San Diego-based Avalon Ventures has doubled up on its pipeline of programs being developed in partnership with GlaxoSmithKline. The venture group has launched three new companies, plucking new drug projects that range from cardiovascular disease, to cancer to a rare lysosomal storage disorder.
Hot on the heels of executing a $645 million deal to work with Seattle Genetics on a portfolio of antibody-coupled T-cell receptor programs, Cambridge, MA-based Unum Therapeutics has taken the wraps off a whopping $65 million crossover round aimed at fueling their drive into the clinic with their next-gen approach to CAR-T.
Targovax is to merge with fellow Nordic biotech Oncos Therapeutics to create an immuno-oncology player with the critical mass to get noticed in the congested and fiercely fought field. The merged company will fuel the first-phase of its ambitions through a private placement, with an IPO in Oslo to follow within the next 12 months.
After spending the last four years germinating an idea for a new biotech company with some top scientists, the partners at Polaris have allied with New Enterprise Associates and a trio of biotech investors to launch XTuit, jumping out of stealth mode with a $22 million A round and a new take on fighting cancer and liver disease.
Pieris Pharmaceuticals has filed to step up to Nasdaq from OTCQB and add $35 million (€31 million) to its bank balance in the process. The listing would end Pieris' short stay on OTCQB, which began when it acquired Marika in a reverse merger late last year and allowed it to raise $13.5 million in a private placement from investors including OrbiMed Advisors.
Cosmo Pharmaceuticals is pushing ahead with plans to spin out its dermatology assets and list the resulting company on the SIX Swiss Exchange. To get the project underway, Cosmo and its shareholders have clubbed together for a €49.9 million ($56.5 million) capital increase, giving the spinout the cash it needs to wrap up a Phase III trial of its lead candidate.
Biotie Therapies has become the latest European biotech to ratchet up its Nasdaq IPO plans after gauging interest in the offering. But proceeds for the CNS specialist are due to stay at the same level, with the 12% rise in the overall haul coming from UCB's decision to sell its stake for around $7.7 million (€6.8 million).
A few months after raising $357 million to back their new biotech investment group, the ex-Elan team at Malin has helped place a $67 million bet on Melinta Therapeutics, a late-stage antibiotics developer now taking a second stab at a pivotal Phase III study of their lead program.
Clarus Ventures announced this morning that it had raised $500 million for its third biotech fund, Clarus III, easily beating its goal of $375 million. That money will now be devoted to new investments ranging from $15 million to $50 million for companies focused on breakthrough--or at least best-in-class--drugs or new R&D risk-sharing projects with biotechs and pharmas.
Atlanta-headquartered biotech Celtaxsys raised $45 million in Series D cash, plotting to kick off a Phase II study for its lead drug, an anti-inflammatory treatment for cystic fibrosis.