As amounts raised through financings are significantly shy of last year, med-tech deals and M&As appear strong, with digital health dominating the landscape.

Beijing Longwood Valley Medical Technology Co. Ltd. (also known as Changmugu Medical) recently completed a series B financing of ¥540 million ($79.7 million) to advance its artificial intelligence (AI) medical products. It also signed a strategic partnership with Johnson & Johnson Medical China Ltd.

Moximed Inc. has received $40 million in series C financing to pursue regulatory approval for its implantable shock absorber (ISA) for knee osteoarthritis (OA). Fremont, Calif.-based Moximed secured backing from investors including Advent Life Sciences, New Enterprise Associates, Future Fund, Vertex Healthcare and Runway Growth Capital to advance the Misha knee system. The company is touting the technology as the world’s first implantable shock absorber for OA.

Orna Therapeutics Inc., which is pioneering a novel circular RNA protein expression technology in several therapeutic areas, has achieved lift-off. The Cambridge, Mass.-based company has closed a broadly based alliance in infectious disease and oncology with Merck & Co. Inc., under which it is getting $150 million up front and up to $3.5 billion in development, regulatory and sales-based milestones. In addition, Merck, of Rahway, N.J., is investing another $100 million in Orna’s equity, as part of its $221 million series B round, which the company also disclosed on Aug. 16.

Med-tech financings are still down by 55% in comparison with the same time frame last year, but they have gained some ground by narrowing the gap with the pre-pandemic year of 2019.

Monod Bio Inc. raised a $25 million seed financing round to advance its protein-based biosensor technology. The round was led by Matrix Capital, with participation from the Global Health Investment Corp., Cercano Management, the Washington Research Foundation, Boom Capital Ventures, Sahsen Ventures, and Pack Ventures. The funds will be used to create protein biosensors for rapid point-of-care medical diagnostics and biotechnology applications.

Paradigm Biopharmaceuticals Ltd. announced a AU$66 million (US$46.39 million) capital raise to fund its phase III pivotal trial for injectable Zilosul (pentosan polysulfate) to treat osteoarthritis of the knee.