As we mentioned in our prior post, the vast majority of new/newly emerging biotech companies that we identified thus far in 2024, are kicking off with significant funding, with each of the companies reporting initial funding, having at least $460,000 (FIG. 1), and most had much more than that. In fact, 29 companies were launched with between $10M and $99M, and 21 companies launched with at least $100M. It is noteworthy that the vast majority of the new/newly emerging companies we identified were therapeutics companies. Likely this is because this category of biotech companies is likely to launch with more funding, and thus with more attention. Thus, we are much more likely to find them.
FIG. 1. Money raised by new/newly emerging biotech companies (2024 thru 9/9/24).
Analysis of the top 10 new/newly emerging biotech companies thus far in 2024 provides some interesting insights. Surprisingly, 8 of the 10 companies are biologics companies (Table 1). Not surprisingly, nine of these 10 companies are therapeutics companies. Furthermore, not surprising artificial intelligence and obesity/incretin drugs find their way on the list. The lone non-therapeutics company was Evolutionary Scale, a company using artificial intelligence to engineer new biological systems. The company reported that it has developed the first large language model for creating novel proteins and other biological systems. The front-runners thus far in 2024 new/newly emerging companies include a company initially dubbed Hercules CM NewCo. The company launched with $400M and licensed a portfolio of weight loss medicines from Chinese drugmaker Jiangsu Hengui Pharmaicals.
Table 1. Top 10 new/newly emerging biopharma companies 2024 (thru 9/9; by funds raised)
We will continue to identify new/newly emerging biotech companies to see if any of the top 10s get knocked off the list. In the meantime, you can check out the top 10 companies and more, by checking out the recent funding data on our online biopharmIQ platform. While you are on our platform, check out the new alerts feature, which notifies you for example, any time a new/newly emerging company that meets your criteria (e.g., location, size of funding, etc.) launches. Get instant access to our full alerts service and all our data/modules: Check out our affordable pricing plans, which come with a 30-day satisfaction guarantee.
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Article History:
MV/RF/JD 9/17/24
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