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Finance Watch: Another VC Mega-Round As Flare Raises $123m Series B

Lead Program Moves Into Clinic Two Years After Series A

 
• By Mandy Jackson

Private Company Edition: Flare Therapeutics, targeting transcription factors to discover precision medicines, had big pharma backing for its second venture capital financing. Also, Mediar closed a $10m series A round, Switch launched with $52m and EpiBiologics raised a $50m series A round.

Finance Watch Private Company
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March has been a big month for venture capital mega-rounds of $100m or more and Flare Therapeutics Inc. continued the trend, announcing 22 March that it completed a $123m series B round to fund discovery and development of precision medicines that target transcription factors. Flare, which had big pharma backing for its mega-round, will take its first drug candidate into the clinic this year.

The pace of $100m-plus VC financings was noticeably slower at the start of 2023 than in prior years, but picked up considerably in early March with five mega-rounds announced during the first few days of this month versus seven in the first two months of this year. Flare’s big series B round follows an $82m series A round that the company announced in May 2021

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