Accent Therapeutics Inc., of Lexington, Mass., said it completed a $63 million series B financing led by Ecor1 Capital with participation by GV, Abbvie Ventures, The Mark Foundation for Cancer Research, NS Investment and Droia Ventures as well as existing investors Atlas Venture and The Column Group. The funds will be used to advance the development of therapies targeting RNA-modifying proteins, including lead programs METTL-3, an RNA methyltransferase implicated in acute myeloid leukemia, specific solid tumors and immuno-oncology, and ADAR-1, an RNA editor with compelling validation for solid tumors with elevated intrinsic type I interferon-stimulated gene signaling, and expansion of its pipeline in the area of RNA modification.
Bugworks Research Inc., of Bangalore, India, which is focused on developing broad-spectrum antibiotics, completed a $7.5 million financing, led by University of Tokyo Edge Capital and Global Brain Corp, along with Acquipharma Holdings. The funding will support the completion of phase I studies of its Gyrox series intravenous drug candidate, a dual-target gyrase-topoisomerase inhibitor, and advance an oral lead toward clinical development.
Daré Bioscience Inc., of San Diego, said it entered a $15 million common stock purchase agreement and registration rights agreement with Lincoln Park Capital Fund LLC. The company will control the timing and amount of any sales to Lincoln Park over the agreement’s 36-month period.
Entasis Therapeutics Holdings Inc., of Waltham, Mass., said it completed the initial $3.3 million closing of a $35 million common stock and warrant securities investment with Brisbane, Calif.-based Innoviva Inc. In addition, following the satisfaction of certain closing conditions, Innoviva will purchase the balance of the $35 million in Entasis common stock and warrant securities in a second closing expected to take place in the second quarter. Entasis plans to use the proceeds to support the continued development of its pipeline of pathogen-targeted antibacterial product candidates, which includes sulbactam-durlobactam for carbapenem-resistant Acinetobacter baumannii infections, and zoliflodacin for uncomplicated gonorrhea, including infections caused by drug-resistant strains of Neisseria gonorrhoeae. Both product candidates are currently being evaluated in phase III trials.
Immunic Inc., of New York, said it sold 1.76 million shares at $8.50 each in a registered direct offering with certain institutional investors, led by Altium Capital. Net proceeds are expected to be approximately $14 million, which the company plans to use to fund the ongoing clinical development of three small-molecule products: IMU-838, a selective immune modulator that inhibits the intracellular metabolism of activated immune cells by blocking the enzyme DHODH; IMU-935, an inverse agonist of RORγt; and IMU-856, which targets the restoration of the intestinal barrier function. Proceeds also will support other general corporate purposes, including plans to investigate IMU-838, the lead asset, as a potential oral treatment option for COVID-19.
Nitrome Biosciences Inc., of San Francisco, said it closed a series A financing of $38 million co-led by Sofinnova Partners and Abbvie Ventures, with further participation from the Dementia Discovery Fund, Mission Bay Capital and Alexandria Venture Investments. The financing is intended to support the advancement of Nitrome’s lead program targeting Parkinson’s disease toward clinical proof-of-concept studies and to explore the application of the company’s platform technology in other age-related disorders. Henrijette Richter, managing partner of Sofinnova Partners, along with Margarita Chavez, managing director of Abbvie Ventures, and Jonathan Behr, partner of the Dementia Discovery Fund, will join Nitrome’s board.
Noxxon Pharma NV, of Berlin, Germany, said it entered a flexible convertible bond agreement securing access to financing of up to €14.2 million (US$15.4 million) with Atlas Special Opportunities LLC (ASO). The full financing instrument, if drawn in total, would finance activities through to the beginning of 2022 allowing completion of a brain cancer trial and manufacturing of additional drug supply for upcoming trials. The financing allows the option to access capital in 21 tranches plus additional tranches for the drug manufacturing by issuing convertible bonds to ASO, drawable at the company’s discretion and subject to customary conditions being met. The first tranche with a nominal value of €1.3 million may be followed by up to 20 further tranches, each of a nominal value of €475,000. Drug manufacturing tranches of €3.4 million may be drawn during the term of the agreement upon certain milestones being achieved in the brain cancer clinical trial.
Oric Pharmaceuticals Inc., of South San Francisco, has increased the number of shares to be sold for its proposed IPO to 6.3 million shares in the price range of $14 to $16. Its lead product candidate, ORIC-101, is a selective small-molecule antagonist of the glucocorticoid receptor, which has been linked to resistance to multiple classes of cancer therapeutics across a variety of solid tumors. The company’s shares will list on Nasdaq under the symbol ORIC.
Predictive Oncology Inc., of New York, said has entered an exchange agreement for a $2.1 million promissory note with Carl Schwartz, the company’s CEO. The note will be canceled in exchange for 1.55 million shares of newly issued common stock at $1.43 per share.