Other Recent Venture Capital Financings
Company	Financing And Use Of Proceeds
Omega Therapeutics, Inc.; Cambridge, MA	The Flagship Pioneering-founded developer of programmable epigenetic medicines said on 30 March that it closed a $126m series C round, bringing its total funding to more than $210m since its founding in 2017. (Also see "Omega Therapeutics Looks To Address Disease By Tuning Genomic Regulators" - Scrip, 24 September, 2019.) Omega will use the funding to advance its lead epigenomic controller OTX-2002 and novel drug candidates generated by the company’s Omega Epigenomic Programming platform, to further develop the platform and to build manufacturing capabilities. Omega’s initial therapeutic focus is oncology, regenerative medicine, inflammation, autoimmune, metabolic and rare genetic diseases.
AbSci; Vancouver, WA	The synthetic biology specialist, which uses its technologies to simultaneously create novel biotherapeutics and the cell lines to manufacture them, revealed on 23 March that it completed a $125m crossover financing co-led by existing investors Casdin Capital and Redmile Group with participation from other prior backers and new investors. AbSci’s new funding will support ongoing R&D activities and other strategic investments. The company’s priorities include integrating the deep learning artificial intelligence platform Denovium that it acquired in January and expansion of core drug discovery capabilities. AbSci launched in 2016 with $5.1m in series A cash and since then has entered into partnerships with multiple biopharma companies. (Also see "Venture Funding Deals, May 2016" - Scrip, 3 May, 2016.)
EpimAb Biotherapeutics, Inc.; Shanghai	The Chinese company announced on 22 March that it closed a $120m series C round co-led by China Merchants Bank International and Mirae Asset Financial Group. EpimAb will use the proceeds to fund ongoing early clinical development of EMB-01 (targeting EGFR and cMET), EMB-02 (targeting PD-1 and LAG-3) and EMB-06 (a T-cell engaging bispecific antibody targeting BCMA and CD3), and to expand its pipeline of bispecifics and other biologics. (Also see "China's EpimAb Advances Bispecific Antibody To Rival Janssen Candidate" - Scrip, 12 February, 2019.) The company raised $25m in series A financing in 2017 and a $74m series B round in 2019. (Also see "Finance Watch: Third Rock Raises $770m To Launch Up To 12 New Companies" - Scrip, 7 June, 2019.)
Entrada Therapeutics Inc.; Boston	The developer of intracellular biologics said on 31 March that it closed a $116m series B round – nearly double the size of its $59m series A round at the end of 2018 – with Wellington Management Co. as the lead investor. (Also see "Venture Funding Deals: Relay Closes Out 2018 With $400m Series C" - Scrip, 9 January, 2019.) The new funding will allow Entrada to advance its pipeline of intracellular oligonucleotide, antibody and enzyme-based therapeutics. The company also plans to diversify beyond its initial programs in neuromuscular diseases, including its lead oligonucleotide candidate for Duchenne muscular dystrophy.
Tyra Biosciences, Inc.; Carlsbad, CA	Tyra followed its $50m series A round at the start of 2020 with a $106m series B round announced on 31 March and led by new investor Nextech Invest. (Also see "Finance Watch: Billions Flow Into Biopharma Via Three New Investment Funds" - Scrip, 11 January, 2020.) The company is developing cancer therapies that target acquired resistance to existing oncology drugs, and it will use the series B proceeds to expand its drug discovery platform and accelerate the advancement of its novel small molecules into the clinic. Tyra plans to nominate its first clinical candidates in 2021 and begin clinical trials in 2022.
Scribe Therapeutics, Inc.; Alameda, CA	The molecular engineering firm co-founded by Jennifer Doudna, the co-inventor of CRISPR gene editing, said on 31 March that it closed a $100m series B round co-led by Avoro Ventures and Avoro Capital Advisors. Scribe raised a $20m series A round in October but has been working on its technology platform – a suite of custom gene editing and delivery technologies – since 2018. (Also see "Finance Watch: Biopharma VC Deals On Track For A Record-Breaking Year" - Scrip, 16 October, 2020.) The company will use its new capital to continue building its platform and advance treatments for neurodegeneration and other diseases with high unmet need; it already has a program under way in amyotrophic lateral sclerosis (ALS) in partnership with Biogen, Inc. Scribe intends to pursue additional collaborations.
Innoforce Pharmaceuticals; Hangzhou, China	South China Venture Capital and Yangchuang Capital co-led a CNY625m ($96m) series A round that Innoforce (INF) announced on 22 March; the financing was preceded by CNY170m ($24m) in pre-A funding in June. INF is building a good manufacturing practices (GMP) facility at its campus in Hangzhou where it will offer cell and gene manufacturing services starting in 2022 and it has antibody and protein manufacturing capabilities through a partnership with Thermo Fisher Scientific. The CDMO offers development, manufacturing, operations management and other support to clients and partners in China, the US, Europe and other global markets.
Eliem Therapeutics Inc.; Seattle and Cambridge, UK	The company came out of stealth mode on 25 March saying that it has raised $80m to date from RA Capital Management, Access Biotechnology and Intermediate Capital Group to develop and commercialize treatments for neuronal excitability disorders, such as chronic pain, depression, epilepsy and anxiety. ETX-810, acts via the palmitoylethanolamide (PEA) pathway, is in Phase IIa trials for lumbosacral radicular pain (chronic sciatica) and diabetic peripheral neuropathic pain. ETX-155, a next-generation neuroactive steroid that acts as a GABA-Apositive allosteric modulator (PAM), is in Phase I with plans for studies in major depressive disorder, hormone-related mood disorders and focal onset seizures. Eliem is also advancing multiple preclinical programs and will nominate an additional candidate for clinical development during the second half of 2021.
Aura Biosciences, Inc.; Cambridge, MA	Matrix Capital Management and Surveyor Capital (a Citadel company) led an oversubscribed financing that Aura announced on 22 March and the $80m total it double the $40m in series D cash it raised in 2019. (Also see "Finance Watch: Q1 Biopharma Venture Capital Dips From All-Time High, But Numbers Still Impress" - Scrip, 9 April, 2019.) The company is developing virus-like drug conjugate (VDC) therapies for cancer and will use its new financing to advance the VDC platform and conduct a pivotal Phase III program in the first-line treatment of choroidal melanoma for lead drug candidate AU-011 (belzupacap sarotalocan). The infrared light-activated drug binds to heparan sulphate proteoglycans on the surface of choroidal melanoma and other tumor cells.
Immune-Onc Therapeutics Inc.; Palo Alto, CA	The company said on 30 March that it closed $73m in series B1 and B2 financing in a round led by Oceanpine Capital. Immune-Onc also received a strategic capital investment from the Leukemia and Lymphoma Society’s Therapeutic Acceleration Program. The funding will support development of therapies that target immunosuppressive myeloid checkpoints with an initial focus on leukocyte immunoglobulin-like receptor subfamily B (LILRB). Lead candidate IO-202 targets LILRB4 (ILT3) and is being evaluated in the treatment of acute myeloid Leukemia and chronic myelomonocytic leukemia in a Phase I trial with plans for additional testing in solid tumors. Its next clinical stage program will be for IO-108, an LILRB2 antagonist for the treatment of solid tumors. Immune-Onc previously closed a $33m series B round in 2018. (Also see "Finance Watch: Morphic's 'Smooth' Progress With Oral Integrin Inhibitors Justifies $80m Series B" - Scrip, 26 September, 2018.)
Aktis Oncology; Cambridge, MA	Targeted radiopharmaceuticals developer Aktis Oncology said on 18 March that it closed a $72m series A round co-led by EcoR1 Capital and Vida Ventures. Novartis AG and Bristol Myers Squibb Company also were among investors in the round. The company aims to extend the use of radiopharmaceuticals to treat a wider array of solid tumors with novel alpha radiopharmaceuticals that offer improved efficacy and limited toxicity. The therapies will be combined with theranostics that allow physicians to verify target engagement and select the most appropriate patients for treatment.
Qihan Biotechnology Co. Ltd.; Hangzhou, China	The company, which is applying multiplexable genome editing technology to cell therapies and organ transplantation, said on 29 March that it raised an additional $67m in series A++ financing, primarily to take its lead programs into investigational new drug (IND) application-enabling studies and hypoimmunity projects, and to expand existing manufacturing facilities. New investors Lilly Asia Ventures and Matrix Partners China led the extended VC round, which brings Qihan’s total series A funding to more than $100m. The company is developing off-the-shelf cell therapies and xenogeneic organs for cancer, organ failure and other conditions.
Ossium Health; San Francisco	Ossium said on 18 March that it raised a $63m series B round co-led by General Catalyst and Vivo Capital. The company is using its deceased donor bone marrow banking platform to develop stem cell therapies for blood and immune diseases. Ossium will use its new funding to conduct clinical trials using donor-matched hematopoietic stem cells to re-educate immune systems of organ recipients to accept donor organs, to test the ability of anti-inflammatory properties of mesenchymal stem cells in patients with fistulizing Crohn's disease, and to reset blood cancer patients’ malignant immune systems with bone marrow transplants from organ donors.
Asher Biotherapeutics, Inc.; South San Francisco	Immunotherapy developer Asher Bio launched on 23 March with a $55m series A round led by Third Rock Ventures. The company is focused on cis-targeting, a means for selectively activating only immune cell types that drive desired immune responses. Asher Bio will use its new funding to take lead candidate AB248, a cis-targeted interleukin-2 (IL-2) cancer immunotherapy, into the clinic in 2022 and to advance additional programs. The company’s immunotherapies are designed to be active only in the presence of cells that have both an immunomodulatory receptor and a cell type-specific marker. Its preclinical pipeline also includes a cis-targeted IL-2 that stimulates CAR-T cells, a T-cell cis-targeted STAT3 activating cytokine for cancer, and a Treg cis-targeted cytokine for autoimmune diseases.
Leyden Laboratories BV; Amsterdam and Boston	GV (formerly Google Ventures) led a €40m ($47.1m) series A round that Leyden Labs announced on 25 March. The company will use the funding to build out its team and its platform for targeting commonalities of viral families to protect against known and future viruses. Leyden Labs is developing nasal sprays designed to protect against multiple viruses.
PhoreMost Ltd.; Cambridge, UK	PhoreMost, developing therapies against previously undruggable targets, said on 23 March that BGF led its recently closed £33m ($46m) series B round. The company, which previously raised a £11m ($15m) series A round in 2018, is developing treatments for cancer and diseases associated with aging. (Also see "Finance Watch: Early-Stage Firms Gain Deal-Making Insight As Golumbeski Joins VC Ranks" - Scrip, 22 May, 2018.) PhoreMost and partner Sentinel Oncology Limited plan to take their allosteric PLK1 program into the clinic in 2022 with an initial focus on glioma. Its other partners include Novartis and Boehringer Ingelheim GmbH. (Also see "Deal Watch: Early 2020 Deal-Making Boom Starts With Third Bayer/Evotec R&D Alliance" - Scrip, 9 January, 2020.)
XyloCor Therapeutics Inc.; Malvern, PA	The gene therapy developer, which is focused on treatments for advanced coronary artery disease, said on 22 March that $22.9m in new funding led by Fountain Healthcare Partners brings its series A round to $41.9m. The first $17m in series A capital was raised at the end of 2018. (Also see "Finance Watch: Alternative Funding Sources Crucial Even Amidst A Biopharma VC Boom" - Scrip, 17 December, 2018.) XyloCor will use the proceeds for ongoing development of XC001, which is being tested in the Phase I/II EXACT clinical trial enrolling patients with refractory angina. The company also plans to test XC001 as an adjunctive therapy to augment the effectiveness of coronary artery bypass graft surgery.
OncoResponse Inc.; Seattle	OncoResponse said on 31 March that it raised $40.6m in a series C round led by members of the Magnetar Group; the company closed a $40m series B round in 2018. (Also see "Finance Watch: Morphic's 'Smooth' Progress With Oral Integrin Inhibitors Justifies $80m Series B" - Scrip, 26 September, 2018.) The firm is developing monoclonal antibodies against immunosuppressive myeloid targets. It will use the new financing to begin clinical trials in solid tumors for lead immunotherapy candidate OR2805 and to progress preclinical candidates toward IND filings. OR2805 is an antibody derived from a cancer patient with an exceptional response to anti-PD-1 therapy and it relieves the immunosuppressive effect of macrophages in the tumor microenvironment.
Fortis Therapeutics, Inc.; San Diego	The company is developing the CD46-targeting antibody-drug conjugate (ADC) FOR46 and will use the proceeds from a $40m series A round announced on 29 March to continue clinical trials in relapsed or refractory multiple myeloma and metastatic castration-resistant prostate cancer, and to pursue development of the ADC for additional indications. Existing and new investors backed the new series A round which follows $18m in series A funding that Fortis announced in 2016. (Also see "VC Roundup: Early-Stage Funding Slips Again In Third Quarter, Plus 15 New Financings" - Scrip, 8 October, 2016.)
OnQuality Pharmaceuticals LLC; Seattle and Shanghai	OnQuality revealed on 31 March that it closed a $35m series A+ round, including $20m in new financing. The company is developing targeted cancer supportive care drugs and will use the fresh capital to continue an ongoing Phase II clinical trial of lead drug candidate OQL011, a topical ointment for moderate to severe hand-foot skin reaction, a side effect of VEGF receptor inhibitors. OnQuality also plans to take two other onco-dermatology candidates into the clinic within the next eight to 12 months – OQL023 for EGFR inhibitor-induced skin rash and OQL033 for chemotherapy-induced hand-foot syndrome. Additional treatments for cancer therapy side effects are expected to move into clinical testing within the next 18 months.
Emalex Biosciences Inc.; Chicago	Paragon Biosciences LLC led a $35m series C preferred stock financing that Emalex announced on 23 March to fund its treatments for CNS movement disorders and fluency disorders. The new funding will support the company’s operations through the end of its three ongoing Phase II clinical trials under way in Tourette syndrome and childhood-onset fluency disorder (stuttering) for lead drug candidate ecopipam (EBS-101); trial completion is expected by the end of this year. Emalex launched after acquiring ecopipam, which selectively blocks the actions of dopamine at the D1 receptor, through the acquisition of Psyadon Pharmaceuticals Inc. in 2018. (Also see "Deal Watch: Harbour Expands Horizons Beyond China" - Scrip, 21 August, 2018.)
Outpace Bio; Seattle	With a $30m series A round led by ARTIS Ventures and Lyell Immunopharma Inc., Outpace is building a platform for next-generation “smart” cell therapies that are designed to make the right decisions in the right context to improve efficacy and reduce toxicity, starting with ultra-specific T-cell therapies for solid tumors. The company will use its new funding to achieve proof of principle for its technology platform. Outpace also has entered into an R&D agreement for a specifically engineered cytokine that will be commercialized by Lyell. The firm’s scientific team was spun out of Lyell, but it will pursue partnerships with other companies as well.
1910 Genetics; Cambridge, MA	The company launched on 23 March with $26m, including $22m from a series A round co-led by M12 (Microsoft’s venture fund) and Playground Global as well as $4.1m in seed funding. 1910 Genetics aims to use artificial intelligence, computation and biological automation to improve drug development and it has two therapeutic area-agnostic drug discovery engines – ELVIS for small molecules and ROSALYND for protein therapeutics.
Apnimed; Cambridge, MA	Apnimed, focused on sleep apnea and related disorders, said on 25 March that it raised $25m in a series A round led by existing investor Morningside Ventures. The proceeds will fund Phase III development and potential commercialization of the oral drug AD109, which is in Phase II clinical trials for mild-to-moderate and moderate-to-severe obstructive sleep apnea with data expected during the second quarter of this year. AD109 combines the selective norepinephrine reuptake inhibitor atomoxetine with aroxybutynin, a novel selective antimuscarinic.
Treos Bio Limited; London	Luminous Ventures led a $14m convertible loan note financing that Treos announced on 31 March to fund its development of precision off-the-shelf and personalized peptide cancer immunotherapies, which are based on data science and the company’s proprietary biomarkers. The proceeds will fund initiation of two Phase II trials during the next six months for PolyPEPI-1018, an off-the-shelf immunotherapy, in patients with microsatellite stable metastatic colorectal cancer. The company reported last year that its lead product candidate generated robust antigen-specific T-cell responses and durable anti-tumor responses in this population. (Also see "Pipeline Watch: ASCO Reveals Clinical Progress With Anticancers" - Scrip, 8 June, 2020.)
Wesana Health Inc.; Chicago	Wesana said on 31 March that it closed a CAD$16.1m ($12.8m) private placement through a special purpose financing vehicle ahead of becoming a public company in Canada through a reverse merger with Debut Diamonds Inc. The company is developing psilocybin-based medicines and will use its new funding primarily for the preclinical and clinical development of its psychedelic-assisted therapy for the treatment of traumatic brain injury.
New Equilibrium; Cambridge, MA	RA Capital Management led a $10m seed round for the company, New Equilibrium announced on 31 March. The start-up will use the proceeds to scale up its R&D facilities, expand its team, accelerate programs targeting intrinsically disordered proteins (IDPs) and pursue partnerships. New Equilibrium is using artificial intelligence to understand the biophysics of IDPs, which previously have been difficult to target because of their shape-shifting ways. Dysregulation of IDPs causes cancer, neurodegeneration and other diseases.
Boston Immune Technologies & Therapeutics (BITT); Boston	BITT said on 17 March that it raised $10m in a series A/A1 preferred stock financing to support clinical development of BIR2101, a TNFR2 antagonist for oncology and infectious disease indications. The company also will advance additional programs targeting the TNF superfamily, including CD40 antagonists for inflammation and CD30 antagonists for cancer. BITT entered into a service agreement with Selexis SA earlier in March to develop the cell line for BIR2101.
Bond Biosciences Inc.; New York	Collage Partners LLC led a $5m series A round that Bond announced on 30 March to finish preclinical studies and complete a Phase Ib clinical trial in hereditary hemochromatosis for BBI-001. The oral drug is designed to bind dietary iron and inhibitor iron absorption in patients that suffer from iron overload associated with hereditary hemochromatosis. The company is focused on the development of oral, non-absorbed polymer drugs that bind excess ions locally in the gastrointestinal tract to treat or prevent diseases.

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