Finance, Grants, Deals

US-based MapLight Therapeutics Inc has raised $372.5 million in a Series D financing to advance its portfolio of drugs for central nervous system disorders. Announced on 28 July, the deal was co-led by Forbion and Life Sciences at Goldman Sachs Alternatives and stands out as one of the larger private financings of the year. It will support ongoing Phase 2 clinical trials in schizophrenia and Alzheimer’s disease psychosis, a condition that is estimated to affect 40% of people with the disease.

Abivax SA has secured new financing of up to $747.5 million from a public offering of American Depositary Shares (ADSs) in the wake of two successful Phase 3 trial results for a small molecule drug for ulcerative colitis. Both trials achieved clinical remissions for a significant number of patients. The offering was initially announced on 23 July with the intention of raising $400 million. But after the trial results were reported, the company’s shares experienced a five-fold increase in value.

Sanofi SA is to expand its portfolio of vaccines to prevent respiratory infections with the acquisition of a UK company pioneering an approach called ‘molecular clamp’ technology. This describes a method for stabilising viral proteins in their native shape, reportedly enabling the immune system to recognise and respond to infections better. Announced on 22 July, the acquisition of UK based Vicebio Ltd expands Sanofi’s portfolio by adding a new modality for targeting respiratory diseases.

Two Norwegian oncology companies announced a merger on 30 June that will generate cash for drug development and advance a joint portfolio of radiopharmaceuticals. The companies are BerGenBio ASA and Oncoinvent ASA. The merger follows BerGenBio’s decision to discontinue its lead cancer product, bemcentinib, and join forces with Oncoinvent to continue Norway’s innovation in radiopharmaceuticals.

US-based Inovio Pharmaceuticals Inc has strengthened its financial position with a public share offering that is expected to raise $25 million. Announced on 3 July, the proceeds will advance an early clinical pipeline of medicines directed against human papillomavirus-related diseases, cancer, and infectious diseases.

A consortium led by the Danish biotech company, Adaptvac ApS, has received $12.4 million from CEPI (the Coalition for Epidemic Preparedness Innovations) and the EU to design and test a candidate vaccine that could offer broad protection against several filoviruses. Filoviruses are a family of viruses known to cause severe haemorrhagic fever in humans. The vaccine would be used to protect high risk populations, such as healthcare workers, in areas where filovirus outbreaks are most prevalent. These are primarily in Central and East Africa.

A new clinical-stage company with plans to develop therapies for neuropsychiatric disorders was launched in the UK on 18 June on the back of $140 million in Series A financing led by Access Biotechnology, the investment arm of Access Industries. The company, Draig Therapeutics Ltd, is an academic spin-out which capitalises on scientific discoveries made by two professors at Cardiff University in Wales.

Oncorena AB of Sweden has raised $13.9 million from a share issue to complete a Phase 1/2 study of a new treatment for renal cell carcinoma. The candidate treatment, ONC175, is a small molecule drug containing synthetically produced orellanine, which is a compound found in certain mushrooms. According to the company, the drug has demonstrated a highly organ-specific mode of action in preclinical studies and appears to be capable of killing human metastatic renal cancer cells. Separately, it is understood that orellanine does not affect organs other than the kidneys.

UK-based OutSee Ltd has secured seed funding of £1.8 million to expand its work in the field of predictive genomics. The company was founded by the scientist and entrepreneur Julian Gough who has an established career in bioinformatics and computational biology. OutSee’s proprietary technology is an AI-based predictive modelling tool that interrogates the molecular and cellular biology of the genome for drug targets. This is different from the more common method of pattern-matching which is based on genetic associations.

France-based Enterome SA has raised $19 million to accelerate development of a microbiome therapy that has shown promise in treating two types of lymphoma. The funds will be used to complete an ongoing Phase 1/2 study of the therapy, EO2463, and prepare for a registrational study. The Institute for Follicular Lymphoma Innovation (IFLI) of California, US, is a new investor, contributing $9 million to the project, with the balance coming from existing shareholders including Seventure Partners of France and Lundbeckfonden BioCapital of Denmark.