After recruiting a chief scientific officer from Epizyme, upstart cancer drug developer Loxo Oncology has nabbed a $24 million B round from some marquee venture players. New Enterprise Associates came in to lead this round, buying into the business plan of focusing on genetically-defined cancers, with existing investors Aisling Capital and OrbiMed Advisors joining in.
Shares of Cambridge, MA-based Epizyme jumped 10% this morning after the company announced that it had won a $4 million payment from GSK after hitting the third of the three histone methyltransferase targets in their collaboration.
Last year when we did the list of the top 10 biotech IPOs of 2012, we were lucky to have 10. Actually, there were 11, and that looked pretty good compared to the lean and hungry years of 2008 to...
After a slight lull in the biotech IPO arena, new offerings came barreling back this week with some fresh breakouts. In particular Foundation Medicine priced over the range and immediately soared more than 80%. And Ophthotech also crested its range, erasing any lingering doubts about the short-term sustainability of the biotech IPO frenzy. Together they raised $273 million in a 24-hour pop. Read the report >>
The drug is in a Phase I clinical trial that began in September 2012. Its shares rose nearly 1% this morning to $31.44 per share, which is more than double the IPO price of $15 per share set on May 31.
Investor interest in biotech is enjoying a prosperous comeback, leading industry watchers and journalists to seek reasons for the frenzy. In The New York Times ' DealBook post, one of the recurring themes among the high-flying drug developers, was a focus on personalized medicine.
During all of last year there were only 11 biotech IPOs. But even that weak number looked pretty good compared to the barren years leading away from the 2008 financial crisis. In the last 6 months, though, the industry has seen a tremendous rebound, with almost twice that number of IPOs in half the time. And there's no sign that the great leap into the public market is waning, with 10 more IPOs in the queue. Read the full report >>
The Cambridge, MA-based developer of targeted cancer drugs sold about 5.9 million shares for $15 per share, hitting the high end of its proposed $13-$15 per share price range and exceeding previous fundraising targets for the offering.
The Cambridge, MA-based biotech company has proposed to raise up to $69 million in a public debut, with plans to spend proceeds from the deal on advancing clinical trials for its top candidates against cancer-related epigenetic enzymes.
The agreement follows the start of a Phase I study of the compound, EPZ-5676, for which biotech giant Celgene has partnered with the startup for development outside the U.S.