Odyssey Therapeutics Inc. closed a hefty $168 million series B round to progress multiple small-molecule and protein-based drug discovery and development programs in autoimmune disease and cancer.
While third quarter med-tech financing proceeds rose by nearly 20% over the second quarter, making it the best quarter this year, amounts raised for the first nine months of 2022 are still down by 40% in comparison with 2021.
Jenscare Scientific Co. Ltd. has raised HK$225 million (US$29 million) in an initial public offering on the Stock Exchange of Hong Kong. Its shares opened at HK$28 per share, increased by over 9% in the middle of the day and closed at HK$28.25 on the first trading day of Oct. 10.
Ascidian Therapeutics Inc. secured $50 million in series A funding from its founder Apple Tree Partners to take a therapy based on its RNA exon editing technology into a first-in-human trial in ABCA4 retinopathy and to advance additional programs in neuromuscular, neurological, and rare disease indications.
A strong third quarter has pushed biopharma financings ahead of several pre-pandemic years, as follow-on offerings and private placements picked up the pace. IPOs and venture capital rounds dipped below prior quarters, but the overall amount raised so far this year has placed 2022 as the fifth best financing year among the last 10, ahead of both 2019 and 2017.
Aim Vaccine Co. Ltd. priced an IPO on the Hong Kong Stock Exchange, raising HK$70.01 million (US$9 million) to fund work on its late-stage vaccine pipeline. Its shares increased only 3.09% on debut Oct. 6 but closed the week at HK$24.80, up 54% over its listing price of HK$16.16.
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