ARTICLE | Finance

May 25 Quick Takes: VarmX is latest biotech to extend series B

Plus: Apellis/Sobi candidate misses in ALS and updates from Annexon, Pfizer and more

May 26, 2023 12:56 AM UTC

Sound Bioventures led a €30 million ($32.4 million) series B2 round of funding for Dutch hematology company VarmX B.V., making the biotech the latest company to extend a series B round with additional capital rather than raise a series C. The company is conducting a first-in-human study of anticoagulant reversal agent VMX-C001, a modified recombinant Factor X. The European Innovation Council Fund is a new investor in the extension, which also includes contributions from EQT Life Sciences, Inkef, Lundbeckfonden BioCapital, Ysios Capital, BioGeneration Ventures, InnovationQuarter and Libertatis Ergo Holding. A third of series B closings this year have been extensions of previously announced rounds.

Apellis Pharmaceuticals Inc. (NASDAQ:APLS) and partner Swedish Orphan Biovitrum AB (SSE:SOBI) are discontinuing development of a systemic formulation of pegcetacoplan to treat amyotrophic lateral sclerosis after the compound failed to significantly improve disease scores in the Phase II MERIDIAN study. The partners market the C3 inhibitor as Empaveli and Aspaveli to treat paroxysmal noctural hemoglobinuria; Apellis also markets an injectable version as Syfovre to treat geographic atrophy associated with age-related macular degeneration. Shares in both companies were down less than 2% Thursday...