The biopharma industry concluded 2023 on a positive note regarding financings, with an increase of 17% in value over last year. A total of $70.97 billion was raised from financings in 2023, up from $60.81 billion raised in 2022. Value is down, however, from $118.29 billion in 2021 and $134.53 billion in 2020, but is higher than all previous years tracked by BioWorld from 2011-2019.In December,$4.18 billion was raisedthrough 928transactions in December, down 27% from the $5.74 billion tracked by BioWorld in November.
Med-tech financings exceeded $1 billion for the third consecutive month, reaching a total of $1.07 billion in transactions in December. In November, med-techs raised $1.02 billion, with $1.23 billion raised in October. The overall average for financings in 2023 stands at $1.47 billion per month, down from a monthly average of $3.19 billion the previous year.
Kynexis BV recently launched with a series A of €57 million (US$62 million) and a lead asset, Kyn-5356, that targets the kynurenine pathway. The company is preparing for clinical trials that will test the compound for the treatment of cognitive impairment associated with schizophrenia.
Remix Therapeutics Inc. has closed a $60 million financing to advance its lead program, REM-422, into the clinic and for further advancement of a pipeline of RNA processing targeted therapeutics.
Med-tech firms raising money in public or private financings, including: Bluejay Diagnostics, Cardiomech, Meihua International Medical Technologies, Radionetics.
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