Boan Biotechnology Co. Ltd. raised HK$152.8 million (US$19.6 million) from a Hong Kong IPO, capital the company will use to speed up product development, expand marketing and ramp up manufacturing.

With $20 million raised in a series B round led by Brandon Capital and Tenmile, Aravax Pty Ltd. is poised to begin phase II trials of its immunotherapy, PVX-108, for peanut allergy. “Our product is unlike other approaches that are in later stages of development, and those products generally use natural extracts from peanuts to treat peanut allergy,” Aravax CEO Pascal Hickey told BioWorld.

Biopharmas raising money in public or private financings, including: 180 Life Sciences, Aspen Neuroscience, Atara Biotherapeutics, Biomica, Biondvax, Enveda, Healthcare Royalty, IMV, Parallel Bio, Terns.

It was a grueling year for life sciences companies trying to raise money and keep afloat. Despite the industry’s front-line position in fighting COVID-19, sparking an overzealous enthusiasm, the soaring financings and rising stock prices of 2020 took an about-face beginning in 2021 and dropping even further in 2022. Share prices plummeted amid economic turmoil that included rising inflation, geopolitical pressures, and budgetary threats. Investors closed their wallets just as burn rates increased and funds diminished. Partnering fell to pre-pandemic levels and mergers and acquisitions hit a five-year low. Without capital, the uncertainty led companies to the only other option, workforce reductions and restructurings, pushing aside promising candidates at the expense of patients.