It was a grueling year for life sciences companies trying to raise money and keep afloat. Despite the industry’s front-line position in fighting COVID-19, sparking an overzealous enthusiasm, the soaring financings and rising stock prices of 2020 took an about-face beginning in 2021 and dropping even further in 2022. Share prices plummeted amid economic turmoil that included rising inflation, geopolitical pressures, and budgetary threats. Investors closed their wallets just as burn rates increased and funds diminished. Partnering fell to pre-pandemic levels and mergers and acquisitions hit a five-year low. Without capital, the uncertainty led companies to the only other option, workforce reductions and restructurings, pushing aside promising candidates at the expense of patients.

Medical technology company Synchron Inc. completed an AU$110 million (US$73.9 million) series C round that will allow the company to conduct a feasibility study and pivotal trial of its implantable brain computer interface that can interpret and stimulate parts of the brain.

The U.K. is taking the next step in applying genomics to health care with the launch of a £105 million (US$130 million) project that will sequence the whole genomes of 100,000 healthy newborn babies to detect rare genetic conditions.

Gaush Meditech Ltd. raised HK$672 million (US$86.4 million) on a Hong Kong Stock Exchange listing. The company plans to use 38.2% of the funds to improve its research and development capability and speed up the commercialization of its patents in two years.

Chaomu Technology (Beijing) Co. Ltd. has raised nearly ¥100 million (US$14 million) in a series A+ round to develop its ophthalmic medical devices. The proceeds from the financing will be used for the clinical trials of its electromodulation product for nystagmus and the development of implantable medical chips, as well as to speed up the development of products for myopia correction. Following the financing, Beijing-based Chaomu will expand to the global market by looking for collaborations with international institutions. It plans to obtain marketing approvals for its ophthalmic medical devices in the U.S. and Europe.