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Axial partners with great founders and inventors. We invest in early-stage life sciences companies often when they are no more than an idea. We are fanatical about helping the rare inventor who is compelled to build their own enduring business. If you or someone you know has a great idea or company in life sciences, Axial would be excited to get to know you and possibly invest in your vision and company . We are excited to be in business with you - email us at info@axialvc.com
Life Sciences Financings and Commentary #29 - October 10, 2020 - October 16, 2020
Financings
Number of deals: 17 & Total capital invested: $642.4M
- 98point6 raised $118M co-led by L Catterton and Activant Capital to build a software platform for primary care services.
- Azitra raised $8M led by Leaps by Bayer to develop their pipeline of microbiome drugs for dermatology.
- EdiGene raised $67M led by 3H Health Investment to develop their pipeline of gene editing medicines focused in China.
- Genemod raised $1.7M led by Defy.vc to build data automation software for life scientists.
- Lassogen raised $4.5M led by Playground Global to develop lasso peptide drugs.
- LIVEKINDLY raised $135M led by Blue Horizon to develop plant-based foods focusing on branding.
- Numan raised $13M led by Novator to scale their digital health clinical for men.
- Nym Health raised $16.5M led by GV to combine machine learning for medical coding.
- Ori Biotech raised $30M led by Northpond Ventures to develop their cell therapy manufacturing device.
- Osmind raised $2M led by General Catalyst to build software to help mental health clinicians. The idea is to build a Flatiron Health-like business model for mental health.
- Priothera raised $35M led by Fountain Healthcare Partners to fund a pivotal trial of mocravimod, a S1P receptor modulator scrapped by Novartis, in high-risk acute myeloid leukemia (AML) patients who are undergoing allogeneic hematopoietic stem cell transplantation - https://www.bioworld.com/articles/498830-priothera-closes-35m-series-a-round-for-pivotal-trial-to-boost-hstc-outcomes-in-aml?v=preview
- RayzeBio raised $45M co-led by Versant Ventures and venBio to develop their pipeline of radiopharmaceutical focused on solid tumors - https://www.bioworld.com/articles/498957-radioheads-rayzebio-closes-45m-for-targeted-radiopharmaceuticals?v=preview
- Savana raised $15M led by Cathay Innovation to build a new EHR. Hard market.
- Twentyeight Health raised $5.1M led by Third Primeto build a digital health platform focused on women’s sexual and reproductive health.
- VectivBio raised $110M from Surveyor Capital,, Cormorant Capital and Eventide Asset Management to develop medicines for rare GI diseases.
- Vineti raised $33M led by Cardinal Health to scale their cell therapy supply chain and logistics software.
- WiserCare raised $3.6M led by UnityPoint Health Ventures to build a product to survey patients and give that information to clinicians.
Exits
Number of exits: 10 & Total exit value: Over $4B
- Aligos Therapeutics filed to raise a $150M IPO to develop their pipeline of oligonucleotides and small molecules focused on liver and viral diseases - https://www.sec.gov/Archives/edgar/data/1799448/000119312520254760/d31402ds1.htm
- Atea Pharmaceuticals filed to raised $100M in an IPO to develop their medicines for viral infections - https://www.sec.gov/Archives/edgar/data/1593899/000119312520267199/d913778ds1.htm
- Cartanawas acquired by 10X Genomics for $41.2M for its in situ sample analysis product - https://www.genomeweb.com/sequencing/10x-genomics-acquire-readcoor-350m-cartana-412m#.X4nMdI7YpFR
- Disarm Therapeutics was acquired by Eli Lilly for $135M upfront with ~$1.2B in potential payouts to bring the former’s SARM1 inhibitor for ALS and MS into the latter’s pipeline. Congrats Jason - https://www.fiercebiotech.com/biotech/eli-lilly-bets-135m-neuro-biotech-disarm-therapeutics-up-to-1-2b-to-come
- Eargo filed to raise $100M to commercialize their hearing aid combined with a discrete amplifier - https://www.sec.gov/Archives/edgar/data/1719395/000119312520254743/d808052ds1.htm
- Iota Bioscienceswas acquired by Astellas for $127.5M upfront and $176.5M in milestone-based payments. Iota is pioneering development of neural dust technology from UC Berkeley - https://www.fiercebiotech.com/medtech/after-r-d-tryout-astellas-opts-to-acquire-bioelectronics-maker-iota-biosciences-304m-deal
- ReadCoorwas acquired by 10X Genomics for $350M for its spatial genomics product - https://www.genomeweb.com/sequencing/10x-genomics-acquire-readcoor-350m-cartana-412m#.X4m0VY7YpFQ
- SQZ Biotechnologies filed for a $75M IPO to scale their cell therapy manufacturing business. Congrats Eric. Seems like Roche will buy their other half sooner or later similar to Foundation - https://www.sec.gov/Archives/edgar/data/1604477/000119312520267294/d877186ds1.htm
- Tarsus Pharmaceuticals filed for an $80M IPO to further develop their set of medicines for ophthalmology - https://www.sec.gov/Archives/edgar/data/1819790/000119312520254758/d30607ds1.htm
- Vernaliswas acquired by HitGen from Ligand Pharmaceuticals for $25M mainly for its talent in fragment-based drug discovery - https://www.fiercebiotech.com/medtech/hitgen-picks-up-vernalis-drug-hunters-from-ligand-for-25m
Deals
Number of deals: 1 & Total deal value: ~$1.8B
- Dyno Therapeutics announced a partnership with Roche along with its subsidiary, Spark Therapeutics, to use Dyno’s machine learning platform for AAV design to develop medicines for CNS and liver diseases. Dyno will receive an undisclosed up-front payment and could receive additional payments during the research phase plus clinical and sales milestone payments and royalties for products emerging from the collaboration. The aggregate value of Dyno’s future milestone payments could top $1.8B - https://www.biospace.com/article/dyno-therapeutics-forges-gene-therapy-collaboration-with-roche-worth-up-to-1-8-billion/
I used to play football a long time ago - I had some decent success mainly because of my teammates with some of them playing in the NFL. Every practice, every game was an existential fight. I’m not that athletic so every year some 6’4 monster would show up trying to take my spot. Similarly, all of these companies are fighting for their right to exist whether they raised $1M or $100M. Building a great business requires passion and focus. A really powerful and useful framework to lead groups of people and win was developed by Bill Walsh -