This week's biopharma funding and startup activity includes some new company launches. EvolutionaryScale received seed funding to develop its ESM3 AI model for biology. Exsilio Therapeutics emerged from stealth with Series A funding to develop drugs for genetic diseases, cancer, and autoimmune conditions.
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FIG. 1. Recent Biotech Funding Activity.
– Private Funding –
Formation Bio
💸 Secured $372M in Series D funding led by a16z to support AI-drug development and expand pipeline.
EvolutionaryScale
💸 Launched with $142M seed funding to advance ESM3 AI model for biology.
Exsilio Therapeutics
💸 Emerged from stealth with $82M in Series A financing co-led by Novartis Venture Fund and Delos Capital to advance medicines for genetic diseases, cancer, and autoimmune conditions.
UroMems
💸 Raised $47M led by Crédit Mutuel Innovation to support large-scale U.S. and European pivotal clinical trials of the UroActive™ implant.
Frontier Medicines
💸 Added $20M to close an oversubscribed Series C totaling $100M to develop FMC-376 and accelerate pipeline programs.
– Post-IPO/Public Funding –
Zealand Pharma
🏦 Announced DKK 7B ($1B) upsized equity offering to advance proprietary obesity programs in Ph2 and beyond.
Recursion Pharmaceuticals
🏦 Announced pricing of $200M public offering of Class A common stock.
Entrada Therapeutics
🏦 Announced $100M registered direct offering to fund clinical development of the pipeline.
Rezolute
🏦 Closed $60M public offering to fund post-Phase 3 planning for the RZ358 program.
Kala Bio
🏦 Secured $12.5M from SR One, ADAR1 Capital Management, and others to advance clinical development of KPI-012 for persistent corneal epithelial defect and general corporate purposes.
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Article History:
RF, DV, DG (07/02/24)
This article is not investment or legal advice.
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