More well thought out work can be found at — https://axial.substack.com/
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 #55 - April 10, 2021 - April 16, 2021
Financings
Number of deals: 18 & Total capital invested: $1.32B
- AltruBio raised $63M led by aMoon Capital to develop their lead asset, Neihulizumab (targets PSGL-1/CD162 that regulates T cell homeostasis) for autoimmunity and immune-related diseases.
- Antios Therapeutics raised $96M led by Soleus Capital to develop new medicines for HBV.
- Atlast Food Co. raised $40M led by Viking Global Investors to scale their plant-based meat business with a focus on bacon.
- Beep Saúde raised $20M led by Valor Capital Group to build an at-home healthcare services business focused on Brazil.
- Benchling raised $200M led by Sequoia Capital Global Equities to scale their software platform for biological design and drug development.
- C2i Genomics raised $100M led by Casdin Capital to develop their whole-genome diagnostics focusing on MRD.
- CeQur raised $115M with Credit Suisse and Endeavour Vision co-leading the round to develop a 3-day insulin delivery patch.
- Cohere Health raised $36M led by Polaris Partners to build a SaaS platform focused on delegated tasks in healthcare like prior authorizations, care management, and coordination.
- Hazel Technologies raised $70M from Temasek, Pontifax Global Food, and Agriculture Technology Fund to scale their food waste business focused on extending shelf life.
- ImmunoScape raised $14M from Anzu Partners among others to build an immune system profiling platform business.
- Legacy raised $10M led by FirstMark Capital to grow their DTC business for male fertility.
- Medable raised $78M led by Sapphire Ventures to scale their decentralized clinical trial product.
- Memic raised $96M co-led by Peregrine Ventures and Ceros to commercialize their robotics-assisted surgery product focused on gynecology.
- Mori raised $16M led by Drawdown Fund to bring their silk-based spray for food shelf life closer to market. The next step is moving from fruits and vegetables to meat.
- Papa raised $60M led by Tiger Global Management to scale their digital care platform for the elderly. Great business.
- Repertoire Immune Medicines raised $189M from Flagship Pioneering, Softbank Vision Fund, among others to use their DECODE (antigen discovery) and DEPLOY (T-cell development) platforms to develop new medicines for cancer with other programs in T1D and infectious disease.
- Theseus Pharmaceuticals raised $100M led by Foresite Capital to develop a pipeline of pan-variant tyrosine kinase inhibitors. Really exciting science.
- Tomorrow Health raised $25M led by a16z to scale their marketplace for home medical equipment and supplies.
Exits
Number of exits: 3 & Total exit value: Over $2.5B
- Tango Therapeutics announced going public through a SPAC valuing the company at $353M to develop their pipeline of medicines focused on synthetic lethality in cancer - https://www.businesswire.com/news/home/20210414005156/en/Tango-Therapeutics-and-BCTG-Acquisition-Corp.-Announce-Merger-Agreement-to-Create-Publicly-Listed-Precision-Medicine-Company-Focused-on-the-Next-Generation-of-Targeted-Cancer-Therapies
- Tidal Therapeutics was acquired by Sanofi for up to $470M to bring on board Tidal’s nanoparticle and mRNA IP - https://www.bioworld.com/articles/505796-sanofi-buys-mrna-focused-tidal-therapeutics-in-470m-deal?v=preview
- Vaccitech filed to go public raising $100M after their COVID-19 vaccine, developed by AstraZeneca, was authorized for use - https://www.sec.gov/Archives/edgar/data/0001828185/000110465921048698/tm2035121-9_s1.htm
Deals
Number of deals: 2 & Total deal value: Over $1.1B
- C4X Discovery executed a deal with Sanofi to out-license their oral IL-17 inhibitor in a deal worth up to €414M - https://www.c4xdiscovery.com/news/press-releases/exclusive-worldwide-licensing-agreement-with-sanofi-c4xd-il17a.html
- Senti Biosciences announced a deal with Spark Therapeutics to apply Senti’s gene circuit technology to gene therapies in a deal worth up to $645M - https://www.fiercebiotech.com/biotech/senti-biosciences-645m-spark-pact-to-drive-gene-circuits-into-fast-lane
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 -