Image/Anastasiia Slynko
The companies Genesis Therapeutics, ADARx Pharmaceuticals, and Abcuro bagged the biggest biotech investments in August 2023. Around the world, companies focused on immunology, genetic disorders, and metabolic disorders attracted the biggest funding rounds. Overall, quite a lot of biotech fundraising took place in August 2023. As always, there were some big rounds within the U.S. healthcare space, and, in Europe, U.K.-based companies dominated the top funding rounds, both in healthcare and outside of healthcare. We’ve gathered the biggest biotech investments that went to private companies around the world in August. The fundraising companies have been split into healthcare and industrial biotechnology-focused verticals. Healthcare investments in August 2023
The U.S.’ top private biotech healthcare investments went to Genesis Therapeutics and ADARx Pharmaceuticals, which both raised $200 million each. Genesis Therapeutics’ Series B round will enable the company to bring its pipeline into clinical development, further advance its AI platform, and expand its discovery pipeline. Meanwhile, the $200 million raised by ADARx Pharmaceuticals in its Series C round will help the company advance its two lead assets into the clinic. The top European biotech healthcare investment round went to Actimed Therapeutics, which secured an additional $6 million funding in a Series A extension round. The proceeds will allow the company to fund its continued development, and ensure preparations for its program evaluating its lead asset for treating cachexia remain on track. Chinese gene therapy company Neurophth Therapeutics topped the healthcare biotech investment list in the Asia-Pacific region, with a $95 million Series C+ investment in August 2023. The funds will be directed towards advancing clinical trials, enhancing the company’s R&D capabilities, and expanding its pipeline. Other life sciences investments in August 2023
Outside of the healthcare sector, many biotech companies managed to raise big investments in August 2023, to advance technologies related to food, sustainability and lab tools. In the U.S., the biggest investment round outside of the healthcare sector went to Newlight Technologies, which bagged $125 million in private equity. The firm is developing decarbonization technology using natural microorganisms to convert greenhouse gases into high-performance AirCarbon-based materials. Meanwhile, U.K.-based life sciences tools company, Lightcast Discovery, had the biggest investment round in Europe, raising $49 million in a Series B round. The firm is developing a novel single-cell functional analysis platform. DP Technology came first place in the Asia-Pacific region, after raising $100 million in private equity. The firm is applying AI technology in the research and development in fields such as biomedicine, energy, materials, and information science and engineering. September’s highlights
There haven’t been too many funding rounds yet in September; the most notable one so far has gone to Innovac Therapeutics, which is an mRNA therapeutics company. It managed to raise $18 million in a Series Pre-A financing round, which will allow the company to further develop its technology platform and manufacturing capability to advance its lead programs to clinical stage.

The biggest private biotech investments in August 2023

3. Biosplice Therapeutics
Mission: Harnesses small molecules to modulate RNA splicing to regulate harmful protein production and investigate splicing’s potential in treating major diseases. Examples include osteoarthritis, cancer as well as Alzheimer’s and other degenerative conditions. Research focus: Exploring Wnt pathway modulation as a means to advance splicing as a more-mature therapeutic avenue. Clinical evaluation: Biosplice is evaluating Lorecivivint, a compound for osteoarthritis treatment. Total funding: $778 million. 4. Insitro
Mission: Pioneering drug discovery by employing machine learning and leveraging large datasets to create predictive models of human biology. The company belongs to a group of firms specializing in data-driven drug discovery and development using machine learning to expedite drug discovery. 5. Neumora Therapeutics
Mission: SoftBank-backed Neumora Therapeutics focuses on developing therapies that target neurotransmitter systems. Their initial research emphasis is on the dopaminergic system to address neuropsychiatric diseases. The company has announced positive mid-stage results for its experimental oral depression drug navacaprant. Neumora has named former AbbVie executive Henry Gosebruch as its CEO. Clinical trials: Neumora is launching a phase 3 study of navacaprant (NMRA-140) in major depressive disorder (MDD). Total funding: $612 million. 6. Kriya Therapeutics
Mission: Kriya Therapeutics is working on gene therapies in a variety of therapeutic areas, including ophthalmology, neurology and metabolic diseases. In ophthalmology, the firm is targeting common causes of blindness such as geographic atrophy, uveitis and diabetic retinopathy. In neurology, it is focused on severe focal diseases including trigeminal neuralgia and epilepsy. Finally, for metabolic diseases, Kriya is targeting endocrine disorders of glucose metabolism. Examples include diabetes and glycogen storage diseases. Total Funding: $600.5 million. 7. Tessera Therapeutics
Mission: Tessera Therapeutics is focused on the development of a Gene Writing technology platform. The goal is to either correct or introduce genetic information into cells as a means of disease treatment. Tessera is exploring in vivo and ex vivo Gene Writing approaches. For in vivo, it uses a proprietary lipid nanoparticle (LNP) delivery system to target the liver, lung and hematopoietic stem cells. For ex vivo, it is using LNP or electroporation to genetically modify T cells and other immune cells as engineered cell therapies. Oncology applications are a core focus. Product stage: Currently in the research/early development phase with its Gene Writing technology. Total funding: $531.8 million. 8. Valo Health
Mission: Valo Health is dedicated to using AI combined with human data to address the challenges faced in traditional drug discovery. Valo’s closed-loop Opal computational platform aims to provide insights throughout the entirety of the development process. The company boasts Opal can potentially halve the time and cost of advancing therapeutic candidates while reducing failures. Partnerships: Collaboration with KSM Research and Innovation’s Biobank to accelerate the process of delivering new drugs to patients. Total funding: $460 million. 9. ReCode Therapeutics
Mission: ReCode Therapeutics is working on an LNP-mRNA platform with the aim to address genetic diseases such as primary ciliary dyskinesia and cystic fibrosis. Recode’s pipeline focuses on primary ciliary dyskinesia (PCD) and cystic fibrosis (CF) nonsense mutations. ReCode’s core technology is its Selective Organ Targeting (SORT) platform, which uses lipid nanoparticles to deliver genetic medicines beyond the liver to organs, tissues and cell types that are inaccessible with current delivery systems. Product Stage: Currently in the preclinical phase, specifically focusing on therapies for cystic fibrosis and primary ciliary dyskinesia. Total funding: $422 million. 10. Generate Biomedicines
Mission: Generate Biomedicines employs machine learning and biological engineering in its approach to discover novel therapies. The company’s platform applies computational techniques to study large numbers of proteins and identify generalizable patterns for how biological function is encoded. Generate uses this data to design of therapeutic candidates with desired functions across multiple modalities like proteins, cells and gene therapies. Partnerships: In 2022, they entered into a collaboration with Amgen. Total funding: $420 million. 11. Benchling
Mission: Benchling provides a cloud platform designed to assist R&D teams in managing biological data, designing sequences, tracking samples and using AI/ML to analyze operational metrics. The main goal is to enhance productivity and foster collaboration for scientists through its cloud platform, which supports biotechnology research and development. The company’s product offers features including electronic lab notebook, tools for molecular design and sequence analysis. Benchling reports more than 200,000 scientists at companies, academic institutions and startups use its platform. Total funding: $411.9 million. 12. Element Biosciences
Mission: Element Biosciences is dedicated to creating affordable DNA sequencing systems for both research and diagnostic purposes. The company aims to provide high-quality DNA sequencing technology at affordable pricing. Element’s sequencing platforms combine advanced semiconductor technology with novel biochemical techniques. Partnerships: In 2023, collaborations were established with Agilent, Bio-Rad and Tecan. Total funding: $401 million. 13. Maze Therapeutics
Mission: Maze Therapeutics employs genetic data and algorithms in a quest to discover precision medicines for genetically defined diseases. They currently have three candidates targeting diseases like Pompe disease, chronic kidney disease and ALS. In particular, the company is focused on translating genetic data into new medicines through an approach that combines the analysis of human genetics and functional genomics. Partnerships: In 2023, Maze Therapeutics licensed their Pompe disease program to Sanofi. Total funding: $381 million. 14. Cellares
Mission: Cellares is developing an automated, closed end-to-end manufacturing platform called the Cell Shuttle to scale up cell therapy production. The Cell Shuttle aims to address challenges in traditional manual cell therapy manufacturing like high costs, low throughput and quality control problems. By automating all workflow steps simultaneously for multiple therapies, Cellares hopes to enable reliable large-scale manufacturing to meet patient demand. Product: The Cell Shuttle platform, designed to automate the entire cell therapy manufacturing process. Total Funding: $355 million. 15. Pionyr Immunotherapeutics
Mission: Pionyr Immunotherapeutics specializes in developing immunotherapies that target the tumor microenvironment. The clinical-stage biotech company has developed an approach, called Myeloid Tuning, that aims to enhance the body’s anti-tumor immunity by modifying myeloid cells at the tumor site. Pionyr has multiple antibody therapeutics in phase 1 studies targeting receptors such as TREM2 and TREM1. The company was founded in 2015 by Dr. Max Krummel, co-inventor of the first checkpoint inhibitor Yervoy. Clinical Trials: In 2022, the company initiated Phase 1b trials for two of their candidates. Acquisition: In 2023, Pionyr Immunotherapeutics was acquired by Ikena Oncology. Total Funding: $352 million. 16. ADARx Pharmaceuticals
Mission: ADARx Pharmaceuticals is working on an RNA targeting platform that addresses genetic, cardiometabolic and CNS diseases. The company’s platform uses various oligonucleotide modalities such as antisense, RNAi and mRNA editing, in addition to novel delivery technologies. The company name ADAR refers to the enzyme adenosine deaminase acting on RNA. Clinical trials: In 2023, the company initiated a Phase 1 trial for ADX-324. Total funding: $200 million. 17. Orna Therapeutics
Mission: Orna Therapeutics is dedicated to the development of several therapeutic modalities like isCARTM. The goal is to deliver cell and gene therapies without the need for ex vivo engineering. Pipeline: Their focus areas include oncology, genetic disease, and infectious disease programs. Total funding: $207 million. 18. Chroma Medicine
Mission: Chroma Medicine is focused on redefining genomic medicines through an understanding of epigenetics. They aim to develop single-dose genomic medicines that use epigenetic editors for direct regulation of gene transcription. Their approach seeks to control the expression of disease-related genes precisely. Technology: Their innovative technology involves manipulating the epigenome to either permit or restrict gene transcription, potentially offering more refined methods for gene regulation. Total funding: $260 million. 19. Ambagon Therapeutics
Mission: Ambagon Therapeutics works with 14-3-3 proteins to create molecular glues that target protein-protein interactions. Their objective is to approach historically difficult-to-drug targets in various disease areas. Focus: Their research covers a spectrum of diseases, including cancer, neurodegeneration, and infectious diseases. Total funding: $225 million. 20. Satellite Bio
Mission: Satellite Bio is devoted to the development of bioengineered tissue grafts, termed “Tissue Therapeutics.” Using healthy cells, their aim is to rejuvenate organ function and address diseases that currently have limited treatment options. Total funding: $221 million. 21. Triana Biomedicines, Inc.
Mission: Triana Biomedicines harnesses the concept of molecular glues to promote protein interactions. This approach allows for the degradation of disease-causing proteins or modulation of specific targets. Their proprietary protein pairing engine is specifically designed to identify E3 ligases suitable for targeted protein degradation. Total funding: $160.8 million. 22. Seismic Therapeutic, Inc.
Mission: Seismic Therapeutic integrates machine learning into the development of immunology therapies, analyzing vast numbers of proteins and their modifications in parallel. This approach targets diseases of the adaptive immune system with a focus on creating advanced treatments. Total funding: $101,000,000. 23. Clade Therapeutics
Mission: Clade Therapeutics is working on the development of cloaked stem cell derivatives, designed to evade immune rejection. Their primary focus is on creating “off-the-shelf” NK and T cell cancer immunotherapies. Total funding: $87 million from a Series A round in 2022. Prominent investors: The specific investors are not available in the provided data, but they successfully raised a significant amount in their Series A round. 24. Code Biotherapeutics, Inc.
Mission: Code Biotherapeutics is harnessing its revolutionary non-viral 3DNA delivery platform to address genetic diseases, expanding the scope of genetic medicine and offering treatments for various indications. Total funding: $85,000,000. 25. Ceptur Therapeutics
Mission: Ceptur Therapeutics is harnessing the U1 Adaptor technology to control nuclear gene expression, offering a novel approach to developing treatments for genetic diseases. Total funding: $81,200,000. Prominent investors: Qiming Venture Partners, venBio Partners. Recent Achievements (2023): Secured $75M in Series A funding led by venBio and Qiming Venture Partners. 26. Mariana Oncology
Mission: Mariana Oncology focuses on developing tumor-targeted radiopharmaceuticals using both alpha and beta emitting radioisotopes. Their approach emphasizes deeper tumor penetration and rapid systemic clearance for more effective treatments. Total funding: $75,000,000. 27. 64x Bio
Mission: 64x Bio is advancing cell line engineering by integrating genome engineering and computational tools, aiming to optimize mammalian cell lines for improved cell and gene therapy design and manufacturing. Total funding: $59,500,000. 28. Spatial Genomics
Mission: Spatial Genomics is pioneering spatial analysis tools with a vision of transforming biology, precision medicine, diagnostics, and drug development, aiming to become an indispensable platform in labs globally. Total funding: $56,000,000. 29. Epic Bio
Mission: Epic Bio is championing the development of epigenetic therapies to modify gene expression, targeting a range of diseases not currently addressable with existing genetic medicines. Epic Bio’s therapeutic pipeline includes programs for FSHD, hypercholesterolemia and retinitis pigmentosa. Total funding: $55,000,000. 30. Ansa Biotechnologies
Mission: Ansa focuses on developing DNA synthesis technologies for biotech applications. Its aims to use enzymatic processes to create high-quality DNA sequences more efficiently and sustainably than traditional processes. Total funding: $45,000,000.

30 biotech startups making waves

Strategy | Financing Highlight
Private Placement / Financing Transactions
ADARx Pharmaceuticals: The company raised $200 million of Series C venture funding in a deal led by Bain Capital Life Sciences and TCG Crossover Management on August 9, 2023, putting the company’s pre-money valuation at $640 million. Lilly Asia Ventures, OrbiMed, The Invus Group, SR One Capital Management, Ascenta Capital, Commodore Capital, HBM Healthcare Investments, Venrock, Cormorant Asset Management, BlackRock, Marshall Wace, Redmile Group and T. Rowe Price also participated in the round. The company is a clinical-stage genetic medicine business focused on the editing of Messenger RNA Targeting transcripts and oligonucleotide-based therapeutics for intractable diseases. Abcuro: The company raised $155 million of Series B venture funding in a deal led by Bain Capital Life Sciences and Redmile Group on August 17, 2023. Sanofi Ventures, New Leaf Ventures, Eurofarma Laboratorios, Soleus Capital, Pontifax Venture Capital, Mass General Brigham Ventures, Samsara BioCapital, RA Capital Management, Tekla Capital Management, and BlackRock also participated in the round. The company is a developer of immunomodulatory therapeutics designed for treating both autoimmunity and cancer. Alltrna: The company raised $109 million of Series B venture funding from Flagship Pioneering and other undisclosed investors on August 9, 2023. The company is a developer of a tRNA platform intended to decipher tRNA biology and pioneer therapeutics to treat diseases. Viome Life Sciences: The company raised $86.5 million of Series C venture funding in a deal led by Khosla Ventures and Bold Capital Partners on August 18, 2023, putting the company’s pre-money valuation at $272 million. Better Health Group, Ezaki Glico Company, Bulletproof Media, Nomad Capital Partners, Eastward Capital Partners, Ocgrow Ventures, WestRiver Group, Veronorte, SquareOne Capital, Hambrecht Ducera Growth Ventures, W.R. Hambrecht + Co, Milltrust International, and other undisclosed investors also participated in the round. The company is an operator of a biotechnology and healthcare company intended to prevent chronic diseases. Aulos: The company raised $60 million of Series A1 venture funding from Apple Tree Partners on August 10, 2023, putting the company’s pre-money valuation at $25 million. Other undisclosed investors also participated in the round. The company is an operator of a biotechnology business intended to develop pharmaceutical preparations for the treatment of cancer. Radionetics Oncology: The company raised $54.2 million of Series A venture funding from Frazier Healthcare Partners, 5AM Ventures and other undisclosed investors on August 14, 2023, putting the company’s pre-money valuation at $28 million. The company is an operator of a biopharmaceutical company intended to help in the treatment of a broad range of oncology indications. SIRPant Immunotherapeutics: The company is in the process of raising $45 million of an undisclosed targeted amount of Series B venture funding reported on August 11, 2023. The company is a developer of cancer-specific immunotherapy designed for the treatment of solid tumors. Instylla: The company raised $30 million of Series B venture funding in a deal led by Delos Capital Partners on August 15, 2023, putting the company’s pre-money valuation at $95.4 million. Ascension Ventures, Incept, Excelestar Ventures, Catalyst Health Ventures, AMED Ventures, Sparta Group and other undisclosed investors also participated in the round. The company is a developer of liquid embolic products designed to be utilized in peripheral vascular embolic therapy. Noveome Biotherapeutics: The company raised $20.7 million of Series E venture funding in a deal led by MAK Capital on August 17, 2023. Lancet Capital, Miraki Innovation, Terence Golden, Redevelopment Authority of Allegheny County, United States Department of Defense, UPMC Enterprises, U.S. Department of Health and Human Services, Commonwealth of Pennsylvania, University of Pittsburgh Endowment and Carnegie Mellon University also participated in the round. The company is a developer of novel biotherapeutic products designed to treat inflamed or damaged tissues. Aptah Biosciences: The company closed on $8 million of an undisclosed targeted amount of venture funding from Vesper Ventures and other undisclosed investors on August 14, 2023. The company is a developer of novel RNA therapies intended for targeting cancer and neurodegenerative diseases. iLLUME Ai: The company raised $7.4 million of venture funding in the form of convertible debt from She’s Independent and other undisclosed investors on August 10, 2023. The company is a developer of a predictive analytics platform designed to diagnose brain injuries or brain disorders. Spinogenix: The company raised $5.2 million of Series B venture funding from undisclosed investors on August 8, 2023, putting the company’s pre-money valuation at $80 million. The company is an operator of a biopharmaceutical business intended to restore the brain connections and functions lost in brain injury and neurodegenerative diseases. BrainSpace: The company raised $2.2 million of venture funding in the form of convertible debt from undisclosed investors on August 9, 2023. The company is a developer of neurocritical automated connected devices intended to protect the brain and spine after trauma, surgery, or neurodegeneration. Tentarix Biotherapeutics: The company raised an undisclosed amount of venture funding from Gilead Sciences on August 15, 2023. The company is an operator of a protein therapeutics business intended to address the key limitations of existing cancer, autoimmune and other disease therapies. M&A Transactions
Chinook Therapeutics / Novartis: The company was acquired by Novartis for $3.5 billion on August 11, 2023. Chinook Therapeutics is a clinical-stage biopharmaceutical company discovering, developing and commercializing precision medicines for rare, severe chronic kidney diseases. DICE Therapeutics / Eli Lilly: The company was acquired by Eli Lilly for $2 billion on August 10, 2023. DICE Therapeutics Inc is a biopharmaceutical company leveraging proprietary technology platform to build a pipeline of novel oral therapeutic candidates to treat chronic diseases in immunology and other therapeutic areas. Spectrum Pharmaceuticals / Assertio Therapeutics: The company was acquired by Assertio Therapeutics for $275 million on August 8, 2023. Spectrum Pharmaceuticals is a biopharmaceutical company focused on acquiring, developing, and commercializing novel and targeted drug products, with a primary focus in hematology and oncology. TriSalus Life Sciences / MedTech Acquisition: The company completed a reverse merger with MedTech Acquisition Corporation, resulting in the combined entity trading on the NASDAQ Stock Exchange on August 11, 2023. TriSalus Life Sciences Inc is an oncology company integrating standard-of-care treatments and its investigational immunotherapeutic, SD-101, with disruptive Pressure Enabled Drug Delivery infusion systems to transform the treatment paradigm for patients with liver and pancreatic tumors. Sigilon Therapeutics / Eli Lilly: The company was acquired by Eli Lilly for $34.6 million on August 11, 2023. The company will receive a contingent payout of $191.85 million upon the achievement of certain specified milestones. Sigilon Therapeutics is developing a Shielded Living Therapeutics platform to leverage advances in cell differentiation and engineering, together with proprietary biocompatible materials, to provide therapeutic molecules that may be missing or deficient in the body for patients with a wide range of acute and chronic diseases. Decibel Therapeutics / Regeneron Pharmaceuticals: The company reached a definitive agreement to be acquired by Regeneron Pharmaceuticals for $213 million on August 9, 2023. Decibel Therapeutics Inc is a clinical-stage biotechnology company dedicated to discovering and developing transformative treatments for hearing and balance disorders. PhenomeX / Bruker: The company reached a definitive agreement to be acquired by Bruker for $108 million on August 17, 2023. PhenomeX Inc is a functional cell biology company that provides live cell biology research tools that deliver deep insights into cellular function and phenomes. Diffusion Pharmaceuticals / EIP Pharma: The company was acquired by EIP Pharma through a reverse merger, resulting in the combined entity trading on the Nasdaq Stock Exchange under the ticker symbol CRVO on August 16, 2023. CervoMed Inc is a clinical-stage biotechnology company focused on developing treatments for degenerative diseases of the brain. Glympse Bio / Sunbird Bio: The company was acquired by Sunbird Bio for an undisclosed amount on August 9, 2023. The company is an operator of a diagnostic platform intended to facilitate noninvasive disease monitoring through bio-marker technology. Source: Pitchbook Data, Inc.

Healthcare Private Placement and M&A Transactions Review Week Ending August 20, 2023

Sidley Austin represented ADARx Pharmaceuticals in the financing. ADARx Pharmaceuticals, Inc. announced its successful close of an oversubscribed $200 million Series C financing. The proceeds from […]

ADARx Pharmaceuticals’ $200 Million Series C Financing Round

August 11, 2023
ADARx Pharmaceuticals,  a San Diego, CA-based clinical stage biotechnology company developing next generation RNA therapeutics, closed a $200m Series C financing. The round was led jointly by Bain Capital Life Sciences and TCGX and also included new investors Blackrock, Commodore Capital, Cormorant Asset Management, HBM Healthcare Investments, Invus, Marshall Wace, Redmile Group, T. Rowe Price Associates Inc., Venrock Healthcare Capital Partners, and Vivo Capital, as well as existing investors, Ascenta Capital, Lilly Asia Ventures, OrbiMed, and SR One Capital Management. In conjunction with financing, Ricky Sun, PhD, Partner at Bain Capital Life Sciences, and Dr. Chen Yu, Managing Partner of TCGX, will join ADARx’s Board of Directors. Led by Dr. Zhen Li, President and Chief Executive Officer, ADARx Pharmaceuticals is a clinical stage biotechnology company committed to turning cutting-edge science into life-saving therapeutics. The company has developed proprietary RNA delivery platforms and technology for silencing or editing target mRNA. It has a growing pipeline of RNA therapeutics for treating diseases across a range of therapeutic areas including genetic, cardiovascular, complement-mediated and central nervous system. The company intends to use the funds to further advance ADARx clinical programs including ADX-324 and ADX-038, and a pipeline of innovative mRNA silencing or editing candidates for the treatment of a broad range of diseases. ADX-324 represents an innovative approach for the treatment of hereditary angioedema, a rare genetic disease that causes painful, rapid, and potentially life-threatening swelling attacks, while ADX-038 is being developed for the treatment of multiple complement mediated diseases.

ADARx Pharmaceuticals Raises $200M in Series C

Series A

Series A - II

Series A - III

Series B

Series B - II

Series C

ADARx Pharmaceuticals is a genetic medicine company focused on the base editing of messenger Ribonucleic Acid (mRNA) transcripts. ADARx Pharmaceuticals discovers and develops therapeutics that utilize a family of endogenous enzymes called adenosine deaminase acting on RNA to target and correct single-point mutations on an mRNA, allowing the production of desired and functional proteins to be restored. It was founded in 2019 and is based in San Diego, California.

Name	Zhen Li
Work History
Title	Chief Executive Officer, President
Status	Current

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ADARx Pharmaceuticals Management Team

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