Axial invests and partners in early-stage life sciences companies. 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 — info@axialsprawl.com
Life Sciences Financings and Commentary #5 - April 25, 2020 - May 1, 2020
Financings
Number of deals: 22 & Total capital invested: $838M
- Actym Therapeutics raised $34M co-led by Boehringer Ingelheim Venture Fund and Panacea Venture to get their attenuated microbial therapeutic into the clinic with the goal of turning cold tumors hot.
- Avalyn Pharma raised $35.5M led by Norwest Venture Partners to develop drugs for pulmonary diseases.
- Bestow raised $50M led by Valar Ventures to build a life insurance product that doesn’t require a medical exam - https://news.crunchbase.com/news/bestow-closes-50m-series-b-for-digital-life-insurance-sees-800-yoy-revenue-growth/
- BuyMed raised $2.5M led by Sequoia Capital India to build an online pharmaceutical marketplace in Vietnam - https://techcrunch.com/2020/04/26/vietnamese-online-pharmaceutical-marketplace-buymed-raises-2-5-million/
- Clever Care Health Plan raised $20M led by Norwest Venture Partners to integrated holistic medicine into insurance plans - https://techcrunch.com/2020/04/24/clever-care-health-plan-launches-with-a-holistic-healing-spin-on-medicare-advantage-programs/
- Compass Pathways raised $80M to translate psilocybin into a mental health medicine with participation from ATAI Life Sciences, McQuade Center for Strategic R&D, Founders Fund, Able Partners, Camden Partners, Perceptive Advisors, Skyviews Life Science, and Soleus Capital - https://www.thetimes.co.uk/edition/business/mushrooms-work-their-magic-as-investors-support-compass-pathways-start-up-wr3cnj3q2
- Dascena raised $50M led by Frazier Healthcare Partners to scale their product for the prediction of acute decompensation, sepsis, and acute kidney injury from patient EHRs.
- Erasca raised $200M co-led by Arch Venture Partners and Cormorant Asset Management to move several oncology assets (many in-licensed) to the clinic - https://xconomy.com/san-diego/2020/04/27/erasca-lands-200m-mega-round-to-move-cancer-programs-to-the-clinic/
- Genespire raised ~$17M led by Sofinnova Partners to initiate early-stages of gene therapy development.
- HeartVista raised $8.7M led by Khosla Ventures to build better MRI-analysis software for people with heart disease - https://www.wsj.com/articles/heartvista-powers-up-with-8-7-million-series-a-11588073400
- LifeSprout raised $28.5M led by Redmile Group to translate its hydrogel technology for regenerative medicine and aesthetics - https://pulse2.com/lifesprout-28-5-million-series-a-funding/
- Medici raised $24M to make a provided-oriented telehealth product from Barry Sternlicht, Howard Jenkins, Nathan Kirsh, and Kenneth Griffin.
- Particle Health raised $12M led by Menlo Ventures to build out a healthcare data API for others to plug into (think Scale AI for healthcare) - http://www.oleantimesherald.com/news/state/particle-health-raises-12m-series-a-led-by-menlo-ventures/article_645a83e0-8d90-5f41-901f-2a2233813b71.html
- Pivot Bio raised $100M led by Breakthrough Energy Ventures and Temasek to scale up their commercial activities for their microbial product that enables row crops to fixate nitrogen.
- Plantible raised $4.6M with Vectr Ventures and Lerer Hippeau co-leading to manufacture plant-based duckweed protein for things like eggs.
- Premama Wellness raised an undisclosed amount from District Ventures to produce and sell postnatal care supplements.
- Robocath raised $43M led by MicroPort Scientific Corporation to commercialize their robotic systems for cardiovascular disease.
- Rome Therapeutics raised $50M led by GV, Arch Venture Partners, and Partners Innovation Fund to drug non-coding DNA in oncology and autoimmunity.
- Scopio Labs raised $16M led by Olive Tree Ventures to commercialize its digital microscope.
- Taysha Gene Therapies raised $30M co-led by PBM Capital and Nolan Capital to develop AAV therapies for monogenic CNS diseases - https://www.dallasnews.com/business/health-care/2020/04/29/with-30-million-in-funding-dallas-startup-will-speed-gene-therapy-clinical-trials/
- Tomorrow Health raised $7.5M led by Andreessen Horowitz to create a healthcare equipment and supply (i.e. wheelchairs, walkers) marketplace - https://techcrunch.com/2020/04/28/a16z-backed-tomorrow-health-launches-with-7-5m-seed-round-to-improve-in-home-healthcare/
- Vida Health raised $25M led by Ally Bridge Group to build a horizontally integrated product to treat chronic diseases focusing on diabetes but also including therapists and coaches to patients - https://venturebeat.com/2020/04/30/vida-health-raises-25-million-to-treat-chronic-health-conditions-remotely/
Exits
Number of exits: 1 & Total exit value: $50M
- Lyra Therapeutics raised ~$50M in an IPO to develop medicines and delivery products for ear, nose, and throat diseases - https://www.marketwatch.com/story/lyra-therapeutics-to-offer-35-million-shares-in-planned-ipo-priced-at-14-to-16-each-2020-04-27
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 -