Algernon Pharmaceuticals Inc., of Vancouver, British Columbia, said it expects to raise between CA$2.5 million (US$1.9 million) and CA$5 million in a best efforts public offering of an undisclosed number of units intended to support up to three phase II trials.

Karuna Therapeutics Inc., of Boston, said it closed its IPO of about 6.4 million shares, which includes the full exercise of the underwriters' overallotment of 836,718 shares, priced at $16 per share. Gross proceeds were about $102.6 million.

Morphic Holding Inc., of Waltham, Mass., said it closed its IPO of 6.9 million common shares, including 900,000 shares sold for the full exercise of overallotments, at $15 apiece to raise $103.5 million. 

LONDON – Two new $250 million investment funds have been announced, promising long-term capital to new companies formed around the U.K.'s science base. Ahren Innovation Capital LP, which is supported by eight of Cambridge University's most prominent scientists – including two Nobel laureates – has closed at $250 million. Meanwhile, SV Health Investors announced the launch of its $250 million seventh fund, with the charity Cancer Research UK (CRUK) putting in $25 million as cornerstone investor.

CNS Pharmaceuticals Inc., of Houston, filed an S-1 with the SEC for a proposed IPO to raise about $10 million by offering 2.1 million shares priced at $4 to $5 per share. Founded in 2017, CNS Pharmaceuticals is developing therapies for brain cancer and other central nervous system tumors. It is seeking a listing on Nasdaq under the ticker CNSP.

Century Therapeutics Inc. came out of stealth mode Monday with $250 million in funding commitments from lead investor Bayer AG, founding investor Versant Ventures and strategic partner Fujifilm Holdings Corp. to develop next-generation allogeneic cell therapies for cancer, based on induced pluripotent stem cells (iPSCs).

Mirati Therapeutics Inc., of San Diego, raised gross proceeds of $234.2 million in a now-closed underwritten public offering of about 2.4 million common shares priced at $97 each. Underwriters of the offering exercised in full their option to purchase up to 315,000 additional shares. Cowen, Credit Suisse and Barclays acted as joint book-running managers.

Xealth Inc., of Seattle, closed a series A financing with an additional $3 million from new investors Atrium Health, Cleveland clinic and Memorialcare Innovation Fund. The proceeds, which now total $14 million, will go toward further developing and deploying the company's digital prescribing and analytics platform. The company focuses on helping health systems organize and utilize digital health tools to optimize workflow, patient engagement and financial results.

Philadelphia-based Healthverity Inc. reported it closed a $25 million series C investment round led by existing investor Foresite Capital. Other major investors included Flare Capital Partners and Greycroft. The new investments bring Healthverity's total venture capital funding to $42.3 million and will be used to further develop the company's health care data platform and expand its marketing.