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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 #45 - January 30, 2021 - February 5, 2021
Financings
Number of deals: 16 & Total capital invested: $350.2M
- AffyXell Therapeutics raised $7.3M from Samsung among others as a joint venture between Daewoong Pharmaceutical and Avacta Group to develop a pipeline of mesenchymal stem cell therapies.
- Alma raised $28M led by Insight Partners to build a network of healthcare providers.
- Capital Rx raised $50M led by Transformational Capital to build a new, software-enabled pharmacy benefit management company. Pretty cool.
- Casana raised $14M co-led by General Catalyst and Outsiders Fund to develop a toilet seat-based cardiovascular health monitoring system.
- Cellino raised $16M with The Engine and Khosla Ventures co-leading the round to expand their imaging and reprogramming platform for stem cells.
- C. Light Technologies raised $2.5M led by Creative Ventures to commercialize their eye scan technology for neurological diseases. Congrats Christy and Zach.
- Elucidata raised $5M led by IvyCap Ventures to scale their biomedical data management software platform. Congrats Abhishek.
- Enthera Pharmaceuticals raised €35M led by Roche Venture Fund to develop a pipeline of drug candidates targeting the IGFBP3/TMEM219 axis, a pathway involved in cell apoptosis in the gut, pancreas and other organs and plays a key role in the development of Type 1 Diabetes and Inflammatory Bowel Disease.
- FOLX Health raised $25M led by Bessemer Venture Partners to build a healthcare provider for the LGBTQIA+ community.
- Garner Health raised $12.5M led by Founders Fund to build a healthcare product for employers that offers employees the ability to find out-of-network doctors.
- HealthTensor raised $5M led by Calibrate Ventures to build an “AI” tool for EHRs.
- Pairwise raised $90M with Deerfield and Pontifax co-leading the round to bring CRISPR gene editing to specialty crops. Really exciting company.
- Plume raised $14M led by Craft Ventures to build a digital health product for hormone therapy in the transgender community.
- Reverie Labs raised $25M led by Ridgeback Capital to use their computational drug platform to develop small molecule kinase inhibitors. Congrats Jonah.
- SpectraWAVE raised $13.2M led by Deerfield to build a medical imaging platform for X-ray guided percutaneous coronary interventions to treat coronary artery disease.
- Vamstar raised $1.7M led by Btov to build a marketplace for contractors in the healthcare system.
Exits
Number of exits: 9 & Total exit value: Over $18B
- 23andMe announced they will go public through a SPAC valuing the company at $3.5B. Congrats to Anne and the entire team - https://www.fiercebiotech.com/medtech/23andme-intertwines-branson-s-virgin-group-to-go-public-3-5b-spac-deal
- Adagene filed for a $132M IPO to develop their pipeline of antibody cancer immunotherapies focused in China - https://www.sec.gov/Archives/edgar/data/1818838/000104746921000130/a2242683zf-1.htm
- Bioventus filed to raise $125M in an IPO to grow their portfolio of treatments, from therapies to ultrasound and surgery, for musculoskeletal conditions - https://www.sec.gov/Archives/edgar/data/1665988/000119312521028021/d58473ds1a.htm
- Bolt Biotherapeutics filed for a $150M IPO to bring their antibodies targeting HER2 for breast cancer and CEA for solid tumors through the clinic - https://www.sec.gov/Archives/edgar/data/1641281/000119312521023574/d58029ds1a.htm
- Decipher Biosciences was acquired by Veracyte for $600M to add the former’s urologic cancer diagnostics product to the latter’s genomic products in lung, thyroid, and breast cancers - https://www.fiercebiotech.com/medtech/veracyte-drops-600m-to-acquire-cancer-tester-decipher-biosciences
- GW Pharmaceuticals was acquired by Jazz Pharmaceuticals for $7.2B to gain GW’s Epidiolex, approved to treat seizures associated with Lennox-Gastaut Syndrome (LGS), Dravet Syndrome and Tuberous Sclerosis Complex (TSC). Epidiolex was the first plant-derived cannabinoid medicine ever approved by the FDA - https://ir.gwpharm.com/news-releases/news-release-details/jazz-pharmaceuticals-acquire-gw-pharmaceuticals-plc-creating
- Pharvaris filed for a $125M IPO to develop their bradykinin B2-receptor antagonists to treat hereditary angioedema (HAE) and other bradykinin B2-receptor-mediated indications - https://www.sec.gov/Archives/edgar/data/1830487/000119312521023578/d50231df1a.htm
- Quellis Biosciences was acquired by Catabasis Pharmaceuticals in a reverse merger-like transaction to develop QLS-215, a monoclonal antibody that inhibits plasma kallikrein to treat Hereditary Angioedema (HAE) - https://ir.catabasis.com/news-releases/news-release-details/catabasis-pharmaceuticals-announces-acquisition-quellis
- Viela Bio was acquired by Horizon Therapeutics for $3.1B to gain access to the former’s rare disease drug, Uplizna, in NMOSD and a broader pipeline. Viela was formed about 2 years ago as a spinoff from MedImmune/AstraZeneca - https://ir.horizontherapeutics.com/news-releases/news-release-details/horizon-therapeutics-plc-acquire-viela-bio-inc-significantly
Deals
Number of deals: 2 & Total deal value: $1.28B
- Imcyse SA announced a research deal with Pfzier worth up to $180M. The company’s are developing a drug candidate for rheumatoid arthritis (RA) based on Imcyse’s Imotope technology - https://www.fiercebiotech.com/biotech/pfizer-bags-rheumatoid-arthritis-rights-to-new-immunotherapy-class-through-deal-imcyse
- Shanghai Junshi Biosciences licensed out their anti-PD-1 antibody, toripalimab, to Coherus Biosciences for use in the US and Canada in a deal worth up to $1.1B. Part of a megatrend of licensing biologics from China to the US - https://www.bioworld.com/articles/503116-coherus-surges-into-immuno-oncology-with-11b-junshi-deal
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 -