Healthcare Private Placement and M&A Transactions Review Week Ending October 5, 2025

Star Therapeutics: The company raised $125 million of Series D venture funding in a deal led by Sanofi Ventures and Viking Global Investors on September 30, 2025. NYBC Ventures, Frazier Healthcare Partners, GordonMD Global Investments, Soleus Capital, Redmile Group, Cormorant Asset Management, OrbiMed, Westlake Village BioPartners, New Leaf Venture, Agent Capital, RA Capital Management, Catalio Capital Management, Sofinnova Investments, Qatar Investment Authority, Janus Henderson Investors and Blue Owl Credit Income also participated in the round. The company is a developer of antibody-based therapeutics designed to treat serious and underserved diseases through novel biological pathways.

Ansa Biotechnologies: The company raised $54.4 million of Series B venture funding in a deal led by Cerberus Capital Management on October 1, 2025. Blue Water Life Science Advisors, Altitude Life Science Ventures, Black Opal Ventures, Fall Line Capital, Alternative Investment Management and other undisclosed investors also participated in the round. The company is a developer of a novel DNA synthesis technology designed to simplify the biological research process.

Apnimed: The company raised $51.5 million through a combination of debt and equity on October 1, 2025, putting the company’s pre-money valuation at $423.5 million. The company is a developer of a pharmacologic therapy designed to target orally dosed medicines, and the key underlying neurobiological mechanisms that lead to airway obstruction.

OncoC4: The company raised $50 million of Series B venture funding in a deal led by Greater Bay Area Homeland on October 2, 2025. HM Capital, 3E Bioventures Capital and Kaitai Capital also participated in the round. The company is an operator of a biopharmaceutical business intended for the discovery of novel biologicals for cancer and neurodegenerative disease treatments.

Crossbow Therapeutics: The company raised $30.3 million of Series B venture funding from undisclosed investors on September 30, 2025. The company is a developer of TCR-mimetic antibodies and T-cell engagers to treat cancer by targeting peptide-MHC complexes on tumor cells with high precision.

Sense Neuro Diagnostics: The company raised $17 million of venture funding in a deal led by QCA First Funds on October 3, 2025. Bearcat Ventures, UC Ventures and Alloy Growth Lab also participated in the round. The company is a developer of noninvasive radiofrequency sensors designed to detect major changes in the brain.

RDS: The company raised EUR 14 million of Series A venture funding in a deal led by Bpifrance on September 29, 2025. Capital Grand Est, Groupe MACSF and Critical Path Ventures also participated in the round. The company is a developer of a remote patient monitoring platform designed to capture physiological parameters and support clinical insights.

DermaSensor: The company raised $16 million of Series B venture funding from Pier 70 Ventures, Kern Venture Group and GenHenn Capital on October 2, 2025. The company is a developer of a skin cancer evaluation technology designed to provide spectroscopy and machine learning technologies to detect cancer early.

StratifAI: The company raised EUR 12.5 million of venture funding in a deal led by Alven Capital Partners and Picus Capital on September 30, 2025. Debiopharm Innovation Fund, Arve Capital, Heliad, Rubin Ritter, Lars Langusch and Christoph Haarburger also participated in the round. The company is a developer of multimodal artificial intelligence models designed to deliver prognostic insights from routinely available histology images and clinical data to guide treatment decisions in oncology.

Folia Health: The company raised $10.5 million of Series A venture funding in a deal led by S3 Ventures on October 1, 2025. Crosslink Capital and Create Health Ventures also participated in the round. The company is a developer of a patient management tool intended for patients with rare diseases to collect and share their symptom and treatment data with their care teams and researchers.

Confido Health: The company raised $10 million through a combination of debt, and Series A venture funding in a deal led by Blume Venture Advisors on September 30, 2025, putting the company’s pre-money valuation at $24.4 million. Together Fund, MedMountain Ventures, DeVC, Schema Ventures, Vicus Ventures, and other undisclosed investors also participated in the round. The company is a developer of a healthcare operations platform designed to help clinicians eliminate administrative time spent on routine tasks.

Tulea Health: The company raised $10 million of Series A venture funding from undisclosed investors on October 1, 2025, putting the company’s pre-money valuation at $50 million. The company is a developer of health systems designed to create freestanding ambulatory infusion centers.

AiM Medical Robotics: The company raised $8.1 million of Series A venture funding in a deal led by IQ Capital Partners on September 30, 2025, putting the company’s pre-money valuation at $25.9 million. 1540 Ventures, Cancer Research Horizons, New York Angels, Harvard Business School Alumni Angels of Chicago, SWAN Impact Network, Angel Star Ventures, Keiretsu Forum, Worcester Polytechnic Institute Endowment, The Sontag Foundation and other undisclosed investors also participated in the round. The company is a developer of a compatible surgical robot designed to increase outcomes for patients undergoing neurosurgery for functional brain disorders.

Infinity Bio: The company raised $8 million of Series A venture funding in a deal led by Illumina Ventures on October 1, 2025, putting the company’s pre-money valuation at $24 million. PTX Capital, Blackbird BioVentures, TCP Venture Capital, and TEDCO also participated in the round. The company is an operator of a biotechnology business that offers antibody profiling services using its proprietary MIPSA platform to map antibody interactions with the human proteome, virome, and allergenome.

Liberate Medical: The company raised an additional $4.4 million of Series B venture funding from undisclosed investors on September 29, 2025, putting the company’s pre-money valuation at $18.2 million. The company is a developer of a respiratory muscle stimulator intended to reduce the number of days a patient spends on mechanical ventilation.

Multiwave: The company raised CHF 3.5 million of venture funding from Ava Investors and other undisclosed investors on September 29, 2025. The company is an operator of a deep science medical imaging business intended to develop a portable magnetic resonance imaging device.

Medsense Health: The company raised $4 million of Series 2 venture funding from HealthX Ventures and other undisclosed investors on October 1, 2025. The company is a developer of a medication adherence ecosystem of hardware, software, and clinical support to help patients take their medications correctly.

Beacon Biosignals: The company raised an undisclosed amount of venture funding from Nexus NeuroTech Ventures in October 2025. The company is a developer of an artificial intelligence-based EEG analysis and diagnosis platform designed to improve human health by providing rapid, targeted interventions through advanced brain analytics.

Biomunex Pharmaceuticals: The company raised an undisclosed amount of venture funding from Eurobail Formation and other undisclosed investors on October 1, 2025. The company is a developer of immunotherapies designed to deliver therapeutics in the area of oncology.

Convexia: The company raised an undisclosed amount of venture funding from Maiora Ventures in October 2025. The company is a developer of AI-native pharmaceutical asset platforms designed to accelerate drug development through agent-based analysis.

Expert Systems: The company raised Series A venture funding on October 1, 2025. The company is a developer of an artificial intelligence-enabled platform designed for drug discovery.

ReCode Therapeutics: The company raised an undisclosed amount of venture funding from Cystic Fibrosis Foundation and other undisclosed investors on September 29, 2025. The company is a developer of targeted delivery technology designed for patients with rare diseases.

Sibel Health: The company raised an undisclosed amount of venture funding from Maruho on September 30, 2025. The company is a developer of clinical-grade health monitoring devices designed to measure heart rate, respiratory rate, skin temperature, body position, and activities of patients and pregnant mothers.

Reap Tech: The company raised an undisclosed amount of venture funding from Ludlow Ventures in October 2025. The company is a developer of an AI-powered healthcare management platform.

Merus / Genmab: The company reached a definitive agreement to be acquired by Genmab for USD 8 billion on September 29, 2025. Merus NV is a clinical-stage immuno-oncology company that develops bispecific antibody therapeutics.

Elektrofi / Halozyme Therapeutics: The company reached a definitive agreement to be acquired by Halozyme Therapeutics for $750 million on October 1, 2025. The company is a developer of a drug delivery platform designed to enhance subcutaneous administration.

Qualigen Therapeutics / Faraday Future Intelligent Electric: The company was acquired by Faraday Future Intelligent Electric, SIGN Foundation, Sequoia Capital, IDG, and Circle for $41 million on September 30, 2025. Qualigen Therapeutics Inc is an early-clinical-stage therapeutics company focused on developing treatments for adult and pediatric cancer.

Barinthus Biotherapeutics / Clywedog Therapeutics: The company reached a definitive agreement to be acquired by Clywedog Therapeutics through a reverse merger, resulting in the combined entity trading on the NASDAQ Stock Exchange under the ticker symbol CLYD on September 30, 2025. Barinthus Biotherapeutics PLC is a clinical-stage biopharmaceutical company developing novel T-cell immunotherapeutics that guide the immune system to overcome chronic infectious diseases, autoimmunity, and cancer.

BennuBio / Precision Cell Systems: The company was acquired by Precision Cell Systems for an undisclosed amount on October 1, 2025. The company is a developer of flow cytometer devices designed to facilitate monitoring and analysis of blood cells and particles.

CBSET / Arlington Capital Partners: The company was acquired by Arlington Capital Partners through an LBO on October 1, 2025 for an undisclosed amount. The company is an operator of a preclinical translational research institute intended for advancing early-stage biomedical technologies.

Conduce Health / Switchboard Health: The company was acquired by Switchboard Health for an undisclosed amount on September 30, 2025. The company is an operator of a value-based specialty care platform intended to bridge the gap between risk-bearing entities and specialists.

Millrock Technology / Artemis Capital Partners: The company was acquired by Artemis Capital Partners through an LBO on September 30, 2025 for an undisclosed amount. The company is a manufacturer of freeze drying equipment and solutions for pharmaceutical, biotech, and life sciences industries.

Oculo Health / Vyome Therapeutics: The company was acquired by Vyome Therapeutics for an undisclosed amount on September 29, 2025. The company is a developer of an AI-based eye tracking application designed to monitor how the brain changes over time.

Pieces / Smarter Technologies: The company was acquired by Smarter Technologies, via its financial sponsors Transformation Capital and New Mountain Capital, through an LBO on September 30, 2025 for an undisclosed amount. The company is a developer of a generative AI technology designed to assess and connect patients and health systems that addresses social determinants of health.