China's CStone raises $285M in IPO; Axial raises $25M for microbiome work on Parkinson's, autism
→ Targeting the axis between the gut and the brain, microbiome startup Axial has landed a $25 million B round as it looks to advance programs for Parkinson’s disease and autism. Seventure Partners, through its microbiome-focused fund Health for Life Capital, led the round alongside the Longwood Fund, Domain Associates, Heritage Medical Systems and “a group of high net worth individuals based in Southern California.”
→ CStone Pharmaceutical has ended its first day of trading on the Hong Kong Stock Exchange slightly above its IPO price of $1.53 (HK$12), kicking off the year for HKEX’s biotech board in style. Pricing in the middle of the range, CStone raised $285 million for its immuno-oncology pipeline, roughly a third of which was from four cornerstone investors: GIC, Boyu Capital, Indus Funds and Ishana Capital.
→ Section 32 is well on its way to filling out its second fund, targeted at $300 million. The venture group, founded by former Google Ventures chief Bill Maris, has raised $200 million so far for Fund 2, according to a filing with the SEC. Section 32 has been a busy player in the life sciences field, backing a number of startups. The news was first reported by Xconomy.
→ Bayer and Orion say they’ve completed the rolling submission of an NDA for darolutamide plus androgen deprivation therapy in treating prostate cancer.