China-based precision oncology company Genetron Holdings Ltd. and prenatal molecular testing company Progenity Inc. each successfully priced an IPO. This is just the latest demonstration that molecular diagnostics is gaining real traction when it comes to investment.
Against a backdrop of general economic uncertainty bolstered in part by a strong biopharma market, two IPOs launched June 19 and ended their first trading day well above their high-end asking prices.
Repare Therapeutics Inc., which identifies synthetic lethal precision oncology targets for drug candidates, and Forma Therapeutics Holdings Inc., which is developing therapeutics to treat rare hematologic diseases and cancers, launched IPOs with an anticipated combined value of $497.6 million in gross proceeds.
Surrozen Inc., a startup developing regenerative medicines leveraging tissue-specific Wnt modulation, has raised $50 million in series C financing. Proceeds from the round will be used to advance the company’s top two antibodies to the clinic, one for the treatment of severe liver disease and a second for moderate to severe inflammatory bowel disease (IBD).
Med-tech firms raising money in public or private financings, including: Cardiovascular Systems, Caredx, Cryolife, Oncology Venture, Orthopediatrics, Repro Med Systems.
Nan Fung Life Sciences is “looking to make a significant presence in the field,” said Engrail Therapeutics Inc. CEO Vikram Sudarsan, whose firm bagged a $32 million series A round led by the global investment platform of Hong Kong’s Nan Fung Group, and its support represents “a clear statement in that direction.”
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