The France Biotech business association released its latest annual survey covering the health-tech sector in France. According to the 2022 edition of the Panorama, 1,440 med-tech, 880 bio-tech and 4,000 health and artificial intelligence software companies have been surveyed, responsible between them for $1.4 billion in sales revenues and 14,000 direct jobs, not counting the 2,200 new jobs planned for 2023 mainly in R&D, production and support services.
The fundraising environment for startups in med tech is expected to continue to be challenging for at least another year as public markets remain closed and private investors favor companies that have already de-risked their products. One of the major issues in the U.K. and Europe is that the IPO markets are “pretty much shut” and “our public markets aren’t working”, therefore companies are having to rely on private funding, with venture capital being one of those sources, said Robert Tansley, partner, at venture capital fund Cambridge Innovation Capital (CIC).
According to venture capitalists on three different panels at Biocom California’s Global Life Science Partnering & Investor Conference, there’s still money available for newcos looking to get started. But the pitch they’re going to have to make to VCs is a little different than what would have worked a few years ago.
Immorna Biotechnology Co. Ltd. raised nearly $100 million in series A+ and A++ financing rounds to speed up the clinical development and commercialization of its RNA-based therapeutics. Founded in 2019, Immorna develops therapeutics and vaccines based on its RNA platforms, including conventional, self-replicating and circular RNA.
Targeted oncology firm Revolution Medicines Inc. is seeking $300 million through a public offering as it prepares to say farewell to Sanofi SA, partner for its most advanced RAS program, and with it the prospect of earning more than $500 million in developmental and regulatory milestone payments and tiered royalties on annual net sales.
Thymmune Therapeutics Inc. has secured US$7 million in seed financing to support its work in developing scalable thymic cell therapies to restore immune function in aging and disease.
With a $200 million oversubscribed and upsized series A round completed, Cargo Therapeutics Inc. will advance its autologous CD22 chimeric antigen receptor (CAR) T-cell therapy, CRG-022, which has breakthrough therapy designation in the U.S. “The proceeds are critical for us,” said Gina Chapman, CEO of San Mateo, Calif.-based Cargo. “We will demonstrate manufacturability this year and kick off the pivotal phase II.”
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