Abivax SA, of Paris, said it received €5 million (US$5.6 million) in nondilutive financing from Société Générale in the form of a loan guaranteed by the French state. The loan is structured with an initial maturity of 12 months at a 0.25% interest rate and an option for up to five years extension. The loan extends Abivax's cash runway into early 2021, the company said.
Forma Therapeutics Inc., of Watertown, Mass., which is focused on developing therapies targeting rare hematologic diseases and cancers, plans to conduct an IPO and is aiming to raise $200 million by offering 11.8 million shares at a price range of $16 to $18. It plans to list its shares on Nasdaq under the symbol FMTX.
Ikarovec Ltd., of Norwich, U.K., which is developing gene therapies to treat major ophthalmic indications, said it has been awarded £458,740 (US$576,372) from Innovate UK to accelerate development of its wet-form age-related macular degeneration product, a novel bicistronic gene therapy that will both reduce blood vessel leakage and address detrimental changes to the retina as the disease progresses. It is expected to provide long-term effectiveness via a single injection and reduced risk of scarring compared with current treatment regimens. The aim of the project is to show effectiveness in preclinical models, enabling further work in preparation for a clinical trial.
Immvira Group Co., of Shenzhen, China, said it completed a $58 million series B financing led by Huagai Capital. The funds will support the preclinical and clinical development of existing products, the discovery of a new candidate in its early stage, and the potential strategic collaboration with domestic and global partners. Last month, the firm received IND clearance of its first product, T-3011 (intratumoral injection), from the FDA. In addition to mono- and combination therapies of the oncovirus T-3011, the company has four other products in its pipeline targeting lung cancer and liver cancer, malignant brain tumors, virus-resistant solid tumors and hematological malignancies.
Novavax Inc., of Gaithersburg, Md., said it entered an agreement to sell series A convertible preferred stock, convertible into 4.38 million shares of common stock, to an investment fund affiliated with RA Capital Management in a private placement, for gross proceeds of approximately $200 million.
Repare Therapeutics Inc., of Cambridge, Mass., and Montreal, has established terms for its IPO, planning to raise up to $125 million from an offering of 7.4 million shares at a price range of $16 to $18. The company will list its shares on Nasdaq under the symbol RPTX. The offering follows in the wake of a potential $3 billion research collaboration with New York-based Bristol Myers Squibb Co. to identify synthetic lethal precision oncology targets for drug candidates. In addition to downstream milestones, BMS will pay an up-front payment of $65 million, including a $15 million equity investment. Royalty payments on net sales of all products that BMS commercializes in the deal could also go to Repare. In exchange, BMS received exclusive worldwide rights for developing and commercializing selected oncology targets discovered in the collaboration.
Shattuck Labs Inc., of Durham, N.C., said it closed a $118 million series B equity financing led by Redmile Group. The proceeds will be used to support the continued clinical development of SL-172154 (SIRPα-Fc-CD40L), a fusion protein that combines CD47 inhibition with CD40 co-stimulation, and SL-279252 (PD-1-Fc-OX40L), Shattuck’s lead PD-1 asset being developed in collaboration with Takeda Pharmaceutical Co. Ltd., of Tokyo. The company anticipates adding another clinical program in 2021 and continuing the development of an innovative pipeline of compounds for the treatment of cancer and autoimmune disease.