Gone are the days when venture capitalists could hatch a biotech and take it public without much regard for the needs of Big Pharma. Public investors seldom buy into new biotech companies, and drugmakers have increasingly become early partners with VC firms and their young ventures. In the process, pharma has gained significant clout in the biotech VC game.
Google Ventures aims to invest in entrepreneurs who want to change the world, not only those working in Google's main business areas, but also pioneers in biotech. And the web giant's VC group plans to make life sciences a prominent area of its $1 billion in planned investments over the next 5 years, CNBC.com reported.
Yesterday FierceBiotech named Foundation Medicine one of this year's Fierce 15 companies. Today the biotech unveiled a $42.5 million B round to help it continue to grow, with plans for a new diagnostic product as it scales up its commercialization effort.
Fresh off closing a diversified venture fund of $2.6 billion revealed in July, NEA is expected to spend roughly a third of its capital from the fund on healthcare investments primarily in the biopharma industry, General Partner David Mott told FierceBiotech.
The British biotech industry has been making strides over the last two years in gaining the support of new government initiatives that support the business of drug development. But now the BioIndustry Association says the country's biotechs can make a leap forward if the government agrees to adopt a tax-advantaged crowdsourcing plan it believes can generate up to $375 million a year to back a whole new generation of companies.
Veteran biotech exec Jack Talley has stepped into the top job at Actinium Pharmaceuticals, a low-profile developer which has been pursuing a lengthy effort to develop an armed antibody that can be used to fight blood cancers.
Five years ago, when Chuck Magness and Shawn Iadonato completed the sale of Illumigen Biosciences to Cubist, the two were back at work on their new Seattle-based startup the very next day. Since then, they've been building a different kind of biotech, scooping up as much non-dilutive grant money as possible and looking to a nontraditional set of investors to fund the development of key assets.
A Seattle-based biotech with an unconventional approach to raising venture cash has added $5.8 million to its coffers as it preps an early-stage study of an experimental diabetes drug. Kineta--a developer launched 5 years ago by Chuck Magness and Shawn Iadonato after they sold Illumigen Biosciences to Cubist, filed papers with the SEC on the cash several days ago.
Two years after an experienced team of biotech executives gathered a whopping $70 million venture round for Relypsa, the Santa Clara, CA-based developer is almost $50 million closer to another big round of financing, according to SEC documents.
San Diego-based Elcelyx Therapeutics is jumping out of stealth mode today with news that it has picked up an extended venture round, bringing its total venture backing to $20 million as the fledgling biotech pursues a new formulation of metformin as well as a dietary supplement.