Recent Funding:
Atlas Venture (Cambridge, MA) Raises $450M for Early-Stage Biotech Fund
Atlas Venture raised $450M for its 14th fund, maintaining its focus on seed-led venture creation in biotech startups. The firm prioritizes smaller, disciplined fund sizes to foster company building and avoid overexpansion, emphasizing adaptability and high returns. Since 2022, Atlas has launched 16 biotech companies, achieved multiple acquisitions (e.g., Nimbus Therapeutics’ immune drug), and supported nearly 50 active clinical trials in its portfolio.
Nuvig Therapeutics (SF) Raises $161M Series B to Advance Autoimmune Therapy
Nuvig secured $161M in a Series B round led by Sanofi Ventures, Blue Owl Healthcare Opportunities, and Norwest Venture Partners, with participation from Bristol Myers Squibb and others. Funds will support Phase 2 testing of NVG-2089, an antibody drug targeting Type II Fc receptors to restore immune balance in CIDP and other autoimmune diseases without suppressing overall immunity. Part of a $3B investment surge in immune drug startups in 2024, reflecting strong interest in clinical-stage biotechs with novel mechanisms of action.
Maze Therapeutics (SF) Secures $115M Series D for Precision Medicine Programs
Maze raised $115M in a Series D round led by Frazier Life Sciences and Deep Track Capital, with participation from Janus Henderson Investors, Logos Capital, and existing investors like Third Rock Ventures and ARCH Venture Partners. Funds will optimize the Phase 2 trial of MZE829 and further development of Maze’s Compass platform for precision medicine targeting renal, cardiovascular, and metabolic diseases.
Cala Health (SF) Raises $50M to Expand Wearable Tremor Therapy
Cala Health secured $50M in a round co-led by Vertex Group Fund and Nexus NeuroTech Ventures, with participation from existing investors like Johnson & Johnson Innovation and GV. The FDA-cleared kIQ wearable neurostimulator uses personalized, non-invasive electrical stimulation to reduce tremors caused by essential tremor and Parkinson’s disease. Medicare now covers the device for essential tremor patients who have tried or considered pharmaceutical therapies, offering an alternative to invasive treatments like deep brain stimulation. Recent studies demonstrated improved outcomes when combining kIQ with standard care.
Dimension (New York, NY) Raises $500M Fund for Life Science-Tech Startups
Dimension’s second fund, Dimension II, raised $500M to invest in startups at the intersection of life sciences and technology, exceeding its initial $350M fund launched in 2023. Targets include tech-powered therapeutics and drug discovery tools. Investments will range from single-digit millions to $40M, supporting startups, growth companies, and publicly traded biotechs. The firm emphasizes selective, larger investments with active support for portfolio companies, aiming to balance innovation and risk in the current challenging funding environment.
Recent Layoffs:
Belharra Therapeutics (SD) Implements Workforce Reduction Amid Financial Challenges
Belharra is reducing its workforce by 40%, affecting 21 employees, to extend its cash runway and navigate funding uncertainties while focusing on key development milestones. The company’s non-covalent chemoproteomics platform remains operational, with ongoing partnerships with Genentech (up to $2B potential biobucks) and Sanofi (up to $700M in biobucks) in immunology and oncology. bLaunched in 2023 with $50M in Series A funding and $80M from Genentech, Belharra is advancing preclinical discovery work on undruggable targets in collaboration with its partners.
M&A, Deals, Partnerships:
Coherus BioSciences (Redwood City, CA) Divests Biosimilar Portfolio to Focus on Cancer Immunotherapy
Coherus will sell its Udenyca biosimilar franchise to Intas Pharmaceuticals for $483M upfront, with an additional $75M contingent on sales milestones. The sale aligns with Coherus’ pivot from biosimilars to immuno-oncology, using funds to pay off $230M in debt, eliminate royalty obligations, and reallocate resources toward its cancer drug pipeline. Coherus’ immuno-oncology portfolio includes Loqtorzi, a checkpoint inhibitor for nasopharyngeal carcinoma, and experimental therapies acquired through Surface Oncology.
FDA Approvals:
BridgeBio Pharma (SF) Secures FDA Approval for ATTR Cardiomyopathy Drug Attruby
Attruby (acoramidis) was approved to treat transthyretin amyloidosis with cardiomyopathy, reducing hospitalizations, deaths, and improving heart health markers and quality of life. Priced at $244,000 annually, it targets a lucrative and growing market. Attruby stabilizes misfolded TTR proteins, competing with Pfizer’s tafamidis ($3.3B in sales last year) and Alnylam’s upcoming vutrisiran. Analysts estimate the ATTR amyloidosis market could exceed $11B by 2032. BridgeBio, new to commercial drug launches, must compete with established players like Pfizer and Alnylam while planning head-to-head trials to prove its drug’s advantages.
Other Interesting News:
BioAge Labs (SF) Halts Obesity Drug Trial Due to Safety Concerns
BioAge Labs discontinued its Phase 2 STRIDES study of azelaprag combined with Eli Lilly’s tirzepatide after 11 participants showed elevated liver enzymes, a potential indicator of organ damage. The company plans to reassess azelaprag’s development and will provide updates in early 2025. A separate CNS-targeting program is set to advance in late 2025. BioAge raised $170M in February and $198M via IPO in September to expand into metabolic drugs, pivoting from age-related treatments. Shares dropped significantly following the trial halt.
Janux Therapeutics (SD) Surges on Promising Prostate Cancer Drug Data
Early-stage data from Janux’s T cell engager, JANX007, showed promise in treating metastatic castration-resistant prostate cancer, pushing shares up 75% to over $70 and valuing the company above $2 billion. JANX007 uses a masking technology to target malignant cells while protecting healthy tissue, potentially expanding safe dosing and overcoming limitations of existing T cell engagers for solid tumors. Analysts highlight a $10 billion+ annual U.S. market for advanced prostate cancer treatments by the next decade, with competitors like Novartis’ Pluvicto setting benchmarks.
Amgen (Thousand Oaks, CA) Expands Biomanufacturing in North Carolina with $1B Investment
Amgen will establish a second drug substance manufacturing facility in Holly Springs, NC, increasing its total planned investment in the area to $1.5 billion. The project will create 370 new jobs and further develop North Carolina’s status as a leading biotech hub. The new facility will feature advanced technologies and sustainable practices, supporting Amgen’s commitment to environmental stewardship and global manufacturing excellence.
Donald Trump Appoints David Sacks as “A.I. & Crypto Czar”
Tech investor David Sacks, co-founder of Craft Ventures and former PayPal COO, will lead Trump’s administration’s approaches to artificial intelligence and cryptocurrency in the newly created role of “A.I. & Crypto Czar.” Sacks will chair the Presidential Council of Advisors for Science and Technology (PCAST), an independent committee providing science and technology policy recommendations to the White House. Sacks is a prominent investor in healthcare and tech companies such as ZocDoc and Neuralink and is a close associate of Elon Musk. His appointment follows Trump’s other science and health-related picks, including Jay Bhattacharya for NIH director and Martin Makary for FDA commissioner.
Andreessen Horowitz (a16z) Shifts Leadership of Bio + Health Group
Vijay Pande, who founded a16z’s Bio + Health group in 2016, is transitioning to focus on AI applications in healthcare and other industries. General partner Vineeta Agarwala will now lead the Bio + Health group, working with Jorge Conde and Julie Yoo. Agarwala joined a16z in 2020 and sits on the boards of biotech startups like BigHat Biosciences and Orbital Therapeutics. Previously, she was a venture partner at GV, supporting companies such as Maze and Locanabio. Under Pande’s leadership, a16z raised multiple life sciences-focused funds, including a $1.5 billion fund in 2022, solidifying its presence in the biotech and tech-bio intersection.
Kura Oncology (SD) Advances Menin Inhibitor Ziftomenib for AML with Promising Early Data
Positive Phase 1 data for ziftomenib, an oral menin inhibitor, show 91% complete remission rates in newly diagnosed AML patients, with strong responses in NPM1-mutated (100%) and KMT2A-altered (83%) subsets. Kura plans to launch the KOMET-017 Phase 3 trial in mid-2025, testing ziftomenib in combination with cytarabine/daunorubicin and venetoclax/azacitidine for first-line AML treatment. CEO Troy Wilson predicts ziftomenib could reach $3B in peak U.S. sales, with a majority coming from first-line combinations. Pivotal monotherapy data in relapsed/refractory AML are expected in early 2025.
Endometriosis Research and Treatment Face Funding and Development Challenges
Endometriosis affects ~10% of women globally, often requiring surgery for diagnosis. Only two FDA-approved drugs (Orilissa and Myfembree) are available, but both are costly, limited in use, and address symptoms rather than the disease’s root cause. Women’s health research, including endometriosis, has historically been underfunded, leading to limited understanding and fewer therapeutic developments compared to other conditions. The U.S. lags in biobank resources critical for research. Recent government initiatives, such as $100M pledged to women’s health research and ARPA-H’s women’s health sprint, aim to address these gaps. However, the future focus under the Trump administration remains uncertain. Experts emphasize the need for non-hormonal treatments targeting the disease’s mechanisms to provide more effective and tolerable options for patients.
