Finance, Grants, Deals

The Swiss-US health technology company Sophia Genetics SA has raised $110 million in a Series F financing round to expand its artificial intelligence service which analyses medical data for use by healthcare professionals. The proceeds will enable the company to develop the platform and expand its operations in the US and Asia.

The Series F round was led by aMoon, a venture fund based in Israel, and Hitachi Ventures, the venture arm of Hitachi Group. Existing investors, including Swisscom Ventures and Endeavour Vision Ltd, also participated.

A new fund for medical diagnostics has secured €50 million in capital from leading European institutions, including the European Investment Fund (EIP), an agency of the EU. The fund, Kurma Diagnostics 2, is being launched by Kurma Partners, a venture capital company based in Paris, France. It is expected to invest in about 15 companies specialising in molecular and digital diagnostic technologies.

Galecto Inc has raised $64 million in equity financing to prepare for a potential conditional approval of its lead product for the treatment of idiopathic pulmonary fibrosis in the EU and to further advance its clinical-stage products for liver fibrosis and myelofibrosis.

ADC Therapeutics SA of Lausanne, Switzerland has priced an upsized US public offering of its common shares yielding gross proceeds of $204 million to support the commercialisation of an antibody-drug conjugate (ADC) for diffuse large B cell lymphoma. The offering of six million shares was priced at $34 per share and will close on 28 September. In addition, certain existing shareholders have granted the underwriters a 30-day option to purchase up to 900,000 additional common shares.

ADC Therapeutics is listed on the New York Stock Exchange.

Nordic Nanovector ASA has raised NOK 231 million ($25 million) in a private share placement to support Betalutin, an antibody radionuclide conjugate that is being developed for follicular lymphoma, a type of non-Hodgkin’s lymphoma.

The life science investor Medicxi Ventures (UK) LLP has created a new fund, supported by private equity, to accelerate the development of six biotech companies being held by Index Ventures Life VI, a Jersey-based venture capital fund set up by its former parent company Index Ventures. Medicxi announced the transaction on 22 September, saying it will enable the companies to reach the next stages of value creation. The companies were not identified.

Salvia BioElectronics BV, a three-year old Dutch medical device company, has raised €26 million in Series A financing to advance development of an implant for the treatment of migraine. The product uses mild electrical impulses to influence nerve activity.

The Roche group is to acquire Ireland-based Inflazome Ltd and its portfolio of compounds for the treatment of a range of inflammatory diseases. The small molecule drugs inhibit the protein NLRP3 which is expressed in macrophages and is a component of the inflammasome. Activation of the NLRP3 inflammasome is implicated in many diseases caused by chronic, uncontrolled inflammation.

Verona Pharma Plc, a clinical-stage British company developing treatments for respiratory diseases, has announced plans to delist its shares from the AIM market in London portion of the London Stock Exchange on 30 October because a parallel listing on the US Nasdaq market has accounted for 98% of trading in the past six months.

Shareholders who convert their shares into American Depository Shares (ADSs) prior to the delisting will not be subject to stamp duty or charges by the depository bank, the company said.

Nyxoah SA, a Belgian medical device company, has made an initial public offering of its shares on Euronext Brussels, raising up to €85 million to develop and market its device for obstructive sleep apnoea. The company began trading on 18 September under the ticker symbol NYXH. The offer price was set at €17 per share giving the company an initial market capitalisation of €364 million.