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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 #51 - March 13, 2021 - March 20, 2021
Financings
Number of deals: 23 & Total capital invested: $1.89B
- 100Plus raised $25M from the founders of KKR to build a remote patient monitoring product.
- Amphista Therapeutics raised $53M with Forbion and Gilde Healthcare co-leading the round to develop their pipeline of selective protein degraders.
- Aktis Oncology raised $72M led by MPM Capital to develop targeted radiopharmaceuticals for cancer.
- Clinical Research IO raised $3.5M led by Rally Ventures to build a clinical trial management product.
- Curi Bio raised $6M led by Dynamk Capital to scale their iPSC screening and drug discovery platform.
- Digbi Health raised $5.4M to build a genetic and gut microbiome counseling program.
- ElevateBio raised $525M led by Matrix Capital Management to scale their BridgeBio-like model for cell and gene therapies. Cool company.
- EyeYon Medical raised $25M led by CR-CP Life Science Fund to develop a lense to treat corneal diseases.
- Glooko raised $30M led by Health Catalyst Capital to scale their remote patient monitoring product offering.
- Graphite Bio raised $150M co-led by RA Capital Management and Rock Springs Capital to use their gene editing platform for HSC drug development
- Harmonize Health raised $10M led by Launchpad Digital Health to also build a remote patient monitoring product.
- Happify Health raised $73M led by Deerfield to scale their digital therapeutics product offering for mental health and general well being.
- HelloSelf raised $7.7M led by OMERS Ventures to build a therapist referral product in Europe.
- Inflammatix raised $102M led by D1 Capital Partners to scale their host-based diagnostics product for sepsis and immune-related diseases. Congratulations to Tim and the entire team.
- Insitro raised $400M led by the Canada Pension Plan Investment Board to scale their AI-driven drug development platform. Congrats Daphne.
- Mediar Therapeutics raised $20M from Pfizer Ventures and Ono Venture Investment to develop new medicines in fibrosis.
- Nano Cures raised $20M led by Opulence Capital Management to build an anti-microbials platform.
- Ossium Health raised $63M with General Catalyst and Vivo Capital co-leading the round to grow their transplant products for blood and immune-related diseases.
- Riva Health raised $15.5M led by Menlo Ventures to build a mobile app for cardiovascular disease.
- StrideBio raised $81.5M with Northpond Ventures and Novo Holdings co-leading the round to scale their AAV gene therapy platform. Cool company.
- Strive Health raised $140M led by CapitalG to scale their kidney care products and services business.
- Variantyx raised $20M led by GHS Fund to grow their genetic disease testing business.
- Viz.ai raised $71M co-led by Scale Venture Partners and Insight Partners to scale their AI platform for stroke care. Great company.
Exits
Number of exits: 3 & Total exit value: Over $1.5B
- Alignment Healthcare filed for a $490M IPO to scale their at home healthcare services business - https://www.sec.gov/Archives/edgar/data/0001832466/000119312521084780/d50030ds1a.htm
- Connect Biopharma Holdings filed for an IPO for $150M to develop their pipeline of medicines targeting inflammation ranging from atopic dermatitis to ulcerative colitis with a focus on China - https://www.sec.gov/Archives/edgar/data/0001835268/000119312521079813/d295873df1a.htm
- Instil Bio filed for a $300M IPO to expand their pipeline of TIL therapies for solid tumors - https://www.sec.gov/Archives/edgar/data/0001789769/000119312521085124/d138592ds1a.htm
Deals
Number of deals: 2 & Total deal value: Over $2.4B
- Anima Biotech announced a deal with Takeda to develop 6 small molecule programs for genetically defined neurological diseases. The deal includes a $120M upfront payment with milestones up to $2.3B - https://www.globenewswire.com/news-release/2021/03/18/2195616/0/en/Anima-Biotech-Announces-Strategic-Collaboration-with-Takeda-to-Discover-and-Develop-mRNA-Translation-Modulators-for-Neurological-Diseases.html
- Dotbio executed a partnership with Uni-Bio Science Group for an undisclosed amount to develop multi-specific biologics focusing on retinal diseases like AMD, diabetic macular edema, retinal vein occlusion, and myopic choroidal neovascularization - https://www.bioworld.com/articles/504850-uni-bio-and-dotbio-to-co-develop-multispecific-dotbodies-for-retinal-diseases?v=preview
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 -