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.
Intercept Pharmaceuticals has wrapped up a $30 million Series C round as the drug developer conducts a pivotal trial of its lead drug for treating patients with a rare liver disease. OrbiMed Advisors chipped in with the lead investment for the third-round financing and gained two seats on the developer's board of directors, the company said late Thursday.
After we published our list on the top 15 venture deals of H1 2012, the folks at Celladon dropped us a note to say that they did bank the full $53 million venture round in the period, which includes a $10 million extension, rather than the tranche we reported. So Thomson Reuters is updating its records, and so are we.
Perhaps it's no surprise that much of the top venture investment for the first half of 2012 was delivered by the VC arm of billionaire Randal Kirk to his biotech venture Intrexon. These days, it's good to have your own money to bank on when you're growing a biotech company. It's also extraordinarily rare.
These days, it's good to have your own money to bank on when you're growing a biotech company. It's also extraordinarily rare. The following 15 venture round qualified as the top investments of the first half, as tracked by Thomson Reuters and the National Venture Capital Association.
Ultragenyx Pharmaceuticals has reloaded its coffers after the startup developer of rare disease drugs advanced its lead candidate for hereditary inclusion body myopathy into a Phase II study. According to an SEC filing, the Novato, CA-based biotech has raised a fresh $15.1 million.
South San Francisco-based Hyperion Therapeutics has joined the roster of biotechs which pushed ahead on an IPO only to fall short of its projected range. The orphan drug developer priced 5 million shares at $10 this morning, taking a haircut on the $11 to $13 range while raising $50 million.