Atlas Venture said it closed its 12th fund, raising $400 million from an oversubscribed fundraise. The new fund will be deployed to create breakthrough biotech startups focused on cutting-edge innovation, sourced from leading global institutions and the team’s entrepreneurial networks.

Menlo Therapeutics Inc., of Bridgewater, N.J., said it priced an underwritten public offering of 27.05 million shares priced at $1.85 each, resulting in gross proceeds of $50.04 million. The underwriters have been granted a 30-day option to purchase up to an additional 4.05 million shares. Shares of Menlo (NASDAQ:MNLO) closed June 5 at $2.06, down 15 cents.

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