The amount of money raised by med-tech companies in the first quarter (Q1) of 2023 is the lowest amount raised for the industry during any quarter going back to 2018.
Following up on a bipartisan effort to keep down the costs of insulin, U.S. Sens. Susan Collins (R-Maine) and Jeanne Shaheen (D-N.H.) reintroduced a bill on April 20 to ensure patients with diabetes can access the life-saving medicine without the excess costs associated with drug rebates and stymied competition.
Despite strong deal activity throughout each of the last two years, the volume and value of partnerships began sliding in the first quarter (Q1) of 2023, while M&As continue to trail several other years.
During what has become one of the slowest IPO years in recent memory, cancer immunotherapy company Cytomed Therapeutics Ltd. debuted on Nasdaq, raising $9.65 million, while inflammatory disease firm Acelyrin Inc. filed to list its stock for a potential $100 million. Up to this point, there were only six biopharma IPOs completed this year – the fewest since 2013. Cytomed, which priced 2.4 million shares at $4 apiece, is now the seventh for 2023, and the fifth on Nasdaq. Two other IPOs have closed on Chinese markets.
After issuing three prior complete response letters, the U.S. FDA finally granted approval via the 505(b)(2) NDA pathway to Intelgenx Corp.’s Rizafilm Versafilm to treat acute migraine.
During what has become one of the slowest IPO years in recent memory, cancer immunotherapy company Cytomed Therapeutics Ltd. debuted on Nasdaq, raising $9.65 million, while inflammatory disease firm Acelyrin Inc. filed to list its stock for a potential $100 million. Up to this point, there were only six biopharma IPOs completed this year – the fewest since 2013. Cytomed, which priced 2.4 million shares at $4 apiece, is now the seventh for 2023, and the fifth on Nasdaq. Two other IPOs have closed on Chinese markets.
With no treatments available to effectively clear mucus, Aer Therapeutics Inc. secured $36 million in a series A financing to advance its novel inhaled small-molecule mucolytic treatment, AER-01, bringing optimism to about 5 million Americans with chronic obstructive pulmonary disease (COPD) who have a high burden of mucus plugs.
Despite strong deal activity throughout each of the last two years, the volume and value of partnerships began sliding in the first quarter (Q1) of 2023, while M&As continue to trail several other years.
Raising $15.6 billion through 276 transactions, the biopharma industry has experienced a respectable first quarter (Q1) in terms of financings, with a 14% jump over last year and higher amounts than the first quarters of many pre-pandemic years. The financings compare with $13.7 billion raised through 253 transactions in 2022’s Q1.
Raising $15.6 billion through 276 transactions, the biopharma industry has experienced a respectable first quarter (Q1) in terms of financings, with a 14% jump over last year and higher amounts than the first quarters of many pre-pandemic years. The financings compare with $13.7 billion raised through 253 transactions in 2022’s Q1. Private money remains the strongest source of capital in 2023, with venture capital bringing nearly 45% to the table and private investors in public companies bringing another 20%.
