Autoimmune disease specialist Scirhom GmbH has raised €63 million (US$68 million) in a series A to take an antibody against iRhom2, an enzyme that regulates TNF-alpha secretion, into the clinic. The company has approval for a phase I trial in healthy volunteers that will start later this year, with plans for proof-of-concept trials in rheumatoid arthritis and inflammatory bowel disease to follow.
Altos Biologics Inc., founded as an eye disease-focused subsidiary of Alteogen Inc. in 2020, raised ₩24.5 billion (US$17.7 million) in a series B financing round to advance its pipeline of therapeutics for eye-related conditions, including age-related macular degeneration (AMD). Daejeon, South Korea-based Alteogen said July 9 that the funds raised will be funneled to develop OP-01, Altos’ candidate therapy for AMD.
Biopharma financings reached $70.09 billion in the first half of 2024, a 129% increase from the $30.57 billion raised in the first half of 2023. At more than $70 billion, this year's financings are already approaching the full-year total of $70.97 billion for 2023. June saw $7.57 billion in total financings, a decrease from $9.15 billion in May.
Endoron Medical Ltd. raised $10 million in its series A funding round to accelerate clinical validation work on its catheter-based endostapling system, Aortoseal, which repairs abdominal aortic aneurysms. The round was led by Sofinnova Partners, with participation from the European Innovation Council Fund.
In the first six months of 2024, the med-tech industry raised $13.84 billion, a 29% increase from the $10.75 billion collected during the first half of 2023. While May saw a significant $5.05 billion raised, the monthly total decreased to $1.14 billion in June.
Myricx Bio Ltd. has closed the largest series A for a European biotech this year, raising £90 million (US$115.4 million), to take forward antibody-drug conjugates based on novel payload chemistry.
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