Med-tech companies raised a total of $1.7 billion in financings in June, a decrease of 21.64% compared to the same month last year. Volume of med-tech financings are also down: 30 in June 2023 compared to 41 in June 2022. Numbers are down significantly from the 56 financings worth $4.45 billion in June 2021, 76 financings worth $5.27 billion in June 2020, and 47 worth $2.08 billion in June 2019.
Thirona BV has been awarded $2.73 million in funding from the European Innovation Council (EIC) to fast-track the development of its artificial intelligence (AI)-based lung platform to analyze chest CT imaging. In competition with 554 other submissions, Thirona was one of 51 innovative technology companies awarded the EIC accelerator program grant, the total budget for which is €261 million (US$286.28 million) in 2023.
Edding Group Co. Ltd. announced June 23 it filed for an IPO on the Hong Kong Exchange – news that comes amid a steep drop in China’s biopharma IPO market forecasting sluggish activity in a near-frozen “capital winter.”
Tolerogenixx GmbH raised €7 million (US$7.6 million) in an extension to its series A round, which will enable it to continue phase IIb development of a cell therapy that induces donor-specific immune tolerance in kidney transplant recipients. At the same time, the company disclosed five-year follow-up data from a phase Ib trial of the therapy, which demonstrated that recipients continue to have stable graft function and to avoid acute rejection and severe opportunistic infections while on a reduced regimen of immunosuppressive drugs.
The U.S. FDA has removed the partial clinical hold it placed in April 2022, prompted by a patient’s death, on Curis Inc.’s phase I/IIa study of emavusertib in treating leukemia. The company also said it just raised $15 million to keep everything going.
Although biopharma investors pulled back in 2022 – largely a response to freely flowing funds the previous two years during COVID-19 surges – they are cautiously returning to the sector, as the industry has raised $32.8 billion in the first half of 2023, a 23.6% jump over the same period last year.
Astek Diagnostics Inc. has wound up a successful $2 million early stage VC funding round to support the development and launch of a medical device designed for the speedy recovery of patients suffering from urinary tract infections (UTI). The Baltimore-based startup has designed a benchtop analyzer and disposable cartridge called the Jiddu that can detect bacterial infection in urine in one hour.
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