Startup Avelos Therapeutics Inc. raised $8 million in series A funding that will launch the company’s biomarker-driven cancer therapy pipeline using its synthetic lethality platform. Participating in the series A funding were SV Investment, UTC Investment, Quad Investment Management, Timepolio Asset Management, Mirae Asset Venture Investment and Mirae Asset Capital.
The University of Texas MD Anderson Cancer Center and Radiopharm Theranostics Ltd. have launched Radiopharm Ventures LLC, a joint venture (JV) that will develop radiopharmaceutical therapies for cancer. Radiopharm Theranostics owns 51% of shares in the new entity, while MD Anderson owns 49%.
Top-line phase III results showing Hutchmed Ltd.’s targeted therapy fruquintinib reduced the risks of death and disease progression by 34% and 68%, respectively, for patients with metastatic colorectal cancer could “lay a solid foundation for Hutchmed to initiate discussions with regulatory authorities worldwide,” a spokesperson of Hutchmed, told BioWorld.
Voronoi Inc. out-licensed its pan-RAF inhibitor program in a deal worth up to $482.2 million with Metis Therapeutics, a company integrating drug discovery and delivery with artificial intelligence and machine learning.
Neukio Biotherapeutics Co. Ltd. has raised $50 million to support preclinical validation and clinical development of new cell therapies for cancer. The series A-1 round was led by CD Capital, Beijing Alwin Asset Management Co. Ltd. and Surplus Capital, with contributions from previous investors Lilly Asia Ventures, Sherpa Healthcare Partners Co. Ltd., and IDG Capital.
Investments in early stage biotech companies were in focus at the Hong Kong Stock Exchange’s (HKEX) Biotech Summit 2022. The virtual event on Sept. 1 saw discussions centered on this investment trend for younger biotech firms, which looks to be where capital is headed in the sector after a cooldown for listings in Chinese stock markets in the first half of 2022.
Taiwan’s Brim Biotechnology Inc. announced a capital raise of $18 million to advance its lead candidate, regenerative peptide therapy BRM-421, to phase III trials for dry eye syndrome. It’s designed to offer relief from dry eye symptoms by stimulating proliferation and differentiation of stem cells to repair damage to the cornea. “Our goal is restoration and repair of the damage caused by DES,” said Brim founder and CEO Haishan Jang.
Takeda Pharmaceutical Co. Ltd.’s dengue fever vaccine, Qdenga, was approved in Indonesia Aug. 23, making it the first global approval for the tetravalent vaccine. The approval marks Takeda’s first marketed vaccine outside of Japan. Indonesia’s National Agency for Drug and Food Control approved the vaccine for prevention of dengue disease caused by any serotype in individuals 6 years to 45 years of age.
Everest Medicines Ltd. has inked an agreement with Gilead Sciences Inc. to pass the latter’s subsidiary, Immunomedics Inc., exclusive rights to develop and commercialize Trodelvy (sacituzumab govitecan) in greater China, Singapore, Indonesia, Philippines, Vietnam, Thailand, Malaysia and Mongolia. Everest stands to receive up to $455 million in total consideration, including $280 million up front and up to $175 million in potential milestone payments.
Epigenic Therapeutics Co. Ltd., a company developing epigenomic-focused gene therapies in multiple indications, has raised $20 million across angel and pre-series A rounds to support preclinical studies, early stage research, and growth for its team.