Partnology

Recent Funding: Kivu Biosciences, based in San Francisco, has secured $92 million in Series A funding to advance its proprietary technology for developing more precise and stable antibody-drug conjugates (#ADCs) aimed at #cancer treatment. With support from Novo Holdings and others, Kivu aims to address ADC limitations by improving stability and minimizing side effects, with its first clinical trials in solid tumors slated for next year. The company’s technology uses Synaffix linkers and a topoisomerase inhibitor to enhance tumor targeting and reduce toxicity. M&A, Deals, Partnerships: Lyell Immunopharma (SF) has announced the acquisition of ImmPACT Bio, a cell therapy startup specializing in #cancer and #autoimmune treatments, for $30 million in cash and 37.5 million shares of Lyell stock. ImmPact stakeholders stand to receive an additional 12.5 million shares and sales royalties based on certain milestones. This acquisition comes as Lyell narrows its focus on key cancer #immunotherapies, halting other research initiatives to extend its financial runway into 2027. IPOs: Septerna (SF), a biotech focused on G protein-coupled receptor (#GPCR) drugs, raised $288 million in its #IPO, surpassing its initial target with 16 million shares at $18 each. The funds will support the company’s lead drug candidate, SEP-786, which aims to treat hypoparathyroidism, and SEP-631, intended for chronic spontaneous urticaria. This IPO marks Septerna as one of the most well-funded GPCR-focused companies, signaling strong investor interest in #biotech with #clinical-stage assets. FDA Approvals: The #FDA has provided Sangamo Therapeutics, Inc. with a regulatory pathway to pursue Accelerated Approval for its gene therapy candidate, isaralgagene civaparvovec (ST-920), intended for #Fabry disease. Approval will be based on one-year eGFR slope data from the ongoing Phase 1/2 STAAR study, bypassing the need for an additional registrational study and advancing approval estimates by three years. Sangamo aims to submit a Biologics License Application (BLA) by late 2025. Other Interesting News: Dimension Capital Management (FL), a venture capital firm focused on transforming the life sciences through digital innovation, has filed with the SEC for a $500 million follow-up fund after its $350 million debut in January 2023. The firm, founded by former Lux investors Adam Goulburn and Zavain Dar and ex-Obvious Ventures partner Nan Li, targets startups led by scientists and engineers who merge disciplines like #biology, #chemistry, and #AI to innovate in life sciences. Notable investments include Enveda Biosciences and Chai Discovery, which use plant chemistry and AI, respectively, to drive drug discovery.

In this weeks Biotech Leader Spotlight Series we're recognizing Frank Watanabe, President & Chief Executive Officer of Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT)! Frank Watanabe has been the President of Arcutis Biotherapeutics since 2016, and Chief Executive Officer since 2017. Prior to joining Arcutis, he was Co-founder and Chief Operating Officer of Kanan Therapeutics, Inc., a #cardiovascular drug development company, and before that, was vice president of strategy and corporate development at Kythera Biopharmaceuticals. Watanabe was an executive at Amgen, Inc. from 2005 to 2013, where he was involved in the development of Repatha® for hyperlipidemia and Aimovig® for migraine, and worked on the US marketing of Enbrel® in both #dermatology and #rheumatology. Previously, he was an executive with Eli Lilly and Company, and an official in the US government. He was also a commissioned officer in the US Navy Reserves for 25 years. He formerly served on the board of Amunix Pharmaceuticals. He earned his MA in national security studies, and his BA in international relations, both at Georgetown University. #biotech #biotechnology #biotechleader #biotechexecutive #biopharma #pharmaceuticals #therapeutics #drugdevelopment

Recent Funding: Terray Therapeutics (Monrovia, CA) raised $120 million in a series B funding round to advance its #AI-driven small molecule drug development platform, tNova. New investor Bedford Ridge Capital and NVIDIA's NVentures led the round. The funds will support Terray's internal #immunology programs and further build out its generative AI platform, designed to improve drug development efficiency. So far, Terray has measured over 5 billion target-ligand interactions. The biotech has also formed partnerships with Bristol Myers Squibb and Calico Life Sciences, expanding its efforts across various therapeutic areas. Treeline Biosciences (San Diego), a secretive biotech startup co-founded by Josh Bilenker and Jeffrey Engelman, has raised an additional $421 million, bringing its total funding to nearly $900 million since its inception in 2021. The company focuses on difficult-to-drug molecular targets in #oncology and other areas, employing advanced technologies like #AI and machine learning. The board includes leaders from major investment firms, including ARCH, KKR, and OrbiMed. Other Interesting News: Gilead Sciences announced it will withdraw Trodelvy for bladder #cancer after a confirmatory trial, TROPiCS-04, showed the drug did not help patients live longer. The FDA granted accelerated approval in 2021 based on early tumor-shrinking results, but the recent failure prompted Gilead and the FDA to agree on withdrawal. Trodelvy, an antibody drug conjugate (#ADC), is more significant for treating breast cancer, where it remains approved and projected to generate $1 billion in sales by 2030. The withdrawal follows other rescinded conditional approvals in oncology. Teva Pharmaceuticals (Irvine, CA) is intensifying its focus on innovative drug development and adopting a #biotech mindset, according to its EVP of global R&D and CMO, Eric A. Hughes, MD, PhD. With a reorganization campaign and new CEO Richard Francis, Teva is advancing a pipeline of #neuroscience and #immunology drugs, including a long-acting antipsychotic, an asthma inhaler, and an anti-TL1A #antibody for IBD. The company is speeding up clinical trials and exploring rare disease opportunities, aiming to balance its generic roots with novel #therapies to drive future growth. Notable Labs (Foster City, CA) has filed for bankruptcy, bringing an end to its efforts to advance the Boehringer Ingelheim cancer drug, volasertib. The biotech, which focused on using its Predictive Medicine Platform to identify patients for this PLK1 inhibitor in acute myeloid #leukemia, faced financial struggles after a reverse merger with VBL Therapeutics (Nasdaq:VBLT) and dwindling funds. The company’s assets will be liquidated, and its leadership, including interim CEO Joseph Wagner, will depart.

In this weeks Biotech Leader Spotlight Series we are recognizing Krishna Allamneni, Chief Development Officer of Concarlo Therapeutics! Krishna Allamneni is a seasoned #biopharma R&D leader who also volunteers as a strategic advisor to startups through initiatives such as California Life Sciences FAST program. With expertise in advancing therapeutic candidates across multiple modalities, Dr. Allamneni has successfully led nonclinical development modules for 25+ IND/IMPD submissions and secured 7 drug approvals in the US and a handful of global marketing licenses. A forward-thinking leader in early #pharmaceutical development strategy, Dr. Allamneni is also a highly regarded operational manager, driving tactical planning and expedient execution for critical R&D functions. Her global #regulatory experience includes impactful collaborations with health authorities across North America, Europe, and Australia. Prior to Concarlo, she held leadership roles at companies such as Turning Point Therapeutics, Jazz Pharmaceuticals, NGM Biopharmaceuticals, Celera Genomics, Genentech/Roche and others. #biotechleader #femaleleaders #womeninbio #biotechexecutive #biotech #biotechnology #pharmaceuticals #clinicaldevelopment #therapeutics

Check out this weeks Partnology Q&A with Rajesh Krishnan, Chief Scientific Officer and Chief Technical Officer of Oncternal Therapeutics and a prominent leader in the #CMC cell therapy space. We sat down with Rajesh to discuss how different #modalities of #therapeutics affect the CMC landscape: #biotech #biotechnology #biopharma #clinicaldevelopment #drugdevelopment #biotechleader #celltherapy #oncology #antibodies

Recent Funding: Mithradote Bio (San Diego) has secured $1 million in an oversubscribed seed round, co-led by Taho Pharmaceuticals Ltd and Vickers Venture Partners. The funding will support the development of M-101, a sublingual antidote targeting a range of "date-rape" drugs. This innovative solution addresses the global issue of drug-facilitated sexual assault, providing a self-administered option for those who suspect they have ingested harmful substances. Recent Layoffs: Turnstone Biologics (San Diego) is restructuring, cutting its workforce by 60% and focusing on its Phase 1 TIDAL-01 program, a Selected Tumor-Infiltrating Lymphocyte (TIL) therapy for solid tumors. The restructuring aims to extend the company’s cash runway into Q2 2026 as Turnstone pivots resources toward advancing TIDAL-01 in trials for colorectal #cancer, head and neck cancer, and uveal #melanoma. M&A, Deals, Partnerships: Lundbeck has announced plans to acquire Longboard Pharmaceuticals (San Diego) for $2.6 billion, gaining access to its lead asset, bexicaserin, a promising treatment for rare #epilepsies such as Dravet and Lennox-Gastaut syndromes. The acquisition aligns with Lundbeck's strategy to strengthen its #neuro-rare disease portfolio, with bexicaserin entering a global Phase III trial. Expected to launch by 2028, bexicaserin holds blockbuster potential with estimated peak sales between $1.5 to $2 billion. IPOs: Upstream Bio (MA) raised $255 million through its #IPO to advance its lead drug, verekitug, which targets TSLP, a protein driving #inflammatory responses in #respiratory diseases. The drug is in Phase 2 trials for chronic rhinosinusitis and #asthma, and Upstream expects results by 2025. This IPO success reflects investor enthusiasm for immune drug research, with #immunology-focused biotechs seeing the most IPOs outside #oncology this year. FDA Approvals: Pfizer’s Hympavzi, a once-weekly injectable treatment for #hemophilia A and B, has been approved by the #FDA. Unlike traditional factor replacement therapies, Hympavzi reduces an anticoagulatory protein (TFPI), helping prevent bleeding. This expands Pfizer’s hemophilia portfolio, which now includes three treatment classes: anti-TFPI, gene therapy, and recombinant factor therapies. Other Interesting News: Gritstone bio (SF) has filed for Chapter 11 bankruptcy to restructure and seek strategic alternatives. The biotech, which develops next-generation vaccines and #immunotherapies, aims to secure a stalking horse bidder and continue advancing key programs like its neoantigen immunotherapy GRANITE. The restructuring will allow Gritstone to maintain operations, minimize disruptions, and focus on its mission to deliver innovative treatments for #oncology and #infectious diseases. Denali Therapeutics' (SF) disclosed that Sanofi has discontinued the Phase 2 study of oditrasertib (SAR443820/DNL788) for multiple sclerosis. The decision came after the drug failed to meet its primary and key secondary endpoints.

In this weeks Biotech Leader Spotlight Series we are recognizing Keting Chu, Founder, Chairman, and CEO of Bluejay Therapeutics! Check out her interview detailing her outstanding biotech career. Dr. Keting Chu is the Founder, CEO, and Chairman of Bluejay Therapeutics. Prior to founding Bluejay, Keting was a Venture Partner and Partner at ATP (Apple Tree Partners) and LYFE Capital briefly. Before joining Apple Tree Partners, Keting spent five years as VP, Research TAP at The Leukemia & Lymphoma Society (LLS). Prior to LLS, Keting was the CEO of Mission Therapeutics and the Co-Founder, President and CEO of DigitAB, Inc. and BioCubed Corporation. For her first startup company, Five Prime Therapeutics, Keting was Vice President of Biology and Head of R&D where she built the R&D strategy and team, established the technology platform and generated a product pipeline. Prior to Five Prime, Keting was the Head of #Immunotherapy and #Antibody Therapeutics Division at Chiron Corporation, where she engaged in #preclinical and #clinical developments of protein, #DNA-based, and small molecule therapeutics for #cancer and #inflammatory diseases. Keting received her MD in Sun Yat-Sen Medical University where she specialized in #infectious diseases in China, and PhD in Microbiology and Immunology at University of California, San Francisco. She also conducted her postdoctoral training at #Cardiovascular Research Institute at UCSF. #biotechleader #biotechexecutive #biotech #biotechnology #biopharma #womeninbio #femaleleaders #pharmaceuticals #therapeutics

To mark the start of the final quarter of 2024, Partnology is diving deeper into the state of today’s funding market. This article will highlight key insights from the latest market reports from PitchBook and Stifel Financial Corp., including key biopharma statistics, recent innovation spotlights, and predictions for the Q4 investing season. Continue reading for highlights from this year’s biotech funding landscape! #biotechfunding #biotechinvestment #venturecapital #biotech #biotechnology #biopharma #pharmaceuticals #therapeutics #clinicaldevelopment #drugdevelopment #biotechresearch

Recent Funding: Frazier Life Sciences has raised an additional $630 million for its fund, now totaling $1.7 billion. This fund targets small and mid-cap public #biotech companies, with flexibility to invest in later-stage private firms. Recent Layoffs: ImmunityBio, Inc. is laying off 31 employees in California, with 15 set to leave by Nov. 25 and 16 more later in October. Most cuts are in El Segundo, with others in Culver City and San Diego. M&A, Deals, Partnerships: Bristol Myers Squibb has committed $110 million upfront to Prime Medicine, Inc. to develop reagents for ex vivo T-cell therapies, potentially totaling $3.5 billion in milestones. Prime will design optimized reagents using its PASSIGE gene editing technology, aiming to enhance cell therapy applications in #immunology and #oncology. The collaboration also addresses Prime's cash runway concerns, supporting ongoing programs in #hematology and chronic #granulomatous disease. CAMP4 Therapeutics has entered a collaboration with BioMarin Pharmaceutical Inc. to develop #RNA-targeting antisense oligonucleotides, starting with a $1 million upfront payment and potential future earnings of up to $370 million. This partnership allows BioMarin to explore new technology as CAMP4 prepares for its upcoming IPO. The startup, currently in Phase 1 trials for a drug targeting urea cycle disorders, aims to re-establish its focus on regulatory RNAs. Genentech has agreed to pay $850 million for Regor Pharmaceuticals' portfolio of CDK inhibitors, including the breast cancer candidate RGT-419B, which has shown promise in patients with advanced stages of the disease. This acquisition will enable Genentech to develop and commercialize the candidate while Regor shifts focus to other oncology and #metabolic disease assets. IPOs: Septerna (SF), a biotech focused on G protein-coupled receptors (GPCRs), is preparing for an IPO to fund the development of its lead drug, SEP-786, an oral small molecule for #hypoparathyroidism. Despite lacking human data, SEP-786 has shown potential in preclinical trials to offer an oral alternative to injectable therapies. With $155.7 million in cash and plans to use IPO funds for Phase 2 studies, Septerna’s success will hinge on investors backing early-stage science. Other Interesting News: IGM Biosciences, Inc. (SF) has pivoted its focus to #autoimmune diseases, prioritizing the development of T cell engaging IgM #antibodies. The company’s lead candidates, including imvotamab, target autoimmune conditions like rheumatoid arthritis and #lupus. Gritstone bio (SF) revealed encouraging interim data from its Phase 2 trial of GRANITE, an individualized neoantigen-targeting #immunotherapy, in metastatic microsatellite stable colorectal #cancer. The trial showed a 21% reduction in the risk of disease progression or death, with greater benefits seen in patients with lower disease burden (38% reduction).