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Finance

HotSpot heads for clinic with $65M series B round to develop allosteric modulators

Allostery company HotSpot has added strategic and crossover investors to the mix for a $65 million series B round designed to take two small molecules into the clinic, but the company believes it will still...

With repurposed antiviral, Atea draws $215M as it preps Phase II COVID-19 trial

Led by veteran biotech entrepreneur Jean-Pierre Sommadossi, Atea believes an antiviral it had been developing to treat HCV has promise to treat COVID-19 in a population that extends beyond hospitalized patients. The company said Wednesday...

Quality control company Rapid Micro raises $120M in equity and debt

Rapid Micro hopes to use its new $120 million debt and equity infusion for commercial expansion of its automated contaminant testing product for drug manufacturers, as well as a new rapid sterility test backed by...

$145M raise positions Rallybio to bring first rare disease program into clinic

With its series A funds deployed to acquire three rare disease programs, Rallybio has raised a $145 million series B led by Pivotal bioVenture Partners to bring the first of those candidates into the clinic...

Bolus of follow-ons signals continued demand for biotech

Eight biotechs raised $2.6 billion in follow-ons ahead of Tuesday's session, signaling a flood of investor demand for the sector following significant inflows in April. The collective Monday night raise added more to biotech balance...

May 19 Quick Takes: Cowen closes $493M fund; plus Guangzhou BeBetter, Fountain Therapeutics, Amplyx, ChromaCode, Applied Molecular

Cowen raises $493M life sciences fund   Cowen Healthcare Investments closed its third life sciences fund at $493 million to invest in biopharma, diagnostics and digital health. LPs in Cowen Healthcare Investments III include institutional...

$65M round positions SQZ Biotech for potential IPO, 2021 catalysts

SQZ Biotech is adding at least one experienced crossover investor to what could be its last private financing ahead of catalysts expected late this year and next. SQZ Biotechnologies Co. raised $65 million in a...

HKEX’s biotech chapter shows all the signs of a sustainable market

Two years in, the Hong Kong stock exchange’s biotech chapter is no longer an experiment, but a maturing equity market with all the hallmarks to suggest it can sustainably support innovative companies -- as long...

As biotech IPO pace quickens, ADC Therapeutics garners largest postmoney valuation of the year

Adding to a steady drip of biotechs testing U.S. public markets, ADC Therapeutics became the latest to climb on its trading debut after pricing an upsized IPO. ADC Therapeutics S.A. (NYSE:ADCT) rose $10.65 (56%) to...

Daily Chart: Strong start for series A rounds

The total money raised in series A rounds in January-April has tracked ahead of the same period last year, reflecting a strong investor sentiment in biotech despite the COVID-19 outbreak (see “Investors Still Waiting for...

May 13 Quick Takes: MyoKardia raises $551M; plus Legend looks to NASDAQ for IPO and ADC, Travecta, QureBio, Kintor, Lantern, Kiromic

MyoKardia prices follow-on at a premium  MyoKardia Inc. (NASDAQ:MYOK) raised $551.3 million late Tuesday through the sale of 5.3 million shares at $105 in a bumped-up offering that stands to be the biggest follow-on of...

Daily Chart: Follow-on discounts during the pandemic

As the COVID-19 pandemic roiled equity markets in March and early April, follow-on financings on NASDAQ dropped to a four-year low. Even as fewer financings got done, companies were still completing follow-ons without a catalyst....

Daily Chart: NASDAQ IPOs forge ahead

Apart from a transient slowdown, the biotech IPO market on NASDAQ has barely registered a pandemic is happening. Companies raised a combined $1.8 billion through the end of April, surpassing the same period last year,...

NBI hits all-time high as biotech stocks surge

The NASDAQ Biotechnology Index rose 168.42, or 4%, to 4,201.88 on Monday, reaching an all-time high on the back of substantial inflows into the sector. Twenty-eight companies gained double-digit percentage points as the NBI breached...

Third Rock-backed fibrosis company Pliant joins IPO queue

Activity among biotech IPOs has reached a steady drip following a slowdown for several weeks as COVID-19’s spread roiled markets earlier this year. The latest to file for a NASDAQ listing is Pliant, a clinical...