Starting out the year slow, biopharma financings are about 22% below where they were at the end of January last year, and they are well behind the first month of the previous two years as well, suggesting company executives may need to continue to prioritize costly programs as resources are depleted – at least for the near future.
It’s been a tough year for raising biotech money, according to the new U.K. Biotech Financing Report, but there are bright spots in an otherwise dark period. What happened last year in the U.K. basically mirrored what happened with global financings as IPOs are significantly down while venture capital rounds stood strong.
An anticancer approach that leads to improved tumor visibility edged closer to the clinic after Grey Wolf Therapeutics Ltd. scooped $49 million in a series B round. The Oxford, U.K.-based immuno-oncology company plans to use the proceeds to move its lead candidate, GRWD-5769, into a phase I/II trial.
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