Leveraging a computational platform designed to exploit the full potential of a widely studied pharma target has proved successful in attracting venture investors in the last few years to Structure Therapeutics Inc. The company now is giving the public markets a go, aiming to raise up to $100 million in what marks the first biopharma U.S. IPO filing for 2023.
China Resources Biopharmaceutical Co. Ltd. (CR Biopharm) raised ¥600 million (US$89 million) in a series B round led by China Structural Reform Fund Co. Ltd. Beijing, China-based CR Biopharm plans to use the funds to accelerate the discovery of biological drugs and support the ongoing clinical trials of its candidates, as well as look for in-licensing opportunities.
Volta Medical SAS reported raising $39 million in a series B round to roll out its VX1 software mapping system in Europe and the U.S. This artificial intelligence (AI) algorithm is compatible with most readily available multi-polar catheters and technology used in operating rooms and cath labs in the treatment of complex cardiac arrhythmia.
The $60.8 billion collected by biopharma companies throughout 2022 is a sharp drop from each of the two prior years, down by 48.6% from 2021 and 54.8% from 2020. Each were standout years by any measure and a direct result of the investment fervor for the industry brought on by the COVID-19 pandemic. That exuberance diminished in the last year as investors tightened their grips due to economic uncertainties.
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