The Global Health Innovative Technology (GHIT) Fund has announced a total investment of approximately ¥1.64 billion (US$10.8 million) in four projects for the development of new drugs for malaria and neglected tropical diseases.
Osang Healthcare Co. Ltd. is attempting a second listing on the Kosdaq market with an IPO, planned sometime in March, to fund the company’s growth beyond the COVID-19 pandemic.
The €173 million (US$187 million) in capital that Earlybird Health recently raked in from investors will go towards bolstering investment in European health care startups, many of which are still recovering from the impact of COVID-19, Thom Rasche, a partner at Earlybird Health, told BioWorld. The fund is looking to invest in the technologies that can improve patient care.
Venture capital (VC) firm TVM Capital Life Science recently co-led a $16 million series A financing for Vektor Medical Inc., which has developed an AI-based tool that identifies potential arrhythmia source locations. The funding is part of TVM’s strategy of investing in med-tech companies which have no development risk and offer an exit opportunity in under four years.
There is no doubt that the fundraising environment in Europe remains challenging for med-tech companies. Currently it seems like “the winner takes it all,” with companies that have de-risked their portfolio able to find investors to provide funds, while for those at the earlier stages, finding capital continues to be ‘tricky,’ Raphaël Wisniewski, partner at European private equity firm Andera Partners, told BioWorld in an interview.
To say that 2023 continued to be a difficult fundraising environment for companies in Europe is an understatement. However, there were some green shoots and investors continued to back companies, seeing opportunities across the health tech, med-tech and biotech space.
Venture Capital firm Sofinnova Partners has launched Sofinnova.AI, an artificial intelligence (AI) platform that it hopes will transform its approach to life sciences investment. The platform harnesses billions of data points spanning scientific literature, emerging therapeutic fields, and technological breakthroughs, and connects them with the firm’s own proprietary knowledge accumulated over 50 years.
The funding environment continues to be challenging for companies in the health care sector, and even more so for early-stage med-tech companies, delegates heard at the LSX Investival Showcase in London. Med-tech companies were told that they had to be lean, constantly work on building relationships with investors and not to give up because there is money out there for innovative technologies that can save people’s lives.
Newly formed Mage Biologics Inc. is set to receive investment of $28 million from TVM Capital Life Science and Tillotts Pharma AG. Mage plans to advance to clinical proof of concept a novel, orally administered, humanized monoclonal antibody (MAb) for an initial indication of ulcerative colitis.
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