The United Kingdom is to change the laws governing startup investment vehicles known as Venture Capital Trusts (VCTs) but has opted against some of the dramatic alterations previously mooted. VCTs will still face new restrictions on the companies to which they can provide private equity cash, though.
Palo Alto Health Sciences has raised $3.9 million out of a proposed $7.1 million financing, according to an SEC filing. The startup will use the cash to back its FDA-cleared, at-home system to treat panic disorders.
Johnson & Johnson has opened the doors of its new biotech incubator, bringing in its first 10 resident startups and hoping to galvanize the next generation of life sciences innovators.
Akili Interactive Labs has partnered with the nonprofit Autism Speaks to conduct a clinical trial of its cognitive assessment and personalized treatment video game.
Amid growing demand for portable, low-cost diagnostics, Indian startup Swasthya Slate is developing a device that could help reduce costs and improve outcomes for patients in developing countries.
Maryland's Technology Development Corp. is dishing out funds for startups and early stage digital health companies. Overall, 15 med tech companies received a total of $1.5 million.
The busy partners at Atlas Venture have gathered together a $17 million Series A for their latest biotech creation: Quartet Medicine, which pairs together two scientific founders who have been exploring the frontiers of pain management. This is Atlas' fourth maiden round for one of their biotech launches in a little more than a week, with Cambridge, MA-based Quartet joining Unum, Raze and Bicycle in a rare streak of startups. And there are likely some more to come.
Atlas Venture is launching one of its newly built biotechs with a Series A of $24 million, a founding partner on the board, a pair of its entrepreneurs heading the crew and some marquee investors in the syndicate, which includes Novartis. They've begun a voyage of discovery with Raze Therapeutics, part of Atlas's growing fleet of startups, to see how far they can go down a pathway that offers its investigators a shot at throwing a monkey wrench into the metabolic processes cancer uses to thrive.
Well-heeled venture capital firm Venrock has pieced together a 7th fund, banking $450 million in new investments as it sets out to grow its portfolio of promising startups.
Three Big Pharma companies have helped come up with some seed money to start growing the first crop of biotechs in New York. Pfizer, Eli Lilly and J&J all chipped in to a $51 million fund from Accelerator Corp., which will now expand on the work it's been doing in Seattle to the East Side of Manhattan, recruiting upstarts to join investigators at the Alexandria Center for Life Science.