A group of marquee venture investors has joined forces to back a $40 million Series A for Crinetics Pharmaceuticals, an early-stage biotech in San Diego that has been working on a next-gen oral treatment for acromegaly.
After 24 years in the venture investing game, Frazier Healthcare Partners is unveiling a new, $262 million fund that will be the very first that it is devoting exclusively to life sciences companies. And the startup experts say they've never seen a better time to back new biotechs concentrating primarily on new drug development.
Biotech venture capital investments remain on pace for a record year after racking up another $2 billion in the third quarter, but some current shakiness in the public markets could change the outlook for early-stage drug developers looking to fill their coffers in the future.
Over the years the partners at Third Rock have whipped up a wave of biotech startups focused on new cancer drugs, gene therapies, heart disease, gene editing and much, much more. Now they're tackling new therapeutics for hearing loss, convinced that this is a prime time to create a new company from the ground up in a field that's been long neglected by drug developers.
Roche Venture Fund has contributed to a big day for another Spanish biotech. Minoryx Therapeutics is the latest of the country's biotechs to cash in, tapping Roche's VC unit and others for €19.4 million ($21.7 million) to move its treatment for a rare neurodegenerative disease into clinical trials.
A new company spun out of Harvard University's Wyss Institute raised $5.15 million in Series A cash to develop a technology its founders say can generate images of unprecedented resolution, creating a new avenue for diagnostics and drug discovery.
Atlas Venture startup Quartet Medicine added $6.25 million to its Series A fundraise, closing the round at $23.25 million as it moves toward clinical trials with a newfangled way of treating chronic pain.
Less than two years after OrbiMed unleashed its last big biotech fund, the venture group is going back to the well to piece together an even bigger, $950 million cache of cash.
Under-the-radar biotech startup Alector raised $32 million in Series C funds to support its early-stage work in neurodegenerative disease, recruiting some high-profile investors as it develops a novel approach to brain-destroying disorders.
Selecta Biosciences is taking another carefully planned step down the biotech path it set for itself, raking in $38 million in fresh venture cash from some prominent investors--including its close collaborator Sanofi--and paving the way through a key mid-stage study of its lead program.