Autoimmune disease specialist Scirhom GmbH has raised €63 million (US$68 million) in a series A to take an antibody against iRhom2, an enzyme that regulates TNF-alpha secretion, into the clinic. The company has approval for a phase I trial in healthy volunteers that will start later this year, with plans for proof-of-concept trials in rheumatoid arthritis and inflammatory bowel disease to follow.
Altos Biologics Inc., founded as an eye disease-focused subsidiary of Alteogen Inc. in 2020, raised ₩24.5 billion (US$17.7 million) in a series B financing round to advance its pipeline of therapeutics for eye-related conditions, including age-related macular degeneration (AMD). Daejeon, South Korea-based Alteogen said July 9 that the funds raised will be funneled to develop OP-01, Altos’ candidate therapy for AMD.
Myricx Bio Ltd. has closed the largest series A for a European biotech this year, raising £90 million (US$115.4 million), to take forward antibody-drug conjugates based on novel payload chemistry.
Biopharma financings reached $70.09 billion in the first half of 2024, a 129% increase from the $30.57 billion raised in the first half of 2023. At more than $70 billion, this year's financings are already approaching the full-year total of $70.97 billion for 2023. June saw $7.57 billion in total financings, a decrease from $9.15 billion in May.
One year after arriving on the scene with a $120 million series A, ophthalmic gene therapy specialist Beacon Therapeutics Ltd. has raised $170 million in a series B.
Cartesian Therapeutics Inc.’s phase IIb study of its lead candidate, Descartes-08, in treating generalized myasthenia gravis (gMG) hit its primary endpoint while the company also notched a $130 million private placement equity financing.
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