Financing channel feed

Greg Duncan, Virios Therapeutics CEO

From clin­i­cal fail to rais­ing cash? Virios goes for pub­lic of­fer­ing as shares reach all-time low

After a massive Phase IIb fail, antiviral biotech Virios is scrambling to bring in extra capital — all while the biotech’s shares have now reached their lowest point so far.

In the wake of disclosing its clinical trial failure early Monday, Virios announced later that day that it was going for a public offering. While the company’s first statement didn’t say much, the biotech said that it plans to use the money raised to further advance the biotech’s candidate that failed, IMC-1, through clinical development and set some aside for working capital.

Choon-Peng Ng, ImmunoScape CEO

TCR up­start gets fresh fund­ing as it looks to charge to­ward the clin­ic

While several companies have been finding success in the TCR-T cell therapy space — with Intellia having its treatment accepted by the FDA last year — another company is using machine learning to get in on the action and find a candidate to bring toward the clinic.

ImmunoScape, a biotech based in Singapore and California, has raised $14 million in a fresh round of financing. The company itself was founded in 2016 as a spinout from the Singapore-based Agency for Science, Technology and Research, setting up its US operations in San Diego in 2020.

Vivek Ramaswamy (Dylan Hollingsworth/Bloomberg via Getty Images)

Fol­low­ing pro­gram cuts and amid drug launch, Roivant lines up $1B shelf reg­is­tra­tion

Roivant Sciences had about $2 billion at the end of June. But the repeat vant-maker wants the option to secure more money for its apparatus, according to paperwork with the SEC.

A shelf registration statement with multiple prospectuses, including a sales agreement via the help of Cowen, was filed with the agency on Monday. Roivant is offering up a total of $1 billion.

Roivant currently has no plans to use the potential proceeds, a spokesperson tells Endpoints News via email. “We did it now because under securities law we weren’t allowed to have a shelf until this month because of when we went public,” the spokesperson wrote. Roivant landed on the Nasdaq last year in a highly watched SPAC merger that gave the combined company a $7.3 billion valuation.

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Ocean Biomedical CEO Elizabeth Ng (L) and Aesther CEO Suren Ajjarapu

One SPAC's jour­ney to find a part­ner, and its race against the clock, shows tough­ness of bear mar­ket

The once-booming SPAC market has been a slog this year, with mergers seemingly falling apart left and right. One blank check company’s new proxy statement details just how choppy the waters have become following the smooth sailing seen in peak pandemic months.

Aesther Healthcare Acquisition Corp., the SPAC that announced last month it intends to merge with Ocean Biomedical, nearly ran up against its one-year deadline to find a partner. As talks fell apart with at least three potential partners due to financial concerns, Aesther came less than three weeks from liquidating and returning its funds to shareholders.

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Raju Mohan, Ventyx Biosciences CEO

Ven­tyx seeks to rack up $176M+ in its lat­est move as the mar­ket be­come bull­ish on TYK2

California-based biotech Ventyx Biosciences has managed to snap up quite a bit of cash since emerging last year, and its latest move will hope to give the company another nine-figure boost.

On Monday, Ventyx announced that it is looking to raise around $176.6 million, which will extend the biotech’s cash into 2025. A statement said that the funds will be going toward funding the development of the four candidates in the company’s pipeline, funding additional research and other uses.

With hit-and-miss da­ta, Al­lakos goes the pub­lic of­fer­ing route in $150M ask

California-based biotech Allakos, which works on allergies and inflammation-related diseases, is making hay while the sun shines.

Ten days after announcing lukewarm results of its lead drug candidate, the company announced it was seeking $150 million via an underwritten offering of shares of its common stock $ALLK.

The company’s 24-week data from its Phase III trial EoDyssey was investigating its lead drug candidate lirentelimab in patients with confirmed eosinophilic duodenitis — a chronic inflammatory disease characterized by inflammation in the stomach and part of the small intestine.

Cameron Myhrvold, Carver Biosciences co-founder

The virus shred­der: A Prince­ton spin­out ad­vised by a high-pro­file VC launch­es a Cas13 vi­ral de­fense sys­tem

Cameron Myhrvold is one of those young scientists who’s been earning double takes for the cutting-edge research work he’s been doing, even before joining Princeton in 2020. But after getting his PhD in systems biology at Harvard seven years ago, he eventually turned to Cas13, a CRISPR effector — Cas9 is the famous one used on DNA — that is targeted at single-stranded RNA instead of double-stranded DNA.

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Jon Waldstreicher, Galvanize Therapeutics CEO

From three com­pa­nies to one — Gal­va­nize Ther­a­peu­tics gets $100M to push elec­tric field ther­a­py

ATP (formerly Apple Tree Partners) was once home to three electric field therapy companies. Now, it’s home to only one — which is forging forward with a $100 million Series B.

Gala Therapeutics, Galaxy Medical, and Galvanize Therapeutics have merged under the umbrella of Galvanize Therapeutics. The newly merged company will be working to develop electric field therapy in the same three areas that the three old companies worked on separately, but now under one platform called Aliya.

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Natalie Holles, Third Harmonic Bio CEO

First of more? Third Har­mon­ic prices up­sized IPO to raise $185M

Third Harmonic Bio pulled it off.

The Atlas-founded biotech, which came out of stealth just earlier this year with former Audentes CEO Natalie Holles at the helm, has priced an IPO that will bring in $185.3 million before taking commissions, discounts and other fees into account.

Given the chilly public market, it is perhaps unusual that Third Harmonic is making the jump to Nasdaq at all. Notably, while it priced in the middle of the proposed range — $17 per share — the company is boasting of an upsized offering. It ended up selling more than 10 million shares rather than the 9 million originally planned.

Blake Wise, Novome Biotechnologies CEO

Genen­tech-part­nered Novome lands $43.5M to push gas­troin­testi­nal drug through mid-stage study

A biotech with connections to Roche’s Genentech has now landed its newest cash infusion.

Microbiome outfit Novome Biotechnologies said Tuesday that it has now secured $43.5 million in new financing via a Series B round. The funds, according to the company, will be used to advance its lead candidate through an ongoing Phase IIa — and advance other candidates for a potential indication in inflammatory bowel disease.