Recent private placements and follow-on financings show that despite public company valuations being down across the board during the past two years, it still is possible to drum up investor support for biopharmaceutical success stories. Unfortunately, companies with no immediate major milestones to report – or that have had to disclose bad news – continue to be faced with tough decisions aimed at preserving cash on hand until they can raise money again.
Finance Watch: Stark Contrast As Big FOPOs Reach Market, Other Firms Cut Costs
Good News Lifts Some Companies’ Valuations
Public Company Edition: Arvinas grossed $350m in a private placement, while Xenon brought in $345m and Pharvaris raised $300m in follow-on public offerings. Fundraising remains challenging, however, so IGM Biosciences, Hansa Biopharma and other companies cut costs to save money.
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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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Private Company Edition: The latest group of drug developers to announce venture capital financings is remarkable for its geographic diversity, from Character Biosciences’ $93m series B round in the US to Augustine’s $85m series B in Belgium to a $29.2m series C for Aculys in Japan.
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Kyoto-based venture moves HQ to California to expand R&D and business outreach for its regulatory T-cell technology, as it raises around $46m in public and private funding.
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The firm has lofty ambitions for the aldosterone synthase inhibitor to treat hypertension and kidney disease.
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Supply chain disruption fears at the start of the COVID-19 pandemic caused drug over-ordering. Imminent tariffs on drugs may have had a similar effect on pharma sales in Q1 earnings season.
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Stock prices plummeted, particularly for vaccine makers and cell and gene therapy developers, after the US FDA’s top biologics overseer resigned over vaccine misinformation concerns.