Phagenesis Ltd. raised $42 million in a series D financing round for its neurostimulation therapy, Phagenyx, which treats swallowing dysfunction. The funds will primarily support commercialization of the device in the U.S. where there is a huge unmet clinical need in dysphagia treatment, Reinhard Krickl, CEO of Phagenesis, told BioWorld.
With its sights set on expanding the commercial launch of Xdemvy (lotilaner ophthalmic solution, 0.25%) to treat Demodex blepharitis in the U.S., Tarsus Pharmaceuticals Inc. has priced an underwritten public offering of common stock, selling 2.8 million shares for $32 each, taking the expected gross proceeds to about $100 million.
Despite what appears to be a recovering public financing market for the biopharma industry, with about $20 billion raised so far through follow-on offerings in the first two months of 2024, emerging companies remain in that precarious position between dwindling cash and their next milestone inflection points.
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