Biopharma financings soared to $73.76 billion in the first seven months of 2024, marking a substantial 102% jump compared to the $36.47 billion accumulated in the same period in 2023. This amount places 2024 just behind the record-setting years of 2020 ($80.42 billion) and 2021 ($80.74 billion) in terms of funds raised through July. The $2.04 billion secured in July also is an increase from the $1.87 billion raised in June.
Immunotherapy-focused biotech company LTZ Therapetics Inc. raised $20 million in a series A round that will advance development of its myeloid engager pipeline to treat cancer and autoimmune diseases. Proceeds from the funds will accelerate development of lead asset LTZ-301, which is expected to enter the clinic in early 2025, LTZ founder and CEO Robert Li told BioWorld.
Radiopharm Theranostics Ltd. said it plans to list on Nasdaq by the end of 2024. The company had earlier announced plans to list in February 2023, but it delayed the listing due to market conditions.
Three Chinese biopharmaceuticals have filed for IPOs on the Hong Kong exchange in July alone, highlighting a potential “newfound positivity” to strengthen the HKEX IPO market in the second half of 2024.
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