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.
The market downturn has left many biopharma companies searching for new ways to raise funds, with some eyeing the strong venture capital market as a potential resource. But having a disruptive technology and solid data may be the best way to stand out in a sea of companies, say financial executives that participated Feb. 6 in a panel discussion during the first full day of the BIO CEO 2023 conference in New York.
Dxcover Ltd. raised $9.25 million (£7.5 million) in a series A fundraising round and received a grant of $2.7 million (£2.2 million) from the European Innovation Council to support development of the company’s liquid biopsy platform for the detection of multiple early-stage cancers. Existing investors Eos Advisory LLP, Mercia Asset Management plc, Scottish Enterprise, University of Strathclyde, SIS Ventures and Norcliffe Capital led the round, which was also joined by Mark Banforth of Thairm Bio.
Starting out the year slow, biopharma financings are about 22% below where they were at the end of January last year, and they are well behind the first month of the previous two years as well, suggesting company executives may need to continue to prioritize costly programs as resources are depleted – at least for the near future.
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