Finance
Nov. 11 Quick Takes: Adagio raises $80M for COVID-19 antibody; plus venture investments for Congenica, CoImmune, Trailhead, Doer Biologics, Protomer and more
GV leads $80M series B for COVID antibody play Adagio
Adagio Therapeutics Inc. raised $80 million in a series B round led by GV, with backing from existing investors Polaris Partners, Mithril Capital, Fidelity Management & Research Co. and OrbiMed Advisors, as well as new investors Population Health Partners and Omega Funds. The Waltham, Mass.-based company, which is led by CEO Tillman Gerngross and spun out of Adimab LLC in July with $50 million, plans to begin clinical testing in early 2021 of lead antibody ADG20 to treat and prevent COVID-19.
Genomics company Congenica raises $50M series C
U.K. genomic analysis company Congenica Ltd. raised $50 million in a series C round co-led by Tencent and Legal & General. Fellow new investors Xeraya, Puhua Capital and IDO Investments joined the round along with existing investors Parkwalk, Cambridge Innovation Capital and Downing.
N.C. immuno-oncology play CoImmune raises $45M series A
CoImmune Inc. raised $45 million in a series A round led by Lucio Rovati, CSO and CEO of Italy’s FIDIM Group. The Durham, N.C.-based immuno-oncology company’s lead asset, CMN-001, is in Phase IIb testing for advanced renal cell carcinoma. The company, which was founded in 2019, also has multiple programs from its CAR-CIK (chimeric antigen receptor modified cytokine-induced killer cells) technology in Phase I-IIa trials for leukemia and lymphoma.
Goldman injects cash into Biocon Biologics
Biocon Ltd. (NSE:BIOCON; BSE:532523) said its Biocon Biologics Ltd. biosimilars unit will receive a Rs1,125 Crore ($150 million) investment by Goldman Sachs. Goldman will receive optionally convertible debt at a postmoney equity valuation of $3.9 billion.
Series A for Cleveland’s Trailhead
Trailhead Biosystems Inc. raised $6.6 million in a series A financing from undisclosed investors. The Cleveland company's technology optimizes conditions for cell therapy manufacturing and discovery of combination therapies for cancer and infectious diseases, including COVID-19.
Doer Biologics raises $15M
Zhejiang Doer Biologics Corp. raised nearly RMB100 million ($15 million) in a series A+ round led by Sinowisdom; Haiyue Asset Management, Kaitai Capital and Hangzhou Bairui also participated. The Hangzhou-based company discovers and develops protein therapies for metabolic diseases and cancers.
JDRF T1D backs Protomer
Protomer Technologies Inc. has received an investment of an undisclosed amount from the JDRF T1D Fund. The company has also received an equity investment from Eli Lilly and Co. (NYSE:LLY) and several research grants of more than $1 million each. The Pasadena-based company is using its Molecular Engineering of Protein Sensors (MEPS) technology to develop peptides and proteins with “tunable activity” that can be controlled using small molecules. The company said it has a glucose-responsive insulin that “can sense sugar levels in the blood and automatically activate as needed throughout the day.” Financial details were not disclosed.