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Veteran life sciences executive leads new company to major funding round
The day that then-CEO Athena Countouriotis was appointed. turning point therapypeople were already asking her, “What’s next?” when the San Diego biotech announced it was being acquired by Bristol-Myers Squibb for $4.1 billion.
Less than a year later, she partnered with Mohammad Harmand, Turning Point’s chief medical officer. Abenzo Therapeutics, a clinical-stage oncology company. This is a common story in San Diego. Established biotech leaders are channeling their success and experience into the community to create the next innovative companies.
This week, Avenzo exceeded its initial funding goal of $45 million, raising $150 million in Series A funding. round. To date, the company has raised approximately $347 million.
“The environment has clearly changed compared to the second half of last year,” Avenzo CEO Counturiotis said.
Athena Countouriotis, co-founder and CEO of Avenzo Therapeutics.
(Courtesy of Avenzo Therapeutics)
Countouriotis credits the above-expected fundraising to the experience of Avenzo’s team, the data behind its lead drug, and what the company wants to pursue next in its pipeline.
The funding round included nine new investors and was led by New Enterprise Associates (NEA), Deep Track Capital, Sofinova Investments, and Sands Capital.
Abenzo’s lead drug is an oral drug that targets the specific way tumors develop resistance to other treatments. It addresses metastatic breast cancer and some solid tumors, he said, and taps into an unmet need for patients who have hit a wall and are no longer responding to the three currently available drugs.
Countouriotis is investigating ways to harness the drug’s potency to allow it to be taken only once a day, as well as how to selectively target cancer resistance pathways to help other similar drugs. He said it may be possible to minimize the side effects seen with the drug.
The funding will help Avenzo advance its lead drug through clinical trials, expand its drug pipeline for other cancers such as ovarian, and expand its current team of 15 people. He said it plans to inject capital into the company through next year and is already aiming to close some more deals later this year.
New biotech company launches with $400 million in funding
There’s a new biotech company in town, $400 million in initial funding, an established local leadership team, and a buzz. Mirador Therapeutics is focused on providing cutting-edge precision medicine for immune-mediated inflammatory and fibrotic diseases.
The company is with Mark C. McKenna, prometheus bioscience, a local biotech focused on treating Crohn’s disease and ulcerative colitis. Last April, Merck acquired Prometheus for $10.8 billion.
San Diego’s newest biotech company hopes to accelerate the research and discovery of viable medicines through Mirador360, a unique high-precision development engine that leverages genetic information and data science.
“At Mirador, we envision a bold new era of precision medicine for immune-mediated inflammatory and fibrotic diseases through speed and precision of development,” said McKenna, Chairman and CEO of Mirador. He said in an announcement on March 21st. “The industry has only just scratched the surface of leveraging advances in human genetics, coupled with breakthroughs in machine learning, to accelerate the development of precision treatments for patients who need them most. is.”
The funding was led by ARCH Venture Partners.
Boundless Bio begins trading on Nasdaq
this week, infinite bio has begun trading on the Nasdaq Global Market, officially becoming the first San Diego life sciences IPO of the year.
The company priced its stock at $16 per share and offered 6.25 million shares of its common stock on Thursday. Shares fell to $14.25 per share on the first day of trading.
The company expects to raise approximately $88.4 million to $102.3 million through the initial public offering. The company plans to use the funding to further develop cancer treatments and advance medicines through clinical trials.
Founded in 2018, Boundless is a clinical-stage oncology company developing new approaches to block specific genes from turning cells into tumors. The company is conducting clinical trials of small molecule therapies that target extrachromosomal DNA, the genetic material associated with certain cancers.
As of March 1, the company had 72 full-time employees and operates out of Alexandria GradLabs in La Jolla.
Spine technology company Carlsmed raises $52.5 million in Series C
A local medical technology company that leverages artificial intelligence in spine surgery has secured $52.5 million in funding. Karl Smed announced on March 18 that it exceeded its Series C funding expectations.
The North County company is developing a personalized spine surgery platform with the goal of improving patient outcomes and reducing costs. The Company’s software platform and implantable devices have received certain approvals from the U.S. Food and Drug Administration.
Carlsmed, which is part of local technology incubator Evonexus, said it would use the funding to fast-track the commercialization of its personalized spinal surgery platform, aprevo, due to launch next year.
“We founded Carlsmed to improve patient outcomes through personalized surgery. Recent clinical papers show that our Aprevo patient-specific implant achieves this goal.” said Carlsmed CEO Mike Cordonnier in a statement. “His AI-enabled technology platform and innovative business model will allow us to quickly scale production to meet growing demand and empower patients.”
The funding round was co-led by B Capital and US Venture Partners.
Send tips and local life sciences news to natallie.rocha@sduniontribune.com.
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