Qyuns Therapeutics Co. Ltd. has filed to list on the Hong Kong Exchange to fund its autoimmune and allergic disease therapy pipeline, including lead assets QX-002N for ankylosing spondylitis and QX-005N for multiple indications including atopic dermatitis.
Rhythm Diagnostic Systems SA (RDS) received €1 million (US$1.1 million) from Capital Grand Est, the first venture capital (VC) firm to join its investor pool, taking its total seed capital raised to €13 million. RDS will use the funds to progress toward the next stages in the development of its Multisense product, a remote patient monitoring solution, including market launch, once it receives CE mark from the European authorities expected by the end of the year.
Curasen Therapeutics Inc. has received a strategic investment of up to $5.8 million from the Alzheimer’s Drug Discovery Foundation (ADDF) to advance CST-3056, an α1A-adrenoceptor (α1A-AR) agonist for the treatment of Alzheimer’s disease.
Through the third quarter 2023 med-tech firms raised $14.35 billion in financings, down 43.82% from $25.55 billion raised in the same period last year. Money raised is also down from $42.04 billion raised in 2021, $47.61 billion in 2020 and $29.66 billion in the first nine months of 2019.
Management teams beset by angry activist investors may take some solace in Ernst & Young (EY)’s latest Pulse of the Industry report, which confirms what med-tech executives have said for the better part of two years. A post-COVID-19 slump combined with inflation and other unfavorable capital conditions have slammed the global med-tech industry back to earth with little likelihood of a return to the halcyon days of 2021 any time soon.
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