PARIS – At the recent annual HealthTech Innovations Days in Paris, the European investment Fund (EIF) and the world’s largest life sciences consortium, EIT Health Germany, reported the development of a Venture Centre of Excellence (VCoE) in Europe.

Neuromod Devices Ltd., which is developing an at-home, self-managed treatment for tinnitus, closed a €10.5 million (US$12.4 million) series B financing led by majority investor Fountain Healthcare Partners. The funds are earmarked for expanding European commercialization of the Lenire tinnitus treatment device, to scale up manufacturing, progress U.S. FDA regulatory approval and pursue opportunities with the U.S. Department of Veterans Affairs (VA).

Genome editing startup Edigene Inc. has raised RMB450 million ($67 million) in a series B financing round to move two of its programs for blood diseases into clinical trials. The financing round was led by 3H Health Investment, and supported by Sequoia Capital China, Alwin Capital and Kunlun Capital. Previous investors such as IDG Capital, Lilly Asia Venture, Huagai Capital and Green Pine Capital Partners also joined the round.

Amid a world that has been brought to its knees by the COVID-19 pandemic, the biopharma industry has learned how to quickly adapt under these extreme circumstances. Not only has it rapidly brought to bear huge research efforts to uncover potential therapeutics and vaccines to counter the circulating coronavirus, but also it has learned how to conduct its business activities in a completely different way. For example, the pandemic hasn't stopped biopharmas from going public, with 15 companies graduating to the public arena in June alone. These financings have contributed to the $62 billion that has been generated in combined global public and private company financings in the first half of the year.

SUZHOU, China – After growing rapidly in recent years, China’s pharma market will begin to see that growth slow, but market watchers said it is not necessarily all bad news.

DUBLIN – Redx Pharma plc has put together a rescue package with two heavyweight investors that should ensure the company’s immediate future. Redmile Group LLC and Sofinnova Partners plan to provide up to £26.3 million (US$33.6 million) in funding to the struggling drug discovery and development firm.