During its fiscal year that will end on 30 June, 2015, BioAdvance’s life sciences portfolio companies attracted USD85 million of capital from private investments and other sources.
“It’s been another strong year for our portfolio companies” says Barbara Schilberg CEO of BioAdvance. “While several companies have raised significant amounts of venture capital others have received non-dilutive funding achieved product sales secured development contracts accessed the public markets or progressed products through collaborations with larger companies. This progress confirms that there are multiple paths to success for life sciences companies.”
Galleon Pharmaceuticals raised USD10 million in a Series B round supplemented by USD6 million in venture debt which will be used to progress the company’s compounds to Phase 2a. Participating in the financing were TPG Morgenthaler HealthCare Ventures and BioAdvance.
HealthQx raised USD3.5 million in a Series B financing led by Health Enterprise Partners a growth equity firm whose investors include leading hospital systems and health plans. Current investors including Easton Capital BioAdvance and angel investors also participated. The company provides value-based payment analytics software and services for providers health systems and insurers.
Infrascan signed a USD3.7 million multi-year contract with the US Marine Corps/Navy to develop a next generation version of the company’s Infrascanner brain haematoma detector.
Merganser Biotech closed a USD28 million Series A financing which will be used to develop its therapeutic agents for rare haematologic and iron overload diseases. The round was led by the Novartis Venture Fund joined by Frazier Healthcare Sutter Hill Ventures Osage University Partners BioAdvance and Stateside Developments.
Novira Therapeutics closed a USD9M financing with current investors 5AM Ventures Versant Ventures Canaan Partners BioAdvance WuXi and angel investors. Proceeds will be used to complete a Phase 1b study of its first-in-class antiviral compound to treat hepatitis B infections.
Relmada Therapeutics [OTCQB:RLMD] raised USD14.9 million through the exercise of Series A warrants following its reverse merger and public offering earlier in 2014. Proceeds from the warrants will be used to advance the clinical development of its four programs to treat chronic pain.
VenatoRx Pharmaceuticals received USD3 million from NIH grants and other awards to progress its compounds to address biodefense-related infections.
Six other companies (Melior Pharmaceuticals Optofluidics Ossianix QR Pharma Treventis and WellTrackOne) received at least USD1M each in proceeds from financings product or service sales and research collaborations.
