New Vancouver-based fund has $100M to invest in biotech; FDA hands out $23M in rare disease R&D grants
The Chinese investment bank GF Securities has teamed with Quark Venture in Vancouver to launch a new biotech fund, starting with $100 million with plans to bulk that up to $500 million. Quark invested $30 million in Methylation Sciences recently, backing their work on new drugs for depression. And the fund has plans to invest in a range of drug developers, device companies, health IT and more, looking to make deals around the world, according to a statement put out by the company.
LA-based Science 37 has raised $31 million in Series B cash to continue to work on a new approach to clinical-stage drug development. The company promises to eventually do away with traditional clinical trial sites, allowing drug companies to study patients in their homes. Redmile Group led the round with help from Lux Capital, dRx Capital and Sanofi Genzyme BioVentures.
The FDA has handed out 21 research grants totaling $23 million to a range of academic groups and biotech companies working on new drug development to combat rare diseases. As the math would suggest, most of these are relatively small grants. The research projects are being carried out at clinical sites around the world. You can see the whole list here.