After a flood of deals with special purpose acquisition companies (SPACs) that took dozens of med-tech and biotech companies public in 2021, deal flow slowed to a trickle in 2022. Market conditions factored into the collapse of interest, but regulatory changes also played a significant role. Still, several notable companies made their market debuts via SPACs in 2022 – and one changed its mind mid-stream.
Carmat SA just completed a flash fundraising of $33 million to increase production of its Aeson total artificial heart and support sales growth in Europe. The operation featured two distinct but concurrent actions: a reserved offer and a public offer. The reserved offer, intended for specialist investors, raised $28.9 million.
With $20 million raised in a series B round led by Brandon Capital and Tenmile, Aravax Pty Ltd. is poised to begin phase II trials of its immunotherapy, PVX-108, for peanut allergy.
Med-tech firms raising money in public or private financings, including: Htg Molecular Diagnostics, Icecure Medical, Perception Vision Medical Technologies.
By several measures, and despite economic hardships leading to layoffs at some companies, the med-tech industry fared well throughout 2022. Financing amounts were greater than nearly every year before the COVID-19 pandemic; deals reached their highest volume to date and mergers and acquisitions did better than most recent years.
With $20 million raised in a series B round led by Brandon Capital and Tenmile, Aravax Pty Ltd. is poised to begin phase II trials of its immunotherapy, PVX-108, for peanut allergy. “Our product is unlike other approaches that are in later stages of development, and those products generally use natural extracts from peanuts to treat peanut allergy,” Aravax CEO Pascal Hickey told BioWorld.
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