Healthcare Private Placement and M&A Transactions Review Week Ending April 16, 2023

TORL BioTherapeutics: The company raised $158 million of Series B venture funding in a deal led by Goldman Sachs Asset Management April 13, 2023. Moore Strategic Ventures and 7 other investors also participated in the round. The company is an operator of a drug development business intended to accelerate pre-clinical drug discovery.

Alentis Therapeutics: The company raised $105 million of Series C venture funding in a deal led by Jeito on April 13, 2023. Pureos Bioventures, Novo Holdings, RA Capital Management, Bpifrance, and Schroders Capital also participated in the round. The company is a developer of novel medications designed for the treatment of fibrotic diseases.

Relievant: The company raised $50 million of venture funding from undisclosed investors on April 14, 2023. The company is a developer of a minimally invasive medical device designed to target the basivertebral nerve for the relief of chronic low back pain.

Crossbow Therapeutics: The company raised $37.6 million of venture funding from undisclosed investors on April 12, 2023. The company is a developer of antibody engineering designed for intracellular cancer targets.

Neuromod: The company raised EUR 30 million of Series B venture funding from Panakes Partners, European Investment Bank and Fountain Healthcare Partners on April 13, 2023. The company is a developer of a medical technology designed to stimulate progress through the design, clinical validation, and commercialization of neuromodulation technologies.

Therini Bio: The company raised $26.6 million of venture funding through a combination of equity and debt from undisclosed investors on April 13, 2023. The company is an operator of a biotechnology business developing treatments to protect the nervous system from multiple sclerosis damage.

Epic Sciences: The company raised $24 million of Series G venture funding in a deal led by Arsenal Capital Partners and Deerfield Management on April 14, 2023. Labcorp Ventures, Blue Ox Healthcare Partners, and Domain Associates also participated in the round. The company is a developer of diagnostic test technology intended for quick and non-invasive detection of genetic and molecular changes in circulating tumor cells.

Pear Bio: The company raised $14.2 million of venture funding from SOSV and Covalent Ventures on April 14, 2023. The company is a developer of proprietary biomedical technologies designed for the treatment of cancer through the measurement of drug resistance in patients.

Iota: The company raised $8.5 million of venture funding from undisclosed investors on April 13, 2023. The company is a developer of a robotic assistive surgical system designed to insert cochlear implant electrodes.

SentiAR: The company raised $8.5 million of Series B venture funding in a deal led by Genesis Innovation Group on April 11, 2023, putting the company’s pre-money valuation at $22.5 million. Techwald Holding, MedVenture Partners, QRM Capital, VCapital and Harmonix Fund also participated in the round. The company is a developer of a 3D augmented reality platform designed to transform the experience for both patients and clinicians in interventional procedures.

Etiometry: The company raised $5.7 million of venture funding in the form of convertible debt from undisclosed investors on April 10, 2023. The company is a developer of clinical decision-support software designed to offer aggregation, integration, and analytics of healthcare data.

Geneos Therapeutics: The company raised $5 million of Series A3 venture funding from 3B Future Health Ventures on April 12, 2023, putting the company’s pre-money valuation at $82 million. The company is a developer of neo-antigen-based personalized immunotherapy designed to offer cancer treatment.

Profility: The company raised an estimated $4.2 million in Series B venture funding in a deal led by Valitas on April 10, 2023, putting the company’s pre-money valuation at $11.4 million. Keiretsu Forum and other undisclosed investors also participated in the round. The company is a developer of a predictive analytics platform designed to predict outcomes and enable informed healthcare decisions.

Araris Biotech: The company raised an undisclosed amount of venture funding from Samsung Venture Investment on April 11, 2023. The company is a developer of an antibody-drug conjugate linker technology designed to deliver potent drugs very specifically to the desired tissue.

Prometheus Biosciences / Merck & Co.: The company reached a definitive agreement to be acquired by Merck & Co. for $10.8 billion on April 16, 2023. Prometheus Biosciences Inc is a biotechnology company pioneering a precision medicine approach to the discovery, development, and commercialization of novel therapeutic and companion diagnostic products for the treatment and diagnosis of IBD.

Amryt Pharma / Chiesi Farmaceutici: The company was acquired by Chiesi Farmaceutici for $1.5 billion on April 12, 2023. Amryt Pharma PLC is a specialty pharmaceutical company.

Empath / CAC Holdings: The company was acquired by CAC Holdings for an undisclosed amount on April 13, 2023. The company is a developer of a web platform designed to identify human emotions by detecting acoustic features of the voice.

PLx Pharma / PLx Acquisition Company: The company reached a definitive agreement to be acquired by PLx Acquisition Company, a subsidiary of Greenwood Brands, for an undisclosed amount on April 12, 2023. PLx Pharma Inc is a specialty pharmaceutical company focused on its clinically-validated and patent-protected PLxGuard drug delivery platform.

ReachBio Research Labs / Discovery Life Sciences: The company was acquired by Discovery Life Sciences, via its financial sponsors Ares Capital Corporation BDC and Water Street Healthcare Partners, through an LBO on April 11, 2023 for an undisclosed amount. The company is a provider of cell biology custom research services intended to focus on blood and bone marrow stem cell assays.

Satsuma Pharmaceuticals / Shin Nippon Biomedical Laboratories: The company reached a definitive agreement to be acquired by Shin Nippon Biomedical Laboratories for an undisclosed amount on April 16, 2023. Satsuma Pharmaceuticals Inc is a clinical-stage biopharmaceutical company engaged in developing a novel therapeutic product for the treatment of migraine.