Bergenbio ASA, of Bergen, Norway, said it raised gross proceeds of NOK500 million (US$48.7 million) through an oversubscribed private placement using an accelerated book-building process following the market’s close on May 4, allocating approximately 13.3 million shares priced at NOK37.50 apiece. Net proceeds will be used to advance development opportunities for the company's selective AXL kinase inhibitors and for other corporate purposes. Arctic Securities AS, Carnegie AS and DNB Markets, a unit of DNB Bank ASA, acted as joint bookrunners. In late April, the U.K. government started a fast track national trial of experimental drugs in COVID-19 patients, with Bergenbio’s phase II cancer immunotherapy, bemcentinib, the first of six products due to join the study. On May 5, the company’s shares (Oslo:BGBIO) closed at NOK37 for a loss of NOK6.95.

Fennec Pharmaceuticals Inc., of Research Triangle Park, N.C., said it closed an underwritten public offering of 4.8 million common shares at $6.25 apiece to raise $30 million and granted underwriters a 30-day option to purchase up to 720,000 additional shares. Net proceeds will be used primarily to submit regulatory filings and fund the potential launch of Pedmark, a formulation of sodium thiosulfate, to prevent platinum-induced ototoxicity from cisplatin in pediatric cancer patients. Cantor Fitzgerald & Co. was sole book-running manager, with Wedbush Pacgrow as co-manager. On May 5, Fennec’s shares (NASDAQ:FENC) lost 1 cent to close at $6.50.

Insmed Inc., of Bridgewater, N.J., said it priced a registered underwritten public offering of 9.7 million common shares at $23.25 apiece for expected gross proceeds of $225.5 million. The company granted underwriters a 30-day option to purchase up to approximately 1.5 million additional shares. Net proceeds will be used primarily to continue to commercialize the 30S ribosomal protein inhibitor Arikayce (amikacin liposome inhalation suspension); to conduct additional trials of Arikayce, including a required confirmatory trial to assess and describe the drug’s clinical benefit in Mycobacterium avium complex lung disease; to conduct additional trials of the dipeptidyl peptidase I inhibitor brensocatib (formerly INS-1007), including a planned phase III program in bronchiectasis; to fund additional development of the inhaled, sustained-release PGI2 agonist treprostinil palmitil (formerly INS-1009); to invest in third-party manufacturing capacity; and to fund business expansion activities in Europe and Japan. SVB Leerink is sole book-running manager, with Credit Suisse and Stifel as co-lead managers and JMP Securities and H.C. Wainwright & Co. as co-managers for the offering, expected to close on May 7. Insmed’s shares (NASDAQ:INSM) lost 98 cents on May 5, closing at $23.88.

Kineta Inc., of Seattle, said it closed a funding round totaling $5 million that was led by the Bellevue-based Schlaepfer Family Foundation. Proceeds will be used to fund early development of the company’s immuno-oncology drug programs, designed to address hard-to-treat cancers in a variety of solid tumors.

Lyra Therapeutics Inc., of Watertown, Mass., said it closed its IPO of approximately 4 million common shares priced at $16 apiece, including full exercise by underwriters of their option to purchase up to 525,000 additional shares, for gross proceeds of approximately $64 million. Bofa Securities, Jefferies and William Blair were joint bookrunners, with BTIG as co-manager. On May 5, the company’s shares (NASDAQ:LYRA) lost $1.13 to close at $16.65.

Motif Bio plc, of London, reclassified as an AIM Rule 15 cash shell, said that it raised £650,000 (US$808,751) by means of a placing with an institutional investor, issuing 162.5 million ordinary shares priced at 0.4 pence apiece. The transaction was managed by SP Angel Corporate Finance LLP. The financing was designed to strengthen the company’s balance sheet as its directors continue to seek a reverse takeover candidate, required under AIM rules to occur by July 28, 2020. Following the placing, Motif Bio said it will have cash of approximately £815,000, providing the company with sufficient working capital until February 2021. On May 5, the company’s shares (LONDON:MTFB), previously delisted from Nasdaq, closed at 0.815 pence (US$0.01).

Oberland Capital Management LLC, of New York, said it closed the Oberland Capital Healthcare Solutions Fund and affiliated funds with $1.05 billion of capital commitments at the fund's hard cap. The Solutions Fund, the organization’s third, is expected to provide capital to biopharmaceutical, diagnostic and medical device companies advancing products in late-stage development or under review by regulatory authorities in exchange for royalties on products once approved and commercialized. Oberland Capital said it secured commitments for the oversubscribed fund from a diverse set of global institutional investors, including public and private pension plans, endowments and foundations, sovereign wealth funds and family offices. Ropes & Gray LLP acted as legal counsel.

Pluristem Therapeutics Inc., of Haifa, Israel, said it entered definitive agreements with two institutional investors in connection with a registered direct offering, providing for the issuance of an aggregate of about 1.6 million shares of its common stock at a price of $9.45 per share. Net proceeds are expected to be about $15 million and will be used for working capital, including funding toward its phase II study of PLX cell therapy in the treatment of complications arising from COVID-19 and other clinical trial activities, investment in capital equipment and other general corporate purposes. The offering is expected to close on or before May 7. Shares of Pluristem (NASDAQ:PSTI) closed May 5 at $9.38, up 2 cents.

Portage Biotech Inc., of Toronto, said achievement of initial proof of concept for the nanolipogel (NLG) formulation of the lead PD-1 aptamer from portfolio company Saugatuck Therapeutics Ltd. triggered its next tranche of $700,000 in funding to Saugatuck. Portage holds a 70% equity interest in the company. The additional investment will support exploration of multiple PD-1-based co-formulations with small molecules and other DNA aptamers. Separately, the work triggered a license from D5 Pharma Inc., of Toronto, to create additional DNA aptamers for immuno-oncology targets. The license resides in another Portage company, Oncomer, which supplies Saugatuck with aptamers to be formulated in the NLG platform.

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