Healthcare Private Placement and M&A Transactions Review Week Ending August 18, 2024

Caresyntax: The company raised $180 million of funding through a combination of debt and equity on August 15, 2024. $80 million of Series C venture funding was provided by Blackrock Innovation Capital Group, Optum Ventures, Symbiotic Capital, MTIP, Aescuvest, PFM Health Sciences, Pictet Alternative Advisors, Relyens, and other undisclosed investors. $100 million of debt was provided by undisclosed lenders. The company is a developer of a data-driven surgical analysis platform.

Halda Therapeutics: The company raised $177 million of Series B venture funding from Access Biotechnology, Boxer Capital and Taiho Ventures on August 12, 2024. Deep Track Capital, Frazier Healthcare Partners, RA Capital Management, Vida Ventures, Connecticut Innovations, Canaan Partners and Elm Street Ventures also participated in the round. The company is a developer of a drug discovery platform designed to create therapeutic and precision medicines.

Odyssey Therapeutics: The company raised $117.2 million of Series C venture funding in a deal led by Ascenta Capital on August 14, 2024. Sanofi Ventures, OrbiMed, Foresite Capital, Creacion Ventures, HBM Healthcare Investments, Catalio Capital Management, SR One Capital Management, General Catalyst, Alexandria Venture Investments, The Healthcare Innovation Investment Fund LLC, Global BioAccess Fund, BlackMars Capital, AB Magnitude Ventures Group, KB Investment, Balderton Capital, Walleye Capital, Woodline Partners and Colt Ventures also participated in the round. The company is an operator of a biotechnology business intended to develop immunomodulators and oncology drugs.

HistoSonics: The company raised $102 million of Series D venture funding in a deal led by Alpha Wave Global on August 15, 2024. Johnson & Johnson Innovation – JJDC, Yonjin Venture, HealthQuest Capital, Venture Investors, Amzak Health, and Lumira Ventures also participated in the round. The company is a developer of a novel, non-invasive sonic beam therapy platform designed to liquefy and destroy targeted tissues at a sub-cellular level.

Moximed: The company raised $91 million in Series D venture funding in a deal led by Elevage Medical Technologies on August 13, 2024, putting the company’s pre-money valuation at $79 million. Morgenthaler Ventures, New Enterprise Associates, Gilde Healthcare, GBS Venture Partners, Vertex Ventures HC, Advent Life Sciences, Warren Point Capital, Cormorant Asset Management and Australia Future Fund also participated in the round. The company is a developer of unicompartmental load absorber implants intended to improve the standard of care for patients with osteoarthritis.

Noetik: The company raised $40 million of venture funding from undisclosed investors on August 13, 2024. The company is an operator of an AI-native drug discovery company intended to discover and develop cancer immunotherapies.

Convergent Therapeutics: The company raised $22.2 million of venture funding from undisclosed investors on August 13, 2024. The company is an operator of a clinical-stage biotechnology business intended to develop dual-targeted combination strategies to treat cancer.

InterShunt: The company raised $18.3 million of venture funding from undisclosed investors on August 13, 2024. The company is a developer of a proprietary catheter system designed to provide relief to people suffering from heart failure.

Ferrum: The company raised $15 million of venture funding from undisclosed investors on August 15, 2024. The company is a developer of an artificial intelligence patient monitoring technology.

Hexarad: The company raised GBP 11.2 million of Series B venture funding in a deal led by MTIP on August 15, 2024. Foresight Group and other undisclosed investors also participated in the round. The company is a developer of a healthcare technology platform intended to deliver radiology diagnostic services.

Pelage: The company raised $14 million of Series A1 venture funding in a deal led by GV on August 13, 2024, putting the company’s pre-money valuation at $41.5 million. The company is a developer of a regenerative medical treatment to promote hair health.

MolecuLight: The company raised $11.7 million of Series C venture funding in a deal led by Export Development Canada and Prosegur Compañis de Seguridad on August 15, 2024. iGan Partners also participated in the round. The company is a developer of portable handheld optical imaging devices designed to visualize bacteria and measure wounds at the point of care.

Venova Medical: The company raised $9.7 million of venture funding from undisclosed investors on August 15, 2024. The company is a developer of vascular access systems intended to address the challenges associated with providing optimal vascular access treatment for patients that need hemodialysis.

LinusBio: The company raised $6.15 million of Series A3 venture funding from undisclosed investors on August 12, 2024, putting the company’s pre-money valuation at $163.85 million. The company is a developer of a precision exposome medicine platform designed to analyze the molecular impact of environmental exposures on health.

Amulet: The company raised $6 million of Series A-2 venture funding in a deal led by HealthX Ventures on August 12, 2024, putting the company’s pre-money valuation at $13.5 million. Mendota Venture Capital, AllerFund Ventures, Great Oaks Venture Capital, Incite Ventures (San Francisco), Julie Bornstein, Diede van Lamoen, and other undisclosed investors also participated in the round. The company is a manufacturer of a small portable electrochemical detection system designed to test for common allergenic ingredients.

PatientPartner: The company raised $3.5 million of venture funding from FCA Venture Partners and other undisclosed investors on August 15, 2024. The company is a developer of a digital health platform designed to bring together physicians and patients experiencing similar health issues.

Moonlight Therapeutics: The company raised $2.4 million of venture funding from undisclosed investors on August 15, 2024. The company is a pre-clinical stage biotech company founded to develop a transformational treatment for patients with food allergies.

Hedera-22: The company raised an estimated EUR 2 million of venture funding from Aravis, Noshaq and K&E on August 14, 2024. Gesval also participated in the round. The company is a developer of a DNA-based synthesis platform designed to improve new molecule production with targeted genetic modifications.

Abata Therapeutics: The company raised an undisclosed amount of venture funding from Bristol-Myers Squibb on August 15, 2024. The company is a developer of cell therapy intended to treat autoimmune and inflammatory diseases.

Morphic Therapeutic / Eli Lilly and Company: The company was acquired by Eli Lilly and Company for $3.2 billion on August 16, 2024. Morphic Holding Inc is a biopharmaceutical company applying its insights into integrins to discover and develop a pipeline of oral small-molecule integrin therapeutics.

Revance Therapeutics / Crown Laboratories: The company entered into a definitive agreement to be acquired by Crown Laboratories, via its financial sponsors Hildred Capital Management, Revelation Partners, and Montreux Growth Partners, through a $924 million LBO on August 12, 2024. Revance Therapeutics Inc is a biotechnology company focused on aesthetic and therapeutic offerings, including its neuromodulator product, DaxibotulinumtoxinA for Injection.

Care.ai / Stryker: The company reached a definitive agreement to be acquired by Stryker for an undisclosed amount on August 12, 2024. The company is a developer of a sensor-based technology designed to detect and evaluate a range of patient behaviors.

Citius Oncology / TenX Keane Acquisition: The company acquired TenX Keane Acquisition through a reverse merger, resulting in the combined entity trading on the Nasdaq Stock Exchange under the ticker symbol CTOR on August 12, 2024. Citius Oncology Inc is a specialty pharmaceutical company dedicated to the development and commercialization of critical care products targeting unmet needs for oncology.

Firefly Neuroscience / WaveDancer: The company acquired WaveDancer through a reverse merger, resulting in the combined entity trading on the NASDAQ under the ticker symbol AIFF for $45.4 million on August 12, 2024. Firefly Neuroscience Inc is an AI company developing innovative neuroscientific solutions that improve outcomes for patients with mental illnesses and cognitive disorders.

Honeybee / LeapCure: The company was acquired by LeapCure for an undisclosed amount on August 13, 2024. The company is a developer of a collaborative clinical trial recruitment platform intended to connect researchers with potential participants for health research studies.

Numera / Malar Group of Companies: The company reached a definitive agreement to be acquired by Malar Group of Companies for an undisclosed amount as of August 16, 2024. The company is a developer of a health monitoring platform intended to collate various health monitoring capabilities in one mobile device.

SunRegen / Verisante Technology: The company reached a definitive agreement to acquire Verisante Technology through a reverse merger, resulting in the combined entity trading on the TSX Venture Exchange under the ticker symbol VER.H on August 12, 2024. The company is an operator of a biopharmaceutical business intended to develop drugs to treat neurodegenerative diseases.

The Chartis Group / Blackstone: The company entered into a definitive agreement to be acquired by Blackstone through an LBO reportedly at a valuation of $1.4 billion on August 14, 2024. The company is a provider of advisory, consulting and software analytics services for improving the delivery of healthcare.