Recent Funding:
Terray (Monrovia, CA) assembles $120M series B to push AI-powered small molecules into clinic
Terray Therapeutics raised $120 million in a series B funding round to advance its AI-driven small molecule drug development platform, tNova. New investor Bedford Ridge Capital and NVIDIA’s NVentures led the round. The funds will support Terray’s internal immunology programs and further build out its generative AI platform, designed to improve drug development efficiency. So far, Terray has measured over 5 billion target-ligand interactions. The biotech has also formed partnerships with Bristol Myers Squibb and Calico, expanding its efforts across various therapeutic areas.
Secretive Treeline Biosciences (SD) discloses $421M financing in filing
Treeline Biosciences, a secretive biotech startup co-founded by Josh Bilenker and Jeff Engelman, has raised an additional $421 million, bringing its total funding to nearly $900 million since its inception in 2021. The company focuses on difficult-to-drug molecular targets in oncology and other areas, employing advanced technologies like AI and machine learning. The board includes leaders from major investment firms, including ARCH, KKR, and OrbiMed.
IPOs:
Ceribell (Sunnyvale, CA) CEO Jane Chao explains why now was the time for its upsized IPO
Ceribell, known for its EEG technology, raised $180.3 million in its IPO, surpassing initial expectations of $101 million. CEO Jane Chao credited the company’s ability to showcase unmet clinical needs, particularly in seizure detection, and its strong relationships with investors during a medtech IPO drought. Ceribell’s platform uses AI to detect non-convulsive seizures in critical care settings, with future plans for expanding its use to conditions like delirium and ischemic strokes. With technology in over 500 hospitals, Ceribell aims to raise awareness and increase market penetration.
FDA Approvals:
Novocure nets FDA approval for Tumor Treating Fields in metastatic lung cancer
Novocure received FDA approval for its Tumor Treating Fields (TTFields) technology, marking the first treatment of its kind for metastatic non-small cell lung cancer (NSCLC). The Optune Lua device, designed to be worn on the chest or back, is approved for use alongside PD-1/PD-L1 inhibitors or chemotherapy in patients who have seen cancer progression after platinum-based therapies. Clinical data showed a significant survival benefit, with patients using TTFields living a median of 13.2 months compared to 9.9 months on standard therapies. This approval expands Novocure’s existing applications in glioblastoma and mesothelioma.
Other Interesting News:
Gilead withdraws Trodelvy in bladder cancer
Gilead announced it will withdraw Trodelvy for bladder cancer after a confirmatory trial, TROPiCS-04, showed the drug did not help patients live longer. The FDA granted accelerated approval in 2021 based on early tumor-shrinking results, but the recent failure prompted Gilead and the FDA to agree on withdrawal. Trodelvy, an antibody drug conjugate, is more significant for treating breast cancer, where it remains approved and projected to generate $1 billion in sales by 2030. The withdrawal follows other rescinded conditional approvals in oncology.
Teva (Irvine, CA) adopts biotech ethos as it leans into innovative drug development, exec says
Teva Pharmaceuticals is intensifying its focus on innovative drug development and adopting a biotech mindset, according to its EVP of global R&D and CMO, Eric Hughes. With a reorganization campaign and new CEO Richard Francis, Teva is advancing a pipeline of neuroscience and immunology drugs, including a long-acting antipsychotic, an asthma inhaler, and an anti-TL1A antibody for IBD. The company is speeding up clinical trials and exploring rare disease opportunities, aiming to balance its generic roots with novel therapies to drive future growth.
Notable Labs (Foster City, CA) files for bankruptcy, ending ambitions for Boehringer cancer drug
Notable Labs has filed for bankruptcy, bringing an end to its efforts to advance the Boehringer Ingelheim cancer drug, volasertib. The biotech, which focused on using its Predictive Medicine Platform to identify patients for this PLK1 inhibitor in acute myeloid leukemia, faced financial struggles after a reverse merger with VBL Therapeutics and dwindling funds. The company’s assets will be liquidated, and its leadership, including interim CEO Joseph Wagner, will depart.
