agreement with Avenzo Therapeutics (CA, USA) granting Avenzo an exclusive option to an exclusive license to develop, manufacture and commercialize a potential first-in-class Nectin4/TROP2 bispecific ADC globally (excluding Greater China).
  • Ratio Therapeutics (MA, USA) and Novartis Pharma AG (Basel, Switzerland) announced a ~$745M exclusive worldwide license and collaboration agreement that will leverage Ratio’s radioligand therapy discovery and development expertise as well as its technology platforms for the development of a Somatostatin Receptor 2 (SSTR2) radiotherapeutic candidate for cancer.  
  • Samsung Biologics (Incheon, South Korea) announced a $668M manufacturing deal with an unnamed European pharmaceutical company to deliver high-quality biopharmaceuticals to patients.
  • BioLineRx (Jerusalem, Israel) and Ayrmid Ltd. (United Kingdom) announced an $87M license agreement for motixafortide (commercially sold in the U.S. as APHEXDA®), BioLineRx’s FDA-approved stem cell mobilization agent indicated in combination with filgrastim (G-CSF) for collection and subsequent autologous transplantation in patients with multiple myeloma.
  • HCW Biologics (FL, USA) to receive upfront payment of $7M in an exclusive license agreement with WY Biotech (Shanghai, China) to develop and commercialize one of HCWB’s product candidates generated with its new drug discovery platform for therapeutic use.
  • Alamar Biosciences (CA, USA) and The Michael J. Fox Foundation For Parkinson’s Research (NY, USA) announced collaboration  to accelerate biomarker discovery and improve our understanding of Parkinson’s disease (PD).
  • Pharmanovia (Basildon, United Kingdom) and Lindis Biotech (Munich, Germany) signed a novel biologic in-licensing agreement to commercialise catumaxomab for treatment of rare condition, malignant ascites.
  • Chrysalis BioTherapeutics (TX, USA) and National Institute Of Allergy And Infectious Diseases (NIAID) (MD, USA) announced a Non-Clinical Evaluation Agreement (NCEA) for evaluating Chrysalin for the treatment of Cutaneous Radiation Injury (CRI).
  • Asimov (MA, USA) announced a licensing agreement for its CHO Edge System with RevOpsis Therapeutics (IL, USA) following a successful cell line development campaign with Asimov’s CHO Edge System for the lead RevOpsis asset, RO-104.
  • Steritas (MA, USA) announced a licensing agreement with argenx (Ghent, Belgium) for use of its STOX® Suite of steroid-toxicity clinical outcome assessments (COAs) across argenx’s development programs for differentiated immunology therapeutics.
  • Lunit (Seouol, South Korea) and AstraZeneca (Cambridge, United Kingdom) announced collaboration to harness Lunit SCOPE Genotype Predictor for rapid and convenient prediction of non-small cell lung cancer driver mutations.
  • Bio-Techne (MN, USA) and ALZpath, Inc. (CA, USA) announced a strategic partnership to accelerate breakthroughs in neurodegenerative disease research and treatment, including Alzheimer’s disease.
  • Incyclix Bio (NC, USA) announced a clinical trial collaboration and supply agreement with Eli Lilly and Company (IN, USA) for supply of its CDK4/6 inhibitor Verzenio® (abemaciclib) for use in combination with INX-315 and fulvestrant for treatment of patients with hormone receptor-positive (HR+), human epidermal growth factor receptor 2-negative (HER2-) breast cancer who progressed on a prior CDK4/6i regimen.
  • Genprex, Inc. (TX, USA) announced an exclusive license agreement with the University of Michigan (MI, USA), granting Genprex a worldwide, exclusive license to the University’s patent rights relating toits lead drug candidate, Reqorsa® Gene Therapy (quaratusugene ozeplasmid), in combination with ALK-inhibitors for the potential treatment of ALK-EML4 positive translocated lung cancer.
  • Vyriad (MN, USA) and Novartis (Basel, Switzerland)   announced a strategic collaboration that will focus on the identification and development of in vivo CAR-T cell therapy candidates to be clinically advanced by Novartis.
  • Laekna Therapeutics (Shanghai, China) and Eli Lilly and Company (IN, USA) announced a clinical collaboration to accelerate the development of LAE102, a novel ActRIIA mAb as a novel treatment for obesity.
  • Precision for Medicine (MD, USA) and Agena Bioscience (CA, USA) announced a strategic partnership that helps bridge critical gaps in detecting mutations not identified by next-generation sequencing (NGS) alone.
  • Zai Lab (Shanghai, China) and Pfizer (NY, USA) announced a strategic collaboration for the novel antibacterial drug XACDURO® (sulbactam-durlobactam) in mainland China, where Zai Lab will leverage the industry-leading commercialization infrastructure of Pfizer’s affiliated companies in the anti-infective therapeutic area to help accelerate access to this important therapy for patients in need.
  • Alloy Therapeutics, Inc. (MA, USA) and Takeda Pharmaceuticals (Tokyo, Japan) announced a strategic collaboration and license agreement to develop Takeda’s proprietary induced pluripotent stem cell (iPSC) derived CAR-T cell platform (iCAR-T) and iPSC-derived CAR-NK platform (iCAR-NK).
  • 23andMe (CA, USA) and Mirador Therapeutics (CA, USA) announced a strategic research collaboration in which Mirador will leverage a targeted set of aggregated, de-identified genetic and phenotypic data from the 23andMe research database and its proprietary Mirador360™ development engine to enable target validation and precision medicine.
  • PCI Pharma Services (PA, USA) and ChiRhoClin, Inc. (MD, USA) announced collaboration that aims to maintain a stable supply of the drug, which is crucial for diagnosing pancreatic cancer, exocrine dysfunction, and conducting other vital pancreatic function tests.
  • Acies Bio (Ljubljana, Slovenia) and Protein Evolution (CT, USA ) announced collaboration that aims to leverage Acies Bio’s state-of-the-art SmartRoute™ platform to scale the production of Protein Evolution’s plastic-degrading enzymes, bringing the world one step closer to a future free from plastic waste.
  • Bioretec Ltd. (Tampere, Finland) and GlobalMed Logistix (GA, USA) announced a new sales and distribution agreement to accelerate the commercialization of RemeOs™ Trauma Screw in the U.S. civilian hospital market
  • Aptar Digital Health (NY, USA) and the University of Geneva (Geneva, Switzerland) announced collaboration to investigate the potential association between digital biomarkers in everyday life and migraine by focusing on how lifestyle factors may influence migraine events and severity.

Initial Public Offering (IPO)

  • Spyre Therapeutics (CA, USA) announced public offering pricing of $200M to create the next-generation of inflammatory bowel disease (IBD) products by combining best-in-class antibody engineering, rational therapeutic combinations, and precision medicine approaches.
  • Autonomix Medical (TX, USA) announced underwritten public offering pricing of $9M to fund its clinical trial, for other research and development, for development of intellectual property, and for working capital.
  • Modular Medical, Inc. (CA, USA) announced public offering pricing of $8.2M to fund operations and for working capital and general corporate purposes, including capital expenditures.
  • Aptose Biosciences (CA, USA) announced public offering pricing of $8M to support the development of oral kinase inhibitor tuspetinib (TUS), the company’s lead clinical-stage, as a frontline triplet therapy in newly diagnosed AML.
  • Bioxcel Therapeutics Inc. (CT, USA) announced public offering pricing of $7M to fund the SERENITY At-Home trial, prepare for the initiation of the TRANQUILITY In-Care trial, working capital, and general corporate purposes.
  • Verrica Pharmaceuticals (PA, USA) announced proposed public offering pricing to support the development of VP-103, its second cantharidin-based product candidate, for the treatment of plantar warts.

Registered Direct Offering (RDO)

  • Lineage Cell Therapeutics (CA, USA) announced the first closing of registered direct offering of ~$66M to continue to develop allogeneic cell therapies for unmet medical needs.
  • HCW Biologics (FL, USA) announced registered direct offering pricing of $6.9M to focus on discovering and developing novel immunotherapies to lengthen healthspan by disrupting the link between chronic, low-grade inflammation, and age-related diseases, such as cancer, cardiovascular, diabetes, neurodegenerative, and autoimmune diseases, as well as other inflammatory conditions such as long-haul COVID-19.
  • Intensity Therapeutics, Inc. (CT, USA) announced registered direct offering pricing of $3M to focus on the discovery and development of proprietary, novel immune-based intratumoral cancer therapies designed to kill tumours and increase immune system recognition of cancers

Closures and Layoffs

  • Johnson & Johnson (NJ, USA) are laying off people in China as local competition increases from Beijing to drive down medical costs. Their division affected the majority sold surgery product, other departments are also affected, it can be estimated up to a fifth of their employees can be affected. They currently employ 10,000 in mainland China across 90 locations.
  • Merck (NJ, USA) joins in China layoffs from Beijing driving down medical costs. Their divisions affected are within their diabetes unit and HPV vaccine Gardasil.
  • Sonata Therapeutics (MA, USA) has laid off 20 employees after streamlining their organization.
  • Lexicon Pharmaceuticals (TX, USA) to lay off up to 60% of their workforce focusing on their commercial sales team after the FDA voted against their drug sotagliflozin for further treatment to insulin therapy for type 1 diabetes and chronic kidney disease. Cuts are expected to cost $100M with the current plan and another $40M that should have come from their last layoffs in August.

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