The med-tech industry has maintained its financing momentum into May, with the first five months of 2024 raising $12.7 billion, marking a 42% increase from $8.95 billion during the same period in 2023. Notably, May alone saw $5.05 billion in total med-tech financings, a 307% rise from $1.24 billion in April, and the highest monthly total reported by BioWorld MedTech since November 2022.
Phase II-stage Rapport Therapeutics Inc. began trading on Nasdaq June 7 under the ticker RAPP after pricing its IPO of 8 million shares at $17 each to raise $136 million, gaining $3.80, or 22.4%, to close its first day at $20.80. With offices in Boston and San Diego, Rapport is developing drugs for central nervous system (CNS) disorders. The IPO is expected to close June 10.
Biopharma financings rebounded in May, reaching $9.15 billion and marking a 48% increase from $6.18 billion in April. However, value is down from the $13.84 billion in financings seen in March and $22.3 billion in February. This year’s monthly average of $12.52 billion reflects an 112% increase from the average of $5.91 billion per month in 2023.
Australian radiopharmaceutical company Telix Pharmaceuticals Ltd. announced its IPO on the Nasdaq to raise $200 million to advance its late-stage radiopharma candidates. Headquartered in Melbourne, Telix has operations in the U.S., Europe (Belgium and Switzerland) and Japan with an extensive pipeline of theranostic radiopharmaceutical candidates.
South Korean digital health care firm Seers Technology Co. Ltd. is targeting a ₩22.1 billion (US$16.2 million) IPO on the Korea Exchange, after upping the offering price of its 1.3 million shares to ₩17,000 per share on June 4.
Isotope Technologies Munich SE (ITM) raised €188 million ($204 million) in a funding round that will largely be used to advance and expand the company’s radiopharmaceutical pipeline. The funds, which come a year after ITM raised €255 million, are a sign of growing investor interest in the company’s products and the radiopharma market, Steffen Schuster, CEO of ITM, told BioWorld.
Life sciences venture capital company, Brandon Capital, announced the first close of its sixth fund for AU$270 million (US$180 million) during the 2024 Biotechnology Innovation Organization International Convention in San Diego. Fund VI will see Brandon Capital continue to seed new Australian and New Zealand life sciences startups, as well as advance its expansion into international markets, particularly in the U.K., Europe, and the U.S.
RSS
