Good day. Venture capitalists are betting on a variety of
startups seeking to cure autoimmune diseases.
Autoimmune diseases, in which the immune system attacks the
body's own tissue, affect more than 24 million Americans, according
to the National Institutes of Health.
Existing medications often suppress the immune system. This
tamps down the effects of autoimmune diseases, but also can
increase the patient's risk of infection. Startups are developing
therapies designed to treat autoimmune disorders while leaving
beneficial immune defenses intact.
Some, including GentiBio Inc., which recently raised a $157
million Series A financing, intend to use certain cells that combat
harmful immune responses, called regulatory T cells, as drugs to
treat autoimmune diseases.
Taking a different approach is German startup Topas Therapeutics
GmbH, which recently increased its Series B round to EUR40 million,
equivalent to $46.8 million. It is devising nanoparticle drugs
designed to teach the immune system to stop battling the patient's
own tissue. Topas expects its treatments, which are taken up by
certain cells in the liver, will trigger regulatory T cells while
also depleting the supply of harmful immune cells involved in the
person's disease.
Its pipeline includes potential treatments for pemphigus
vulgaris, which causes painful blistering, and celiac disease, an
immune reaction to gluten found in bread and many other foods.
And now on to the news.
Top News
Teaming up. Venture-capital firm General Catalyst has joined
with hospital chain HCA Healthcare Inc. in a collaboration aimed at
injecting digital innovation into medical care. General Catalyst
and HCA plan to consider various business opportunities, such as
co-investing in startups or building companies together, said
General Catalyst Managing Partner Hemant Taneja.
General Catalyst, a technology and healthcare investor, has made
early investments in digital-health companies such as Livongo
Health Inc., which helps patients manage diabetes and other chronic
conditions.
Through the partnership, General Catalyst seeks to better
understand the challenges HCA faces and technologies that could
address them.
HCA has reached its first deal through the partnership, agreeing
to sell its PatientKeeper business, which provides software and
mobile applications to physicians and care teams, to Commure Inc.,
a General Catalyst-backed company that is building a technology
platform to help healthcare providers collaborate on patient
care.
Illumina Completes Deal for Grail Despite FTC Antitrust
Challenge
Illumina Inc. on Wednesday said it completed its planned $7.1
billion acquisition of Grail Inc., despite a continuing legal
battle with the Federal Trade Commission and separate antitrust
concerns in Europe, The Wall Street Journal's Brent Kendall
reports. The company said there was no legal impediment to closing
the transaction now, and said it moved to do so to prevent
regulatory proceedings from killing the deal by running out the
clock. San Diego-based Illumina develops and sells next-generation,
genetic-sequencing machines and the chemicals used in them. Grail,
based in Menlo Park, Calif., was founded by Illumina and spun off
in 2017. It has been developing liquid biopsy tests that examine
blood samples for genetic signs of cancer, a product that, if
successful, could have a significant impact in healthcare.
Florida, Texas Turn to Antibody Treatments as Covid-19
Surges
Doctors are increasingly turning to antibody drugs in a bid to
keep hospitals from being overwhelmed by a surge of Covid-19 cases,
a turnabout after months in which the treatments went mostly
unused. Regeneron Pharmaceuticals Inc., the primary provider of the
treatments, delivered 135,023 drug doses to U.S. healthcare
providers last week, a ninefold increase from a month earlier,
according to data shared by the company with The Wall Street
Journal.
Other VC News
Startup That Develops AI-Pumped Robotic Arms Raises $37
Million
Rapid Robotics Inc., a startup focused on automating the factory
floor, has raised roughly $37 million, tapping prominent venture
investors on the thesis that its robotic arms can help factories
address the labor and parts shortages dragging on companies across
the economy, WSJ Pro's Marc Vartabedian reports. San
Francisco-based Rapid develops robotic arms that perform
manufacturing tasks in sectors like automotive components,
semiconductors, medical devices and others. Venture firm Kleiner
Perkins and Tiger Global Management led the Series B deal. Venture
firms New Enterprise Associates, Greycroft, Bee Partners and 468
Capital also participated in the financing, which valued Rapid at
roughly $193 million.
Industry News
People
Tomorrow Health, which helps patients secure home-health
equipment, appointed Rodrigo Arévalo as chief operating officer. He
was previously at Uber. In April, New York-based Tomorrow Health
said it raised $25 million in funding led by Andreessen
Horowitz.
Q'Apel Medical Inc., a developer of novel access device
technology for vascular interventions, named Thomas Berryman as
chief financial officer. He previously founded Privy, and before
that, he was president and chief executive of WaveTec Vision
Systems. Early this year, Fremont, Calif.-based Q'Apel raised a $22
million Series C round from River Cities Capital, Soleus Capital
and Research Corporation Technologies.
Workplace mental health platform Modern Health named Gyre
Renwick as chief operating officer. Mr. Renwick joins the company
from Podium, where he served as chief revenue officer. Based in San
Francisco, Modern Health has raised more than $172 million from
Founders Fund, Battery Ventures, Felicis Ventures, Kleiner Perkins,
Afore Capital, MGV and 01 Advisors.
Exits
HiberCell, which is focused on preventing cancer relapse and
metastasis, acquired Genuity Science Inc. for $100 million in cash.
In May, HiberCell closed on $67.4 million in Series B funding, in
addition to a $30 million debt facility. Investors included ARCH
Venture Partners, Magnetic Ventures, Bristol-Myers Squibb and
others. Genuity Science, formerly known as WuXi NextCode, was
backed by investors including Temasek Holdings, Yunfeng Capital and
Sequoia Capital.
New Money
Shanghai MediTrust Health Technology Co., a Shanghai-based
medical payment platform, scored $308 million in Series C funding
led by Boyu Capital and Janchor Partners. New investors including
Lily Asia Ventures, Lake Bleu Capital, Bank of China Group
Investment, AIHC Capital and New Alliance Capital also contributed
to the round, along with existing backers Sinovation Ventures,
China Renaissance and Marathon Venture Partners.
Maven Clinic, a virtual clinic for women's and family health,
closed a $110 million Series D round. Dragoneer Investment Group
and Lux Capital co-led the funding, which included participation
from BOND, Sequoia Capital, Oak HC/FT, Icon Ventures and Oprah
Winfrey. Eric Jones, partner at Dragoneer, will join the company's
board.
Vigil Neuroscience Inc., a Cambridge, Mass.-based startup
harnessing the power of microglia immune cells in the brain to
treat neurodegenerative diseases, completed a $90 million Series B
round led by Vida Ventures. New investors Surveyor Capital, Invus,
OrbiMed, Deep Track Capital, Pivotal bioVenture Partners and
Lightstone Ventures also participated in the round, alongside
returning backers Atlas Venture, Northpond Ventures and Hatteras
Venture Partners. Stefan Vitorovic, co-founder and managing
director of Vida Ventures, will join the board.
Beckley Psytech Ltd., a startup using psychedelic medicines to
address neurological and psychiatric disorders, secured $80 million
in an oversubscribed Series B round. Integrated led the funding,
which included additional support from Prime Movers Labs, Adage
Capital Management, Palo Santo, Delphi VC, Leafy Tunnel, Negev
Capital and Bicycle Day Ventures.
Carrot, a fertility-care provider, landed $75 million in Series
C financing. Lead investor Tiger Global Management was joined by
OrbiMed, F-Prime Capital, CRV, U.S. Venture Partners and Silicon
Valley Bank in the round.
Immunitas Therapeutics Inc., a Waltham, Mass.-based startup
harnessing an emerging technology known as single-cell sequencing
to develop cancer treatments, picked up $58 million in Series B
funding. Agent Capital led the round, which saw participation from
investors including Alexandria Venture Investments, Leaps by Bayer,
M Ventures, Novartis Venture Fund, Longwood Fund, Medical
Excellence Capital, Solasta Ventures and Ono Venture Investment. In
addition to the financing, Amanda Wagner was promoted to chief
business officer. Before joining Immunitas, she was vice president
of corporate development at Q32 Bio. Agent Capital's Geeta Vemuri
and Medical Excellence Capital's Brian Halak will join the
board.
Jnana Therapeutics, a Boston-based startup whose lead program
for the treatment of phenylketonuria will soon enter clinical
development, closed a $50 million Series B round. RA Capital
Management led the investment, which included support from existing
backers Polaris Partners, Versant Ventures, Avalon Ventures, AbbVie
Ventures and Pfizer Ventures. Matthew Hammond, principal at RA
Capital, joined Jnana's board.
Ranok Therapeutics, a China-based developer of breakthrough
therapies for cancer and other serious diseases, secured $40
million in Series B financing led by Lapam Capital and Shanghai
Healthcare Capital.
ClosedLoop.ai., an Austin, Texas-based healthcare data science
platform, grabbed $34 million in Series B funding. Lead investor
Telstra Ventures was joined by Breyer Capital, Greycroft Ventures,
.406 Ventures and Healthfirst in the round.
Ultrahuman, which seeks to improve diet and exercise based on
glucose biomarkers, raised $17.5 million in Series B funding. Alpha
Wave Incubation, which is managed by Falcon Edge Capital, invested
in the round, alongside Steadview Capital, Nexus Venture Partners,
Blume Ventures and Utsav Somani's iSeed fund.
Opya Inc., a San Mateo, Calif.-based provider of early
intervention therapy for children with autism, snagged a $15.4
million Series A round. New investors including Panoramic Ventures,
SB Opportunity Fund, Disability Opportunity Fund and Raven One
Ventures were joined by previous backers Divergent Investments and
Altitude Ventures in the funding. Austin Poole of Panoramic
Ventures will join the board.
Element5, a San Jose, Calif.-based startup whose technology
simplifies work for post-acute care organizations, fetched $15
million in Series A financing. Insight Partners led the round, with
Jared Rosen joining the board.
Circles, a San Francisco-based emotional support platform, was
seeded with an $8 million investment led by NFX and Flint
Capital.
More Health News
Sleep apnea sufferers scramble after Philips recall of critical
machine
Covid-19 booster shot to be offered to Americans fully
vaccinated with Pfizer, Moderna
Biden tells nursing homes to vaccinate staffs to keep Medicare,
Medicaid funds
Around the Web
Verily scoops up a fellow software maker as Amy Abernethy scales
its clinical trials platform (Endpoints News)
Racial inequities persist in healthcare despite expanded
insurance (New York Times)
(END) Dow Jones Newswires
August 19, 2021 09:53 ET (13:53 GMT)
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