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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 #41 - January 2, 2021 - January 8, 2021
Financings
Number of deals: 22 & Total capital invested: $1.68B
- Abcuro raised $42M co-led by Mass General Brigham Ventures and Sanofi Ventures to develop their pipeline of drug candidates targeting KLRG1 to treat cancer and autoimmunity - https://www.bioworld.com/articles/502145-abcuros-klrg1-targeting-programs-attract-42m-in-new-funding-round?v=preview
- Ablacon raised $30M led by Zeus Health to develop their electrographic flow (EGF) to monitor heart health.
- Air Protein raised $32M from GV, ADM Ventures, and Barclays to scale their closed-loop alternative meats business. Congrats Lisa.
- Aro Biotherapeutics raised $88M with Northpond Ventures and Cowen Healthcare Investments co-leading the round to develop a pipeline of Centyrin-conjugated oligonucleotide.
- Aspen RxHealth raised $23M led by Bessemer Venture Partners to build communication tools between pharmacists and patients.
- Carrum Health raised $40M from Tiger Global Management, GreatPoint Ventures, among others to scale their surgery concierge service.
- Color raised $167 led by General Catalyst to scale their population genomics business. Great work.
- DiCE Molecules raised $80M led by RA Capital Management to use its DEL technologies to replace biologics with antibodies.
- Endeavor BioMedicines raised $62M co-led by Omega Funds and Longitude Capital to develop their drug candidate targeting the Hedgehog signalling pathway to treat idiopathic pulmonary fibrosis.
- Hinge Health raised $300M with Coatue Management and Tiger Global Management to scale their digital health business for musculoskeletal conditions.
- IconOVir Bio raised $77M co-led by Vida Ventures and Nextech to develop oncolytic viruses for solid tumors - https://www.businesswire.com/news/home/20210105005224/en/IconOVir-Bio-Raises-77-Million-in-Series-A-Financing-to-Develop-Next-Generation-Oncolytic-Viruses-to-Treat-Solid-Tumors
- Ikena Oncology raised $120M led by Omega Funds to develop their pipeline of targeted oncology drugs.
- Immuneering raised $62M led by Cormorant Asset Management to bring the bioinformatics toolkit they have developed with their services business to develop drugs against undruggable targets.
- Lexeo Therapeutics raised $85M co-led by Omega Funds and Longitude Capital to develop gene therapies for monogenic diseases - https://www.bioworld.com/articles/502151-lexeo-raises-85m-series-a-to-pursue-new-gene-therapies-for-monogenic-diseases?v=preview
- LifeMine Therapeutics raised $50M from Milky Way Ventures (i.e. Rick Klausner) to use their natural product discovery platform (could be called Warp Drive 2.0) for drug development against the undruggable genome. Congrats Greg.
- Metcela raised $12.7M led by University of Tokyo Edge Capital Partners to develop their fibroblast-based cell therapy for heart failure.
- New Wave Foods raised $18M led by NEA to develop their plant-based shrimp products.
- Outstanding Foods raised $10M from SternAegis Ventures to grow their plant-based foods business with their chips and bacon seasoning products.
- Senti Biosciences raised $105M led by Leaps by Bayer to use their gene circuit technology for cell therapies.
- Scorpion Therapeutics raised $162M led by Boxer Capital to develop their pipeline of targeted medicines against undruggable proteins and oncogenes.
- Terns Pharmaceuticals raised $87M led by Deerfield to develop new medicines for liver diseases with a focus on NASH.
- Volta Medical raised $28M led by Gilde Healthcare to treat cardiac arrhythmia with its software to help operators in the manual annotation of 3D anatomical and electrical maps of the human atria.
Exits
Number of exits: 4 & Total exit value: Over $15B
- Arvelle Therapeutics was acquired by Angelini Pharma for $960M (first tranche of $610M) to gain access to the former’s epilepsy drug, cenobamate. The remaining $350M is due when European sales of the oral therapy for treatment-resistant partial onset seizures reach $400M - https://www.prnewswire.com/it/comunicati-stampa/angelini-pharma-acquires-arvelle-therapeutics-to-create-a-leading-european-innovator-in-central-nervous-system-cns-and-mental-health-disorder-treatments-822261748.html
- Change Healthcare was acquired by UnitedHealth Group for $13B to integrate healthcare payments software with Optum - https://www.modernhealthcare.com/mergers-acquisitions/unitedhealths-optum-acquire-change-healthcare-13b-deal
- Cullinan Oncology filed for a $150M IPO to develop their pipeline of cancer medicines and scale their hub-and-spoke business model - https://www.sec.gov/Archives/edgar/data/1789972/000119312521000161/d19045ds1a.htm
- Gracell Biotechnologies filed to raise $150M in an IPO to grow their cell therapy pipeline focused in China - https://www.sec.gov/Archives/edgar/data/1826492/000119312521000413/d33957df1a.htm
Deals
Number of deals: 3 & Total deal value: Over $1.3B
- ArsenalBio announced a deal with Bristol Myers Squibb in a deal with a $70M cash upfront payment. Bristol Myers Squibb will have the option to obtain an exclusive worldwide license to develop and commercialize preclinical candidates. ArsenalBio will use its synthetic biology platform, PrimeR logic gates, CARchitecture derived gene expression controls, and CellFoundry mediated nonviral manufacturing, for integrated circuit-modified T-cells - https://www.businesswire.com/news/home/20210107005234/en/ArsenalBio-Announces-Multi-Program-Discovery-Collaboration-with-Bristol-Myers-Squibb-to-Advance-Next-Generation-T-cell-Therapies-for-Solid-Tumors
- Dewpoint Therapeutics closed a $239M deal with Pfizer to develop new medicines for myotonic dystrophy type 1 (DM1) a rare genetic disorder and one of two types of myotonic dystrophy - https://www.fiercebiotech.com/biotech/pfizer-taps-dewpoint-therapeutics-239m-dystrophy-drug-deal
- Ribometrix executed a deal worth more than $1B ($25M upfront) with Roche/Genentech to develop small molecules targeting RNA. Genentech gains exclusive rights to several predefined targets, including an exclusive global license for the development and commercialization of molecules. - https://www.bioworld.com/articles/502091-ribometrix-in-potential-1b-plus-roche-deal-as-more-enter-rna-fold
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 -