Clarus spearheads a big, $150M raise so Galera can flip the PhIII card on its new drug to treat radiation effects
Anyone looking for solid evidence of the kind of impact the new, flush funding environment — along with a more accommodating FDA — is having on biotech need look no further than Galera Therapeutics this morning.
Armed with positive Phase IIb data for a new cancer-related therapy, the small, 18-person crew at Galera has pieced together a whopping $150 million raise; $70 million in an ambitious Series C with an $80 million royalty deal coming from one of its biggest backers. And CEO Mel Sorensen says that combo gives the company all the money it needs to get through a pivotal study in the next couple of years that could put them on the threshold of a marketing decision from the FDA.
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