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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 #34 - November 14, 2020 - November 20, 2020
Financings
Number of deals: 14 & Total capital invested: ~$436M
- Aya Payments raised $2.9M with MaRS Investment Accelerator Fund and Luge Capital co-leading the round to build a prepaid HSA card for healthcare expenses.
- Elevation Oncology raised $65M co-led by venBio and Cormorant Asset Management to develop medicines for cancers driven by NRG1 fusions.
- InterVenn Biosciences raised $34M led by Anzu Partners to develop their glycoproteomics diagnostics test for ovarian cancer. Congrats Aldo.
- K Health raised $42M led by Valor Equity Partners to scale their software-enabled primary care products.
- Levels raised $12M led by a16z to build a wearable that tracks an individual’s blood sugar levels. Cool product.
- Medable raised $91M led by Sapphire Ventures to scale their software product for decentralized clinical trials. Congrats Michelle.
- Myricx raised $5.9M from Sofinnova Partners and Brandon Capital Partners to develop new medicines targeting Myc. The company is using a synthetic lethal approach, developing small-molecule inhibitors of N-myristoyltransferase to perturb pathways that Myc drives, causing cancer cell death.
- Nymbl Science raised $4M led by Cobalt Ventures to build a healthcare software product for fall prevention.
- Purespring Therapeutics raised $60M led by Syncona to develop gene therapies for kidney diseases - https://www.bioworld.com/articles/500412-synconas-kidney-disease-gene-therapy-play-purespring-seeks-answers-to-60m-questions?v=preview
- Sofia raised $19M led by Index Ventures to build a digital health product focused in Mexico.
- Spring Health raised $76M led by Tiger Global to scale their benefits product for mental health.
- Sugarbreak raised $3M from BBG Ventures, Sorven Capital among others to develop pills that block taste bud receptors and reduce absorption of carbohydrates to reduce an individual’s sugar consumption.
- Troy Medicare raised $10M led by AXA Venture Partners to build a software-enabled Medicare Advantage plan. Really competitive space.
- Upfront Healthcare raised $11.5M co-led by Baird Capital and LRVHealth to build a new patient engagement product.
Exits
Number of exits: 5 & Total exit value: Over $7B
- Kinnate Biopharma filed for a $100M IPO to develop their preclinical pipeline of kinase inhibitors - https://www.sec.gov/Archives/edgar/data/1797768/000114036120025527/nt10013659x6_s1.htm
- Maravai LifeSciences raised $1.6B in a public offering to scale their reagents and services business - https://www.sec.gov/Archives/edgar/data/1823239/000119312520292361/d73061ds1a.htm
- Olema Pharmaceuticals filed for a $170M IPO to develop new medicines for women’s cancers - https://www.sec.gov/Archives/edgar/data/1750284/000110465920125281/tm2027048-9_s1a.htm
- Sigilon Therapeutics filed for a $100M IPO to use their shielded medicines platform for rare blood disorders and lysosomal storage disorders - https://www.sec.gov/Archives/edgar/data/1821323/000104746920005479/a2242620zs-1.htm
- Sotera Health raised $1.1B in an IPO to scale their lab services business - https://www.sec.gov/Archives/edgar/data/1822479/000119312520275568/d93452ds1.htm
Deals
Number of deals: 3 & Total deal value: ~$1.09B
- 3D Medicines licensed from Aravive a phase Ib-completed GAS6/AXL inhibitor known as AVB-500 in a deal worth up to $219 million. 3D will have the rights to develop and commercialize the drug candidate across all oncology indications in mainland China, Hong Kong, Macau and Taiwan - https://www.globenewswire.com/news-release/2020/11/10/2123628/0/en/Aravive-and-3D-Medicines-Announce-Strategic-Collaboration-to-Develop-and-Commercialize-AVB-500-in-Greater-China.html
- Lianbio received $70M in a new collaboration with Pfizer to develop and commercialize new medicines in China - https://www.thepharmaletter.com/article/pfizer-and-lianbio-link-up-to-bring-new-drugs-to-china
- Seed Therapeutics announced a deal with Eli Lilly to develop new molecular glues for targeted protein degradation in oncology and neuroscience. Seed will receive $10 million cash up front to fund research along with a $10 million equity investment from Eli Lilly. Seed could also receive up to $780 million in preclinical and clinical development, regulatory and commercial milestones, plus tiered royalties on net sales of products from the collaboration - https://www.globenewswire.com/news-release/2020/11/13/2126373/0/en/BeyondSpring-Subsidiary-Seed-Therapeutics-Announces-Research-Collaboration-and-License-Agreement-with-Lilly.html
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 -