Affinia Therapeutics Inc., of Waltham, Mass., said it closed an oversubscribed $60 million series A financing. Seed venture investors F-Prime Capital and New Enterprise Associates co-led the round alongside new investor Atlas Venture, with participation from seed investors Alexandria Venture Investments, Lonza and Partners Innovation Fund. The proceeds will be used to advance the company’s platform and develop gene therapies for people affected by muscle and central nervous system diseases with significant unmet need.
Ampersand Capital Partners, of Wellesley, Mass., said it closed its latest oversubscribed fund, Ampersand 2020 LP, with $690 million in limited partner commitments. It plans to continue the firm's strategy of making growth-oriented investments within targeted sectors of the health care industry. Ampersand focuses on both majority and minority investments in companies with $10 million to $100 million in revenues and positive EBITDA.
Cytodyn Inc., of Vancouver, Wash., said it completed a new nondilutive convertible debt offering with an institutional investor, which provides $15 million of immediately available capital. The note has a two-year maturity, bears interest at the rate of 10% per annum and is secured by all assets of the company, excluding its intellectual property. During the first six months following the issue date, the investor may convert principal into common stock up to 1 million shares per month after which all or any part of the outstanding balance of the note is convertible into common stock.
Equillium Inc., of La Jolla, Calif., said it entered a common stock purchase agreement for up to $15 million with Lincoln Park Capital Fund LLC. The company has the right at its sole discretion, but not the obligation, to sell to the fund up to $15 million worth of shares of its common stock over a 36-month term. It intends to use the net proceeds for working capital and general corporate purposes.
Oncology Venture A/S, of Hørsholm, Denmark, said it has established a convertible note program of SEK100 million (US$10 million) with Negma Group Ltd. and Park Partners GP to support the company’s development and commercialization of its prioritized pipeline of cancer drugs. The convertible note program runs for 24 months, during which time the company can solely decide to call in 10 tranches of SEK10 million.
Propanc Biopharma Inc., of Melbourne, Australia, said it entered a financing of up to $3 million with an institutional investor, with an initial $450,000 of securities purchased at closing. Funds raised will be used to undertake an engineering run and full-scale GMP manufacture of lead product candidate PRP, which is based on a pancreatic proenzyme formulation to prevent tumor recurrence and metastasis, as well as validation of the pharmacokinetics method to analyze the distribution of the drug in advanced cancer patients. The securities purchase agreement covers the purchase of 11.25 million shares and prefunded warrants issued at closing and 11.25 million series A warrants to purchase common stock at 20 cents per share. The investor was also issued 63.75 million series B warrants to purchase common stock at 4 cents per share (for an aggregate maximum exercise price of $2.55 million), and 63.75 million series C warrants to purchase common stock at 20 cents per share.
Vaccinex Inc., of Rochester, N.Y., said it entered two agreements that combined could provide up to $16.5 million in equity financing. The company established an open sale at-the-market agreement so it can issue and sell shares of its common stock from time to time for an aggregate sales price of up to $11.5 million. The company also disclosed in an 8-K filing that it had entered an equity purchase agreement with Keystone Capital Partners LLC, which has agreed to purchase up to $5 million of shares of Vaccinex common stock at the company’s direction from time to time over a 30-month term.
Zealand Pharma A/S, of Copenhagen, said it has increased its share capital by DKK741,816, with gross proceeds from the issuance amounting to DKK137.23 million (US$20.2 million).
Zucara Therapeutics Inc., of Toronto, said it closed a $21 million series A financing led by the Perceptive Xontogeny Venture Fund. The proceeds will fund phase I and phase II trials of ZT-01, the company’s drug candidate designed to prevent hypoglycemia in type 1 diabetes (T1D), a frequent, unintended consequence of insulin therapy for people with T1D and other types of insulin therapy for people with T1D and other types of insulin-dependent diabetes. The company is planning to start a phase I trial of ZT-01 around midyear.