A tightening of rules for biotech listings on the Shanghai STAR Market may have contributed to a visible cool-down in biotech IPOs, with fewer listings in Chinese stock markets in the first half of 2022.

Mega Genomics Ltd. raised HK$153.4 million (US$20 million) in an initial public offering on the Stock Exchange of Hong Kong. Its shares jumped 16.7% in the middle of the first trading day on June 22 and closed at HK$18 a share. Beijing-based Mega Genomics plans to allocate 30% of the proceeds to the sales, marketing, and commercialization of its consumer genetic testing and cancer screening services and products.

Sounds like Eargo Inc. received good news as Patient Square Capital signed a definitive agreement to purchase $100 million in senior secured convertible notes plus an additional $25 million in future investment subject to certain conditions. The new funds provide some breathing room for the hearing aid company, which has been rocked by a $34.37 million settlement with the Department of Justice (DOJ), questions about its ability to remain on the Nasdaq exchange following delayed filings of its 2021 annual report and first quarter 2022 report and a 97% drop in its stock price since its high in February 2021.

Megarobo Technologies Ltd. raised $300 million in its series C round financing to develop intelligence and automation solutions for life science companies. The financing was led by Goldman Sachs Asset Management LP, Asia Investment Capital Ltd., and GGV Capital.

Investors are backing imaging diagnostics company Magnetic Insight Inc. with $17 million to develop its magnetic particle imaging (MPI) technology. The clinical imaging application consists of two core technologies: hardware and a tracer that, together, produce 3D images of how a patient’s body works. Venture firm Celesta Capital led the series B round with Alumni Ventures Group, Gaingels and existing investors 5AM Ventures and Sand Hill Angels participating.

Investors ate up the opportunity to be part of Gemelli Biotech Corp.’s series A funding round, which raised $19 million to support the company’s growth and expand access to its diagnostic tests for gastrointestinal (GI) diseases. Blue Ox Healthcare Partners led the round with founding investor Cedars-Sinai and support from Carolina Angel Network, Cerracap Ventures and several family offices.

The only way to avoid food allergies right now is to stay away from whatever triggers them and, at best, grab some rescue epinephrine in case there’s trouble. Peanut allergies have an FDA-approved treatment, but the remainder of the troublemakers don’t have any therapies. Hoping to change that, Alladapt Immunotherapeutics Inc. closed a $119 million financing to develop its food allergy treatments. The Menlo Park, Calif.-based company’s lead candidate is ADP-101, an oral immunotherapy that is in a phase I/II trial and an open-label extension study of children and adults.