The end of 2024 brought near-term cash shortfalls into focus at several biopharmaceutical companies, while others completed their assessments of potential alternatives to shutting their doors as capital dwindled. Vincerx Pharma and Achilles Therapeutics wrapped up strategic reviews with transactions announced in late December, while Viracta Therapeutics said it closed the pivotal Phase II study for its last remaining clinical-stage asset to conserve cash.
Finance Watch: As Cash Dwindles, Biotechs Cut Costs, Sell Assets, Merge, Assess Options
Workforce Reductions At Outlook, Editas, Cellectar
Restructuring Edition: Vincerx strategic review ends with a merger, Viracta halts last clinical trial and assesses options, and Achilles completed a strategic review by selling assets to AstraZeneca. Also, Synaptogenix explores opportunities, while GenSight warns its cash is running out.
More from Finance Watch
• By
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.
• By
Public Company Edition: Cargo suspended development and cut 90% of its workforce to focus on strategic alternatives, while Pyxis and Kiromic laid off or furloughed employees. Also, Pfizer sold its remaining Haleon shares for $3.3bn, Galderma sold $1bn in bonds and other financings.
• By
Private Company Edition: There have been five $100m-plus VC rounds so far this month, up from three in all of February. Flagship unveiled Lila Sciences with $200m, while Curevo and Insilico raised $110m in series B and E rounds, respectively. Also, Arbor Biotech garnered $73.9m.
• By
Restructuring Edition: Biopharma companies used fourth-quarter updates to reveal job and program cuts to conserve cash, including Sutro, Agenus, Coherus, Inozyme and Atea. Also, Vincerx’s reverse merger was terminated and Vaccinex, Oncternal, Syros plan to voluntarily delist.
More from Scrip
• By
The company closed a $150m series C funding round shortly after opening the second part of its Phase I/II study of ATSN-201 and partnering with a Nippon Shinyaku on ATSN-101.
• By
Investing heavily in antibody-drug conjugates, AbbVie is pioneering a dual STEAP1xPSMA-targeting approach in prostate cancer, as other candidates advance.
• By
Strong sales growth for the German group’s SGLT2 inhibitor in 2024