Congruence Therapeutics Inc. has closed on a $50 million series A financing to design small molecules to treat rare diseases with protein misfolding. Montreal-based Congruence uses structural bioinformatics, computational chemistry and machine learning in its in silico platform that detects key biophysical features on proteins. That data are used to then design drugs.

Endeavor Biomedicines Inc.’s $101 million series B round will let the firm forge ahead with ENV-101 (taladegib), a small-molecule inhibitor of the PTCH1 receptor in the Hedgehog signaling pathway, for cancer and idiopathic pulmonary fibrosis (IPF), as well as ENV-201, described as a potentially best-in-class small-molecule inhibitor of ULK1/2 in KRAS-driven cancers.

The amount of money raised in January by biopharma companies has fallen 55% from the same month in 2021 and 31% from January of 2020, indicating less enthusiasm from investors and a potential slowdown in financings for 2022. In total, January of 2022 has recorded significantly less fundraising than each of the past two years, with $4.8 billion (79 transactions), well below 2021’s $10.79 billion (159 transactions) and down from 2020’s $6.95 billion (131 transactions). 

PARIS – Spartha Medical SAS reported an award of $2.7 million in grants with further, undisclosed equity financing from the European Innovation Council (EIC) Fund, a body run by the European Commission established to make direct equity investment in European Union companies. This fund will be used to initiate clinical evaluation of its multifunctional coating technique.