Spain's Ability Pharmaceuticals is embracing the emerging space of biotech crowdfunding to help finance mid-stage trials of its first-in-class compound initially being developed for endometrial and squamous lung cancers.
Crowdfunding Cancer Drug Development: Ability Pharma Hits Gold
At a time when attracting funding for small companies has become a tricky exercise, Spanish biotech has launched a crowdfunding round which is already proving successful.
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There were six biopharma initial public offerings on Western stock exchanges, including five in the US, during the first quarter, but plunging stock values could halt further IPOs.
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Public Company Edition: Stock valuations are falling due to political, economic and regulatory uncertainty, resulting in fewer large public offerings, more alternative financings and cost cuts. Carisma, Tenaya, BioAtla, Arbutus, Nkarta, Alector and Adaptimmune announced layoffs.
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CEO Kris Elverum told Scrip about the start-up’s platform for editing RNA to correct genetic variants that cause harm and to reproduce healthy variants as a means of treating disease.
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The four-year-old firm said it plans to advance programs toward the clinic from the funding round, which comes just over a year after signing two major pharma partnerships.
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There were six biopharma initial public offerings on Western stock exchanges, including five in the US, during the first quarter, but plunging stock values could halt further IPOs.
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Sector-specific tariffs, including on pharmaceuticals, could be announced as early as this week.
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The pact could be worth more than $2.6bn and adds to growing big pharma investment in the technology.