Venture luminary Frazier Healthcare just closed an overcommitted $377 million fund, and now the Seattle investor has a biotech veteran onboard to help it make bets in life sciences, recruiting former Calistoga Pharmaceuticals CEO Carol Gallagher to serve as partner.
California VC Versant Ventures is putting together another $200 million fund, according to a regulatory filing, building up its chest as biotech investments maintain their sluggish pace.
Less than a year after Amgen puzzled market watchers with a high-dollar deal for the once-bankrupt deCODE, the Icelandic company's former owners have found a new use for its Big Data platform, putting up $15 million to launch a diagnostics-focused spinout.
A group of gene therapy experts with a pivotal-stage therapy that's already posted promising early-stage data is being spun out of The Children's Hospital of Philadelphia. The startup biotech is launching with a $50 million funding commitment.
First-time venture deals in biotech cratered to a 17-year low in the first three quarters of 2013, but that doesn't mean startups are starving. As The Burrill Report points out, despite the VC drought, about a quarter of all equity deals in that period went into Series A rounds, meaning early-stage companies are getting creative and nailing down alternative funding sources.
Biotech bankroller 5AM Ventures has its sights set on a $240 million fund, putting together its fourth war chest as industry venture deals continue their middling pace.
Biotech companies in the U.S. drew a weak $852 million in venture support over the past quarter, a distinct downturn over a burst of new financing rounds in the second quarter. That dollar figure represented a 39% plunge from the second quarter, though the smaller bankroll was divided among 123 deals, with a 10% jump in the number of companies involved.
Now that J&J has wrapped up the $1 billion acquisition of Aragon and its next-gen treatment for castration-resistant prostate cancer, the biotech's founders can devote themselves to a new startup that now has a $30 million venture bankroll to work with.
When Veeva Systems filed its initial public offering papers last month, the sales software provider was looking to sell at $12 to $14 a share. It revised its target to $16 to $18 in the days before the IPO, but this too proved to underestimate what people were willing to pay.
G1 Therapeutics, which was initially seeded by Hatteras Venture Partners to the tune of $600,000, says that the new funds will finance its IND work and point the company to proof-of-concept data on a drug designed to protect against myelosuppression--the loss of blood cells--during chemo. Hatteras Venture Partners and Mountain Group Capital contributed to the round.