“I think what differentiates our platform versus a lot of other companies is that we're doing interesting biology and we have the tech angle with machine learning, and then we've been able to validate that platform with our lead compound,” Thompson noted. “We also have the opportunity with our early platform in our discussions with pharmaceutical companies on doing some target discovery for them, which could bring in some non-dilutive funding as well.”Įvery company is finding the financial markets difficult because of the turmoil being experienced on a macro scale, he noted. “Currently, we're looking to raise a series C,” Thompson said. Promising results from a small Phase II study will now propel the company’s CVN424 into pivotal trials, though its optimum dose is still unclear.ĬEO Craig Thompson told Scrip in an interview at the BIO meeting that it is a challenging time to be out raising VC funding since the upheaval in the public markets is being felt by private biopharma firms as well, but the company feels confident about its chances to raise cash because of the positive Phase II results it reported for lead drug candidate CVN424, a GPR6 inverse agonist, in March. is preparing to initiate a pivotal trial for its first-in-class Parkinson’s disease drug in the first quarter of 2023, but first the company needs to raise a series C venture capital round.Ĭerevance’s First-In-Class Parkinson’s Candidate Shows Phase II Promise By Andrew McConaghie Cerevance Confident Of Edge In Tough Fundraising MarketĬerevance Inc. (Also see " Finance Watch: More Job Cuts As Companies Prioritize Cash Conservation" - Scrip, 18 May, 2022.) However, big pharma and specialty pharmaceutical firms are hungry for deals to fill their pipelines as key products face generic competition over the next decade, so collaborations, licensing agreements and acquisitions could be a life preserver for companies struggling to stay afloat. With funding down across the board, cost-cutting will be required, as many companies have found this year. (Also see " Finance Watch: Venture Capital Dominates Biopharma Funding So Far In 2022" - Scrip, 3 Jun, 2022.) (Also see " Finance Watch: Q1 Biopharma IPOs Shrink To A Fraction Of 2021 Total" - Scrip, 8 Apr, 2022.) As a result, venture capital fundraising totaled just $9.5bn in the first three months of 2022 compared to $10.8bn in the same period of 2021, but it was 53% of the Q1 total this year versus 32% in Q1 of last year, according to Biomedtracker. There were only nine initial public offerings by biopharmaceutical companies in the US during the first quarter of 2022 versus 32 in the first quarter of 2021, with IPO proceeds totaling just $807m in Q1 of this year versus $5.2bn in Q1 of last year, according to Scrip’s tally. The Next Big Patent Cliff Is Coming, And Time Is Running Out To Pad The Fall By Jessica Merrill īlockbusters like Stelara, Eliquis, Prolia and Ibrance are poised to lose US exclusivity over the next five years pressure is mounting for industry to replenish the portfolio with the next high-growth brands. Ways to navigate these rough waters is a key focus at BIO. The State Of The Financing Environmentīiotechnology stock valuations are down 30%-50% over the past year, depending on which index you track, impacting the ability of private drug developers to go public and for public companies to raise cash in follow-on offerings, so companies are looking for alternative strategies for managing their operations and keeping R&D programs on track, whether through financing, deals or cost-cutting. EU Biosimilar Filings, Opinions & ApprovalsĪs 2022 proves to be a year of missed predictions and uncertainty, we are using this year's BIO notebook to provide additional context by reviewing different industry metrics to provide more perspective to the comments coming from the meeting.Drug Review Pathways & Approval Standards.
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