All articles tagged with #biotechhealthcare
Biotech company CARGO Therapeutics is set to raise approximately $281 million through its initial public offering (IPO) on the Nasdaq, selling 18.75 million shares at $15 each. This IPO is considered one of the largest in the industry this year, as the biotech IPO market has been relatively slow in 2022.
Aiolos Bio, founded by former Genentech executives, has raised $245 million in a Series A funding round to advance an asthma drug licensed from China. The startup plans to initiate a Phase II asthma study next year for its anti-TSLP antibody, which is its sole drug candidate. Aiolos Bio's CEO, Khurem Farooq, previously led Gyroscope Therapeutics, which was acquired by Novartis in December 2021.
Biotech company BridgeBio is set to receive approximately $250 million through a private investment in public equity (PIPE) as it approaches the submission for approval of its heart pill, acoramidis. This comes two months after the company announced positive Phase III results, which caused its shares to surge by 50%. The PIPE will bring in new long-term shareholders and addresses the question of BridgeBio's financial strategy following its recent success.
Biotech startup Generate Biomedicines has raised $273 million in a Series C funding round, with investors including Amgen and NVIDIA. The company uses artificial intelligence and machine learning algorithms to identify new drugs, and has already launched its first clinical trial for a Covid monoclonal antibody. Generate Biomedicines plans to introduce 10 new drug candidates annually and has a total of 15 drug candidates in the works.
Rocket Pharmaceuticals plans to raise $175 million through a stock sale after the FDA agreed to its proposal for accelerated approval of its gene therapy for Danon disease based on a 12-patient study. The company's stock surged by 42% following the announcement. Danon disease is a rare X-linked disorder that weakens the heart and skeletal muscles, with males typically living until around 20 years old and females until around 35 or 40. Rocket's treatment delivers a functional version of the LAMP2 gene using a viral capsid called an AAV.