Synox Therapeutics Ltd. has raised $75 million in a series B round to fund phase III development of emactuzumab, an antibody in-licensed from Roche Holdings AG. The product, a colony stimulating factor 1 receptor inhibitor, was tested by Roche in a number of indications. Synox is taking it into a phase III registrational trial in tenosynovial giant cell tumor on the basis of phase II data showing an overall objective response rate of 71%.
Smart Reporting GmbH raised €23 million (US$24.5 million) in a series C funding round for its medical reporting software which automates and streamlines physicians’ workload. The funding is a “significant accelerator” for the company, “catalyzing business growth, product development, and expansion into international markets,” Wieland Sommer, founder and co-CEO of Smart Reporting told BioWorld.
Newco Outrun Therapeutics Ltd. has raised $10 million in a seed round to develop small-molecule E3 ubiquitin ligase inhibitors that prevent programmed protein degradation. The lead program targeting an E3 ligase that tags a tumor suppressor protein for destruction will now advance to preclinical development.
Corner Therapeutics Inc. raised $54 million in a series A financing to create vaccines to protect against cancer and infectious diseases by helping the immune system engineer T cells. The company’s core interest is in advancements in immunotherapy through direct manipulation of T cells, which are the “keys to the kingdom for any cancer therapy,” Nick Seaver, Corner’s chief business officer, told BioWorld.
Pathios Therapeutics Ltd. has raised $25 million in the first close of a series B financing. Proceeds will support continued development of Pathios’ unique approach to cancer immunotherapy focused on GPR65 inhibition.
Biopharma firms amassed a total of $47.07 billion in the first quarter of 2024, the second-highest quarter recorded by BioWorld since 2011, trailing only behind $48.18 billion raised in 2Q20. This robust fundraising was driven by exceptional performances in IPOs, follow-ons and public/other financings, as well as sustained trends in venture capital raises. The amount marks a 118% increase from $21.62 billion raised in the fourth quarter of 2023 and a 257% rise from 1Q23’s $13.19 billion.
Led by executives who helmed The Medicines Co., Metsera Inc. has launched with $290 million in financing to develop drugs for treating weight loss, obesity-related conditions and metabolic diseases. The company is stepping into high profile and lucrative glucagon-like peptide-1 territory forged by Eli Lilly and Co.’s Zepbound (tirzepatide) for chronic weight management and Novo Nordisk A/S’s Wegovy (semaglutide), also approved for long-term weight management.
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