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Axial invests and partners in early-stage life sciences companies. 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 — info@axialsprawl.com
Life Sciences Financings and Commentary #11 - June 6, 2020 - June 12, 2020
Financings
Number of deals: 20 & Total capital invested: $742.5M
- Alpha Health raised $20M led by a16z Bio to build a revenue cycle management product. Tough market.
- Autobahn Therapeutics raised $76M co-led by ARCH Venture Partners and Cowen Healthcare Investments to develop prodrug small molecule medicines to restore myelination levels of neurons to treat multiple sclerosis and other CNS diseases.
- Binah.ai raised $13.5M led by Maverick Ventures to build software tools for video-based health/wellness products.
- C2i Genomics raised $12M led by Casdin Capital to translate genome-wide liquid biopsy technologies from Weill Cornell to measure oncology minimal residual disease - https://www.genomeweb.com/cancer/liquid-biopsy-startup-c2i-genomics-launch-international-validation-trials-mrd-detection-tech#.XuO5ukXYpD8
- CereVasc raised $43.9M from Perceptive Advisors and Aton Partners to build noninvasive treatments for hydrocephalus.
- Checkmate Pharmaceuticals raised $85M co-led by Longitude Capital and Novo Holdings to commercialize a series of immunotherapies.
- Conversa Health raised $12M with Builders VC and Northwell Ventures co-leading the round to build out a virtual care software product.
- Cue Health raised $100M from Decheng Capital, Foresite Capital, Johnson & Johnson Innovation, and ACME Capital to build a portable, point-of-care diagnostic for COVID-19 - https://www.fiercebiotech.com/medtech/cue-health-raises-100m-as-it-develops-a-portable-coronavirus-test
- DNAnexus raised $100M co-led by Perceptive Advisors and Northpond Ventures to scale their genomic analysis and collaboration software product - https://techcrunch.com/2020/06/09/dnanexus-raises-100m-for-a-cloud-based-analytics-platform-aimed-at-genomics-and-other-clinical-big-data/
- EnsoData raised $9M co-led by Zetta Venture Partners and Venture Investors to improve sleep through analyzing patient data through devices and wearables.
- Genial Care raised a seed round from Canary to build a digital health company in Brazil to focus on autism.
- Headspace raised $47.7M to shore itself up and grow its meditation app - https://news.crunchbase.com/news/meditation-app-headspace-secures-47-7m-more-in-funding-filing-shows/
- HistoSonics raised $40M led by Yonjin Venture to commercialize their sonic beam therapies, powered by their Edison robotic platform, for selective tissue destruction for oncology - https://www.massdevice.com/histosonics-touts-first-in-human-study-results/
- Lycia Therapeutics raised $50M led by Versant Ventures to translate protein degradation inventions from the Bertozzi Lab (Stanford) to bring LYTACs to patietns - https://chemrxiv.org/articles/Lysosome_Targeting_Chimeras_LYTACs_for_the_Degradation_of_Secreted_and_Membrane_Proteins/7927061
- MycoTechnology raised $39M from Greenleaf Foods, SPC, S2G Ventures, and Evolution Partners to scale up their work to use mushrooms for new food products and ingredients.
- NFlection Therapeutics raised $20M from venBio and F-Prime Capital to develop new medicines for neurofibromatosis type 1.
- PatientPing raised $60M from Andreessen Horowitz, F-Prime Capital, GV, and Transformation Capital to scale up their healthcare coordination platform. Incredible company.
- Protera raised $5.6M led by Sofinnova Partners to design proteins to make new ingredients - https://biomarketinsights.com/protera-raises-5-6m-in-series-a-financing/
- TeleVet raised $5M led by Mercury Fund to build a telemedicine veterinary product - https://news.crunchbase.com/news/televet-provides-boost-to-veterinary-telemedicine-with-5m-series-a/
- Wellsheet raised $3.8M led by SpringTide Investments to build an EHR product focused on integration, patient handoffs, and cohort identification.
Exits
Number of exits: 5 & Total exit value: Over $18B
- Akouos filed for an IPO of $100M to bring their gene therapies for inner ear disorders through the clinic - https://www.sec.gov/Archives/edgar/data/1722271/000104746920003385/a2241737zs-1.htm
- ArcherDX filed for a $100M IPO to scale up their oncology panel testing business; revenue over $50M - https://www.sec.gov/Archives/edgar/data/1734551/000162828020009096/archerdxs-1.htm
- Fusion Pharmaceuticals filed for an IPO to bring its radiopharmaceuticals through clinical development with a phase 1 product for solid tumors expression IGF-1R - https://www.sec.gov/Archives/edgar/data/1805890/000119312520162195/d872512ds1.htm
- PolyPid filed for a $57.5M IPO to develop medicines to prevent/treat surgical site infections - https://www.sec.gov/Archives/edgar/data/1611842/000104746920003386/a2241750zf-1.htm
- Royalty Pharma, an incredibly unique company, filed for a $2B IPO to further build out its balance sheet to buy royalties of promising medicines - https://www.sec.gov/Archives/edgar/data/1802768/000119312520162827/d862976ds1a.htm
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 -