The Biotechnology Innovation Organization (BIO) found in a new study that 77% of clinical programs focused on pain therapeutics five years ago are no longer active and that financings of companies working in the space are lackluster at best. Meanwhile, oncology companies, targeting an overall smaller market, have raised huge sums of venture capital money, $9.7 billion in 2021 vs. pain and addiction companies’ $228 million.
Med-tech firms raising money in public or private financings, including: Deep Breathe, Garuda, Mediwound, Renalytix, Rxsight, Treace Medical Concepts, Vapotherm.
With readouts from three clinical studies of its lead oncolytic virus Tilt-123 due later this year, Tilt Biotherapeutics Ltd. secured €12 million (US$12.9 million) in new funding, to add to the €10 million it raised last June. That will enable the company to complete the ongoing studies, to prepare for a phase II in ovarian cancer, its lead indication, and to take forward several preclinical programs that are nearing the clinic.
The science that led Garuda Therapeutics Inc. to a $62 million series B financing was a combination of hard work, luck and serendipity, according to co-founder and CEO Dhvanit Shah. At the Harvard Stem Cell Institute, Shah and his fellow researchers found that endothelial cells go through significant modifications before becoming hematopoietic stem cells. That simple discovery, as Shah told BioWorld, brought on research leading to the possibility that patients would not need a marrow donor before receiving a stem cell treatment.
Nodus Oncology Ltd. closed on the first £2.4 million (US$2.9 million) of £12 million it expects to raise in a number of tranches over the next 12 months, to source and take forward third-generation DNA damage response (DDR) programs.
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