BioNTech raises $325M series B round to advance cancer pipeline

fiercebiotech | July 09, 2019

BioNTech has raised $325 million (289 million Euros) in a private fundraising round. The series B positions the immuno-oncology player to advance its multidrug clinical pipeline and grow its manufacturing footprint. Mainz, Germany-based BioNTech operated for a decade without raising a headline-grabbing round, opting instead to run on money from its billionaire majority owners and partnership fees, such as the $310 million in upfront and near-term milestones put up by Genentech. That changed early in 2018 when BioNTech raised $270 million in a Redmile Group-led series A round. Now, BioNTech has raised $325 million in a round led by Fidelity Management & Research Company. Other existing investors including Redmile and the Struengmann Family Office contributed to the series B round, but two-thirds of the cash came from new investors. BioNTech will use the cash to build on the work facilitated by its series A round. The company now has seven candidates in eight clinical trials. BioNTech’s most advanced assets are derived from its mRNA platform, which established it as a rival to CureVac and Moderna. But the pipeline now also features cell therapies, small molecules and immune checkpoint modulators. The expansion and advancement of the pipeline has dialed up BioNTech’s fundraising needs. Some of the additional cash will fund studies of the candidates. Another slice will enable the expansion of BioNTech’s manufacturing capacity to support drug development and potentially commercialization.

Spotlight

Genes are the biological templates the body uses to make the structural proteins and enzymes needed to build and maintain tissues and organs. They are made up of strands of genetic code, denoted by the letters G, C, T and A. Humans have about 20,000 genes bundled into 23 pairs of chromosomes all coiled up in the nucleus of nearly every cell in the body.

Spotlight

Genes are the biological templates the body uses to make the structural proteins and enzymes needed to build and maintain tissues and organs. They are made up of strands of genetic code, denoted by the letters G, C, T and A. Humans have about 20,000 genes bundled into 23 pairs of chromosomes all coiled up in the nucleus of nearly every cell in the body.

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CELL AND GENE THERAPY

Sesen Bio and Carisma Therapeutics Announce Merger Agreement

Sesen Bio and Carisma Therapeutics | September 22, 2022

Sesen Bio, Inc. and Carisma Therapeutics Inc. a privately held, clinical stage biopharmaceutical company focused on discovering and developing innovative immunotherapies, announced that they have entered into a definitive merger agreement to combine the companies in an all-stock transaction. The combined company will focus on the advancement of Carisma’s proprietary cell therapy platform that utilizes engineered macrophages and monocytes to potentially transform the treatment of cancer and other serious disorders. Carisma is pioneering the development of chimeric antigen receptor macrophage therapies and is believed to be the only company developing CAR-M therapies with demonstrated proof of mechanism and safety data in clinical trials. The combined company is expected to operate under the name Carisma Therapeutics Inc. and trade on Nasdaq under the ticker symbol “CARM”. Carisma has also secured commitments from a syndicate of investors for a $30 million financing, including HealthCap, AbbVie, Wellington Partners, SymBiosis, Penn Medicine, TPG Biotech, MRL Ventures Fund, the therapeutics-focused corporate venture arm of Merck & Co., Agent Capital, Solasta, Livzon, Pictet Alternative Advisors and 4Bio, which is expected to close concurrently with the completion of the merger. With the cash expected from both companies at closing and the proceeds of the concurrent financing, the combined company is expected to have approximately $180 million in cash, cash equivalents and marketable securities. These cash resources are expected to be used to advance Carisma’s pipeline through multiple ongoing and planned key data readouts across several clinical trials and to fund operating expenses and capital expenditure requirements through 2024. The merger and related financing are expected to close in the next three to four months. “The proposed merger represents an exciting opportunity for shareholders of each company, and we believe it gets us one step closer to our goal of revolutionizing the field of immunotherapy. This transaction will provide us with financial strength to not only continue to develop our lead candidate CT-0508, but also allow us to accelerate the growth of our platform and pipeline within and outside of oncology and develop additional strong strategic partnerships beyond those we already have with Moderna and Novartis. Carisma is focused on delivering cutting-edge technology for patients in a way that has never been done before, and we look forward to advancing this important mission.” Steven Kelly, President and Chief Executive Officer of Carisma “This transaction represents the result of a thoughtful and careful review of strategic alternatives over the past four months, during which Carisma’s clinical programs, management team, and corporate strategy stood out amongst the 42 bids reviewed,” said Dr. Thomas Cannell, President and Chief Executive Officer of Sesen Bio. “Carisma is an exciting clinical-stage company with groundbreaking science and an impressive management team, which we believe makes them the optimal partner to provide value for our shareholders. Our mission at Sesen Bio has always been to save and improve the lives of patients with cancer, and we believe Carisma has the science and the unwavering patient focus required to make that mission a reality.” About the Proposed Merger Pre-merger Sesen Bio stockholders are expected to own approximately 41.7% and pre-merger Carisma stockholders are expected to own approximately 58.3% of the combined company, in each case before giving effect to the concurrent financing described above and the conversion of the outstanding Moderna convertible note. Under the terms of the merger agreement, stockholders of Carisma will receive newly issued shares of Sesen Bio common stock pursuant to an exchange ratio formula set forth in the merger agreement. The percentage of the combined company that Sesen Bio stockholders will own upon the closing of the merger is further subject to adjustment based on the amount of Sesen Bio’s net cash at the time of closing. Immediately prior to the closing of the proposed merger, Sesen Bio stockholders of record will be issued a contingent value right (CVR) for each outstanding share of Sesen Bio common stock held by such Sesen Bio stockholder as of such date, representing the right to receive certain cash payments from proceeds received by Sesen Bio related to the Roche Asset Purchase Agreement, if any, subject to customary deductions, including for expenses and taxes. SVB Securities is acting as exclusive financial advisor to Sesen Bio for the transaction and Hogan Lovells US LLP is serving as its legal counsel. Evercore Group LLC is serving as lead financial advisor to Carisma for the transaction and BofA Securities, Inc. is also serving as financial advisor to Carisma for the transaction. Wilmer Cutler Pickering Hale and Dorr LLP is serving as legal counsel to Carisma. BofA Securities, Inc. and Evercore Group L.L.C. are serving as co-placement agents for Carisma’s concurrent financing and Shearman & Sterling LLP is serving as the placement agents’ legal counsel. About Sesen Bio Sesen Bio, Inc. is a late-stage clinical company focused on targeted fusion protein therapeutics for the treatment of patients with cancer. Sesen Bio’s most advanced product candidate, Vicineum™, also known as VB4-845, is a locally-administered targeted fusion protein composed of an anti-epithelial cell adhesion molecule antibody fragment tethered to a truncated form of Pseudomonas exotoxin A for the treatment of non-muscle invasive bladder cancer. On July 15, 2022, Sesen Bio made the strategic decision to voluntarily pause further development of Vicineum in the US. The decision was based on a thorough reassessment of Vicineum, which included the incremental development timeline and associated costs for an additional Phase 3 clinical trial, following Sesen Bio’s discussions with the United States Food and Drug Administration. Sesen Bio has turned its primary focus to assessing potential strategic alternatives with the goal of maximizing shareholder value. Additionally, Sesen Bio intends to seek a partner for the further development of Vicineum. About Carisma Therapeutics Carisma Therapeutics Inc. is a biopharmaceutical company dedicated to developing a differentiated and proprietary cell therapy platform focused on engineered macrophages, cells that play a crucial role in both the innate and adaptive immune response. The first applications of the platform, developed in collaboration with the University of Pennsylvania*, are autologous chimeric antigen receptor (CAR)-macrophages for the treatment of solid tumors. Carisma Therapeutics is headquartered in Philadelphia, PA.

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MEDTECH

Neumora Therapeutics Announces $112 Million Series B Financing

Neumora | October 12, 2022

Neumora Therapeutics, Inc. a clinical-stage biotechnology company pioneering precision medicines for brain diseases through the integration of data science and neuroscience, today announced the close of a $112 million Series B financing. The Series B syndicate includes both new and existing investors, such as Abu Dhabi Growth Fund Altitude Life Science Ventures, Amgen, ARCH Venture Partners, Exor Ventures, F-Prime Capital, Invus, Mubadala Capital, Newpath Partners, Polaris Partners and other undisclosed investors. The funding will support the advancement of a broad clinical and preclinical pipeline of novel precision medicine candidates for neuropsychiatric disorders and neurodegenerative diseases and the development of the company's precision neuroscience platform. “This Series B financing reflects Neumora’s continued progress in building a best-in-class neuroscience company, including assembling a world-class team, scaling up an industry-leading data science and translational neuroscience platform, and advancing a broad and growing pipeline of seven development programs, including our internal discovery efforts and business development activities. This considerable amount of progress in such a short period of time reflects our urgency to address the relative lack of progress and innovation in neuroscience with our data-driven, precision medicine approach.” Paul L. Berns, co-founder, chairman and chief executive officer of Neumora Neumora continues to advance a broad and growing pipeline of clinical and preclinical programs, including a balance of both clinically validated and novel approaches targeting a broad range of underserved neuropsychiatric disorders and neurodegenerative diseases. The company recently completed enrollment in a Phase 2a clinical trial for its most advanced product candidate, NMRA-140, a kappa opioid receptor antagonist in development for the treatment of major depressive disorder. Neumora is also progressing NMRA-511, a clinical-stage vasopressin 1a receptor antagonist in development for neuropsychiatric disorders, and NMRA-266, an M4 muscarinic receptor positive allosteric modulator being advanced toward initiation of Phase 1 development for schizophrenia in 2023. The company’s earlier-stage pipeline includes multiple first-in-class opportunities in preclinical development, including neurodegeneration programs focused on Parkinson’s disease and amyotrophic lateral sclerosis (ALS). “We are pleased to have the support of this leading group of both new and existing investors that share our vision and excitement with our progress to date,” said Joshua Pinto, Ph.D., chief financial officer of Neumora. “With this Series B financing, we have successfully raised approximately $650 million in capital, resulting in a very strong financial position to continue advancing our broad pipeline through multiple near-term value-creating milestones.” Neumora was founded to pioneer a new era of precision neuroscience medicines by using patient enrichment strategies to help potentially improve clinical development success rates. The company’s proprietary approach leverages recent advances in data science and translational neuroscience to cut through the heterogeneity inherent in brain disease. By approaching patient enrichment and clinical development strategies through this lens, Neumora aims to match the right patient populations to the right targeted therapeutics, thereby driving innovation and the potential for clinical development success in this field and, ultimately, providing better therapies to patients. In connection with the completion of the Series B financing, Alaa Halawa, partner and head of U.S. Ventures at Mubadala Capital, joined Neumora’s board of directors. Mr. Halawa said, “We are proud to partner with Neumora in helping advance the company’s efforts to build the precision neuroscience company of the future. The integration of technology, namely AI/ML, and proprietary clinical data is helping us develop a deeper understanding of the complex drivers of brain disease to develop novel treatments for neuropsychiatric disorders and neurodegenerative diseases - we are humbled to be part of their journey.” About Neumora Neumora Therapeutics, Inc. is a clinical-stage biotechnology company pioneering precision medicines for brain diseases through the integration of data science and neuroscience. Neumora is redefining neuroscience research and development with a data-driven precision neuroscience platform to cut through brain disease heterogeneity to match the right patient populations to targeted therapeutics. Neumora is relentless in its commitment to discovering, developing and commercializing targeted therapies for people living with brain diseases.

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MEDTECH

TheraVet Announces Its Participation in the 2022 ESVOT Congress With 3 Scientific Communications

TheraVet SA | September 19, 2022

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