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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 #22 - August 22, 2020 - August 28, 2020
Financings
Number of deals: 16 & Total capital invested: $1.04B
- Brightline raised $20M led by Threshold Ventures to scale their online therapy products for pediatric behavioral health.
- Checkerspot raised $36M with Viking Global leading the round to drive the business’ synthetic biology platform using algae to develop new materials like snowboard waxes and beyond.
- Clene Nanomedicine raised $42.5M led by SymBiosis to develop their nanocrystalline gold medicines for indications like Parkinson’s and ALS.
- Connect Biopharma raised $115M led by RA Capital to develop immune modulating drugs focused on China.
- Fibronostics raised $8M led by AT Capital to develop non-invasive diagnostics for NASH. Glympse is really good here too.
- Freenome raised $270M with Bain Capital Life Sciences and Perceptive Advisors co-leading the round to drive a pivotal trial for a liquid biopsy test for colorectal cancer.
- Kinnate Biopharma raised $98M with RA Capital leading the round to drug cancers for genomically-defined indications.
- Klara raised $15M co-led by Gradient Ventures and Frist Cressey Ventures to build a patient engagement platform for doctors and clinics.
- KOS raised $2.1M from Springdale Ventures and former Whole Foods CEO Walter Robb to develop new plant-based ingredients.
- Kronos Bio raised $155M from convertible notes mainly from Perceptive Advisors to use their platform to screen undruggable target proteins in tumor cell lysate and develop new medicines focused in oncology mainly AML and solid tumors.
- Lyra Health raised $110M led by Addition to scale their mental health care benefits platform for employers.
- PatientPop raised $50M led by HLM Venture Partners to scale their software produce to help health practices/clinics manage their operations.
- Prelude Therapeutics raised $50M from OrbiMed and Fidelity to develop new medicines targeting drug resistance pathways.
- Synthego raised $100m with Wellington Management, RA Capital Management, and 8VC leading the round to scale the company’s genome engineering platform now focusing more on product development.
- Trellus Health raised $5M from Mount Sinai Health System and EKF Diagnostics to build digital health products for chronic disease.
- Triumvira Immunologics raised $55M co-led by Leaps by Bayer and Northpond Ventures to develop T-cell therapies to target CD19 and HER2.
Exits
Number of exits: 3 & Total exit value: Over $2B
- Dyne Therapeutics filed for a $100M IPO to develop new medicines for muscular diseases - https://www.sec.gov/Archives/edgar/data/1818794/000119312520230038/d920854ds1.htm
- GoodRx filed for a $100M IPO to scale their consumer app for drug prescriptions - https://www.sec.gov/Archives/edgar/data/1809519/000119312520234662/d949310ds1.htm
- Outset Medical filed for a $100M IPO to scale commercialization of their Tablo dialysis machine - https://www.sec.gov/Archives/edgar/data/1484612/000119312520226746/d941853ds1.htm
Deals
Number of deals: 1 & Total deal value: $500M
- Engitix announced a $500M partnership with Takeda to use the former’s ECM assays to validate targets and develop new medicines for liver fibrosis. Engitix is receiving an undisclosed up-front payment from Takeda, with further near-term milestones to come, based on the confirmation and functional validation of the selected targets. The deal rests on a patented mechanical method Engitix has developed for rapidly de-cellularizing human liver, leaving extracellular scaffolds that retain their normal 3D architecture and tissue-specific biochemical and biomechanical properties. That forms the basis of physiologically realistic human in vitro models, providing a more relevant medium to screen drug compounds targeting fibrosis, which is an ECM-related disease. In advanced, symptomatic disease, ECM is an active source of fibrotic signaling - https://www.businesswire.com/news/home/20200825005161/en/Engitix-Signs-Collaboration-Licensing-Agreement-Takeda-Develop
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 -