Healthcare Private Placement and M&A Transactions Review Week Ending July 31, 2023

Lumicell: The company raised $75.8 million in Series D venture funding from LaunchCapital, Rivas Capital and Burch Creative Capital on July 26, 2023, putting the company’s pre-money valuation at $174.2 million. Kinled Holding, Furneaux Capital and BlueIO also participated in the round. The company is a developer of oncology surgical devices designed to offer image-guided cancer surgery.

RapidAI: The company raised $75 million of Series C venture funding in a deal led by Vista Credit Partners on July 27, 2023, putting the company’s pre-money valuation at $525 million. The company is an operator of a neuroimaging platform intended to create high-quality images from non-contrast CT and MRI scans.

Octave: The company raised $62 million of Series B venture funding in a deal led by Northpond Ventures on July 26, 2023. Blue Venture Fund, Merck Global Health Innovation Fund, Hikma Ventures, Intermountain Ventures, Novartis, dRx Capital, Echo Health Ventures, Section 32, Deerfield Management and Casdin Capital also participated in the round. The company is a developer of a clinical platform designed to generate, analyze, and combine data for multiple sclerosis care.

Nexo Therapeutics: The company raised $60 million of Series A venture funding in a deal led by Versant Ventures on July 26, 2023, putting the company’s pre-money valuation at $20 million. New Enterprise Associates and Cormorant Asset Management also participated in the round. The company is a developer of a molecule oncology platform designed to advance the development of small-molecule therapies for patients with limited treatment options.

Ossium Health: The company raised $50.7 million of Series C venture funding in a deal led by CPMG on July 25, 2023, putting the company’s pre-money valuation at $249.3 million. Asahi Kasei, Alumni Ventures, First Round Capital, Manta Ray Ventures, Vivo Capital and other undisclosed investors also participated in the round. The company is a developer of stem cell-based therapies designed to improve the health, vitality, and longevity of human beings through bioengineering.

Vital Bio: The company raised $48 million of venture funding from Laboratory Corporation of America, Northpond Ventures and 8VC on July 25, 2023. Sam Altman, Travis May, Lachy Groom, Marc Benioff and Brennan Spellacy also participated in the round. The company is a developer of advanced diagnostic technologies designed to make it easier for healthcare providers and health systems to communicate with and engage patients during emergency department and inpatient visits.

Proprio: The company raised $41.4 million in Series B venture funding from East Seattle Partners, Wheelhouse Partners and Bold Capital Partners on July 27, 2023, putting the company’s pre-money valuation at $63.6 million. DCVC, Jaime Montealegre, Naveen Jain and Bird B. also participated in the round. The company is a developer of a surgical navigation and imaging platform designed to improve surgical accuracy, simplify surgical workflows, and enhance patient outcomes.

Kincell Bio: The company raised $36 million of Series A venture funding in a deal led by Kineticos Ventures on July 26, 2023, putting the company’s pre-money valuation at $30 million. Other undisclosed investors also participated in the round. The company is a manufacturer of immune clinical cells intended to aid cell therapy.

Crescendo Biologics: The company raised $32 million of venture funding from Kreos Capital, Sofinnova Partners, Andera Partners, IP Group BioNTech, Takeda and Quan Capital and other undisclosed investors on July 24, 2023. The company is an operator of a clinical-stage immuno-oncology company intended to develop multi-functional human body therapeutics in oncology.

A-Alpha Bio: The company raised $22.4 million of Series A venture funding in a deal led by Xontogeny and Perceptive Advisors on July 25, 2023, putting the company’s pre-money valuation at $100 million. Madrona Venture Group, Breakout Ventures, and other undisclosed investors also participated in the round. The company is a developer of synthetic biotechnology and machine learning designed to accelerate drug development with synthetic biology and sequencing.

RareCyte: The company raised $13.2 million of Series H venture funding from undisclosed investors on July 25, 2023, putting the company’s pre-money valuation at $96.8 million. The company is a developer of a cell discovery kit designed for the detection of Circulating Tumor Cells (CTCs).

AsclepiX Therapeutics: The company raised $10 million of Series A venture funding in a deal led by Perceptive Advisors on July 26, 2023, putting the company’s pre-money valuation at $27.5 million. Rapha Capital Management, Hibiscus Capital Management and other undisclosed investors also participated in the round. The company is a developer of computational peptide and drug development technology designed to develop improved treatments for retinal diseases.

ARIZ Precision Medicine: The company raised an undisclosed amount of venture funding from Newsight Tech Angels and other undisclosed investors on July 31, 2023. The company is an operator of a drug discovery and delivery platform intended to develop drugs that can resolve a specific individual cancer as well as other cancers.

PaceMate: The company received an undisclosed amount of development capital from Lead Edge Capital on July 25, 2023. The company is a provider of remote cardiac monitoring software designed to modernize digital healthcare systems.

Carmell Therapeutics / Axolotl Biologix: The company reached a definitive agreement to be acquired by Axolotl Biologix for $65 million on July 27, 2023. Carmell Therapeutics Corp is a regenerative medicine biotech company focused on leveraging its core platform technology, Plasma-based Bioactive Materia,l to stimulate tissue repair or growth after injury, disease or aging.

AdnaGen / Adelis Equity Partners: The company, a subsidiary of Qiagen, was acquired by SSI Diagnostica, via its financial sponsor Adelis Equity Partners, through an LBO on an undisclosed date. AdnaGen is a developer and manufacturer of diagnostic testing systems for medical and clinical research.

Complia Health / Axxess: The company was acquired by Axxess for an undisclosed amount on July 24, 2023. Complia Health is a developer of technology and software intended to serve long-term, pre-acute and post-acute care agencies.

Kova International / LGC: The company was acquired by LGC, via its financial sponsors Astorg, Cinven, Omnes Capital and Abu Dhabi Investment Authority, through an LBO on July 24, 2023 for an undisclosed amount. Kova International is a manufacturer of urinalysis products designed for the medical laboratory market.

MediGO / CareDx: The company was acquired by CareDx  for an undisclosed amount on July 25, 2023. MediGo is a developer of a logistics platform designed for real-time management of time-sensitive medical resources on a centralized communication channel.

Quten / Sanofi: The company reached a definitive agreement to be acquired by Sanofi for an undisclosed amount on July 28, 2023. Quten is a manufacturer and seller of health supplements.

Reata Pharmaceuticals / Biogen: The company reached a definitive agreement to be acquired by Biogen for an undisclosed amount on July 28, 2023. Reata Pharmaceuticals Inc is a clinical-stage biopharmaceutical company focused on identifying, developing, and commercializing therapeutics to address serious and life-threatening diseases by targeting molecular pathways.

Santhera Pharmaceuticals / Chiesi Farmaceutici: Santhera Pharmaceuticals was acquired by Chiesi Farmaceutici for an undisclosed amount on July 28, 2023. Santhera Pharmaceuticals is a developer of small molecule specialty pharmaceutical products designed to meet the needs of children and adults living with mitochondrial disorders.

Veyl Wellness Works / Veyl Ventures: The company, a subsidiary of FLP was acquired by Veyl Ventures for an undisclosed amount on July 31, 2023. Veyl Wellness Works is a manufacturer of vitamins and supplement products based in Tempe, Arizona.