Welcome to the latest edition of our weekly EuroBiotech Report. We start this week in the U.K., where biotechs have continued raising cash against a backdrop of Brexit-induced political stasis. Data presented by trade group BIA show VC funding jumped 35% year on year in the first quarter. Ono Pharmaceutical indicated its interest in U.K. science by committing cash to an immuno-oncology pact with two nonprofits. Elsewhere, Polyneuron raised CHF 22.5 million ($22.6 million) from Sofinnova Partners and New Enterprise Associates to take an autoimmune drug into phase 1. ProQR spun out its early-phase RNA-based skin disease treatment to form a new biotech. Inflazome secured funding from the Michael J. Fox Foundation to advance Parkinson’s disease research. And more. — Nick Taylor
1. U.K. biotech funding climbs 35% in fast start to 2019
British biotechs raised £182 million ($240 million) in venture funding during the first quarter of 2019. The figure is up 35% from this time last year, showing VCs are continuing to invest in U.K. biotechs despite political uncertainty.
2. Ono pumps cash into U.K. immuno-oncology R&D effort
Ono Pharmaceutical has formed an immuno-oncology pact with Cancer Research UK (CRUK) and LifeArc. The deal gives Ono the chance to license antibodies and small molecules advanced by its partners.
3. Sofinnova, NEA power autoimmune startup Polyneuron to A round
Polyneuron Pharmaceuticals has raised CHF 22.5 million ($22.6 million) to run a phase 1 trial in a rare autoimmune disease. Sofinnova Partners and New Enterprise Associates co-led the investment in the startup on the strength of its technology for eliminating pathological autoantibodies.
4. ProQR spins out skin disease drug into nonprofit-backed startup
ProQR Therapeutics has spun out its early-phase oligonucleotide treatment for a rare inherited skin disorder to form a new company. The spinout, Wings Therapeutics, starts life with a phase 1/2 asset and funding from a disease-focused nonprofit.
5. Inflazome grabs Fox Foundation funding for Parkinson’s R&D
The Michael J. Fox Foundation (MJFF) has provided funding to inflammatory disease biotech Inflazome. The funding will support research intended to improve the chances that Inflazome will succeed in the clinic.