The frenzied flow of funds into biopharma venture capital has resulted in a lot of big bets, but recent small financings are encouraging as cash is harder to come by at the earliest stages of drug discovery and development.
Merck & Co. Inc. invested $125m in Moderna Therapeutics LLC in what the messenger RNA (mRNA)-focused firm described on May 3 as a Series H preferred equity round, which also served as an upfront fee to expand the companies' existing arrangement. For Cambridge, Mass.-based Moderna, which has raised more than $2bn to date, including a $500m equity financing earlier this year, that's a small funding round
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