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Kriya Therapeutics’ Gene-Therapy Platform Gets Venture Backing
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By Brian Gormley, WSJ Pro
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Good day. Venture capital is pouring into startups seeking to ramp up production of gene therapy.
Companies are developing gene therapies—genes used to cause cells to make disease-fighting proteins—for a variety of rare disorders and some common illnesses. Yet the industry faces a bottleneck. Manufacturing capacity is limited, with few contractors able to conduct large-scale production, according to a 2021 L.E.K. Consulting report.
Some investors have responded by seeking out startups that have managed to raise the significant funding needed to corral the manufacturing and other capabilities to develop gene therapies independently.
Kriya Therapeutics Inc., which has just closed a $270 million Series C round, aims to avoid fragmentation that has hampered the field, said co-founder and Chief Executive Shankar Ramaswamy. To bring all the pieces together, the company has established business units for manufacturing, research and development, technology and therapeutics.
Today, pockets of expertise exist in companies specializing in components of gene therapy, said Jim Momtazee, managing partner of Patient Square Capital, which led Kriya’s new financing. But no silver bullet will solve all the technological challenges to gene-therapy development, he said.
“Unless you have those companies talking to each other, it becomes challenging to make real progress,” he added.
Kriya, based in Redwood City, Calif., and Research Triangle Park, N.C., has now raised more than $450 million to develop treatments for rare and highly prevalent diseases, according to Dr. Ramaswamy, adding that this latest financing will help it drive its initial therapies toward clinical trials.
And now on to the news...
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Garheng Kong, managing partner at HealthQuest Capital. PHOTO: HEALTHQUEST CAPITAL
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Growth capital. HealthQuest Capital has raised $675 million for a new growth-equity fund targeting the expanding ecosystem of later-stage healthcare startups.
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With more healthcare startups launched in recent years reaching the commercial stage, HealthQuest has raised its largest fund aimed at helping maturing businesses expand and increase their sales.
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HealthQuest set out to raise $550 million for HealthQuest Partners IV LP late last year and has closed the fund at its upper limit. Its successful investments include Castle Biosciences Inc., a diagnostics company that went public in 2019, and ophthalmology-focused Avedro Inc., acquired by Glaukos Corp. in 2019.
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HealthQuest invests across several markets and seeks out companies that can combine disciplines. This holistic approach mirrors how medicine is practiced, according to founder and Managing Partner Garheng Kong.
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28 Million
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The number of U.S. children aged 5 to 11 now eligible to receive booster shots of the Covid-19 vaccine developed by Pfizer Inc. and BioNTech SE.
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Cerebral Board Members Agree to Replace CEO Amid Federal Probe Into Prescription Practices
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Directors who control the board of Cerebral Inc. agreed on a plan to replace Chief Executive Kyle Robertson, sparking leadership tumult at the mental-health startup as it contends with scrutiny over its prescription practices for controlled substances, people familiar with the situation said Tuesday, WSJ's Rolfe Winkler reports. Investors and an independent director who together control four of the board’s seven seats agreed that Mr. Robertson should be replaced by the firm’s president and chief medical officer, David Mou, some of the people said. Mr. Robertson, who is also Cerebral’s co-founder and controls the other three seats, didn’t participate in the meeting, but afterward he lost access to the
company’s Slack messaging system without advance notice, another person said. Mr. Robertson hadn’t agreed to depart his CEO role as of late Tuesday, the people said.
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Crypto Funds Keep Raising Money, Despite Market Meltdown
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Money keeps flowing into crypto, running against the steady stream of bad news and market meltdowns, WSJ Pro's Vipal Monga reports. On Thursday, Toronto-based Round 13 Capital announced it raised $70 million to invest in blockchain companies. The venture firm has already deployed $15 million into six deals. It hopes to raise another $30 million for investments and wants to deploy all its capital in the next two years. “I think this is the most opportune time to invest,” said Satraj Bambra, a co-founding partner of the firm. “We’re seeing more talent go into this space. It’s very opportunistic.”
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Andreessen Horowitz Debuts $600 Million Gaming Fund to Add to Web3 Bets
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Silicon Valley venture-capital firm Andreessen Horowitz debuted a $600 million fund dedicated to gaming startups, stepping up its bets on so-called Web3 technology just as a broader market decline underscores the volatility of the cryptocurrency-based sector, WSJ reports. The venture firm, known as a16z, said Wednesday the fund is its first dedicated to the games industry, pointing to the billions of dollars in annual revenue that hit games such as "Fortnite" and "Minecraft" generate. The fund extends a16z's yearslong practice of backing gaming startups and builds on its strategy to deploy billions of dollars into Web3 technologies. Web3 refers to a new iteration of the internet, with products and apps
that are built on the blockchain, include the exchange of cryptocurrencies or tokens, and at times are housed in a virtual world, dubbed the metaverse.
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Deals
Alternative-asset manager Apollo Global Management Inc. agreed to take a minority equity interest in European life sciences venture-capital firm Sofinnova Partners, and will commit up to €1 billion of managed capital to its investment funds.
People
Monogram Health, provider of in-home nephrology, primary care and benefit-management services for individuals with chronic kidney and end-stage renal disease, hired Karen Abbott as chief administrative officer and chief compliance officer. Ms. Abbott was most recently chief legal officer, chief compliance officer and corporate secretary at American Addiction Centers. Based in Nashville, Tenn., Monogram Health is backed by Frist Cressey Ventures, Norwest Venture Partners and TPG.
Inversago Pharma Inc., which is working on new treatment options for patients affected by metabolic conditions, appointed Glenn S. Vraniak to the position of chief financial officer. He was previously CFO at Evaxion Biotech A/S. Montreal-based Inversago Pharma is backed by investors including Genesys Capital, AmorChem, Tarnagulla Ventures and Accel-Rx.
Pet pharmacy startup Mixlab Inc. appointed George Koveos as chief operating officer. He was previously COO at Ro. Based in New York and Los Angeles, Mixlab has raised funding from Sonoma Brands Capital, Global Founders Capital, Monogram Capital, Lakehouse Ventures, Brand Foundry and others.
Exits
Spring Health Inc., a provider of behavioral-health benefits for employees, is expanding its family mental-health offerings with the purchase of Weldon. Terms weren’t disclosed. Last September, New York-based Spring Health raised a $190 million Series C equity and debt round from Kinnevik, Tiger Global Management, Northzone, RRE Ventures, Work-Bench, Able Partners and others. Weldon is a portfolio company of City Light and Human Ventures.
New Zealand's healthcare payments provider HealthNow acquired digital prescription discount platform CoverUS for an undisclosed amount. NetX lists both companies in their portfolios.
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Laekna Therapeutics, a Shanghai-based developer of medicines to treat cancer and liver diseases, landed $61 million in Series D funding. Led by CS Capital, the round included contributions from Worldstar Global Holdings, Infinity Capital and Yanchuang Capital.
Cynosure LLC, a Westford, Mass.-based developer of medical aesthetic treatment systems for plastic surgeons, dermatologists and other medical practitioners, picked up a $60 million investment led by Clayton Dubilier & Rice.
Mirvie Inc., a South San Francisco, Calif.-based startup whose technology helps predict unexpected pregnancy complications, closed a $60 million Series B round. Decheng Capital led the investment, which saw participation from funds and accounts managed by BlackRock, Foresite Capital, General Catalyst, GV, Khosla Ventures and Mayfield. The round also included a debt facility from Comerica Bank.
SwanBio Therapeutics Inc., a Philadelphia-based gene therapy company focused on treating neurological conditions, completed a $56 million Series B round led by Syncona and Mass General Brigham Ventures.
Vivasure Medical Ltd., an Ireland-based developer of fully absorbable technology for percutaneous vessel closure, fetched €22 million (about $23 million) in the first tranche of a Series D round that is targeted to raise €52 million in total. Investors included Fountain Healthcare Partners, Orchestra BioMed, Panakès Partners and Evonik Venture Capital.
Locus Biosciences Inc., a Research Triangle Park, N.C.-based startup developing treatments for a diverse set of bacterial diseases, snagged a $35 million investment, which included Series B equity and conversion of an earlier convertible note. Investors in the round included Artis Ventures, Tencent Holdings, Viking Global Investors and Johnson and Johnson Innovation – JJDC Inc.
Epitopea Ltd., a U.K.- and Montreal-based cancer therapeutics startup, was seeded with a $13.6 million investment from investors including Novateur Ventures.
Greater Good Health, whose primary care model centers around nurse practitioners, nabbed a $10 million investment. LRVHealth led the round, which included support from Martin Ventures, Health Velocity Capital, Optum Ventures and others.
Pique, a women’s sexual healthcare platform, raised a $4 million seed investment led by Maveron.
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CT scans are among the imaging procedures that have been postponed. PHOTO: AFP VIA GETTY IMAGES
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China lockdown and dye shortage lead hospitals to cancel medical scans
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Biden administration to continue pandemic health emergency
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Pfizer’s Covid-19 booster cleared for 5- to 11-year-olds
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Long Covid symptoms often include crushing fatigue. Here's how to cope.
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Assessing the lingering impact of Covid-19 on the nursing workforce. (McKinsey & Co.)
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This gene mutation breaks the immune system. Why has it survived? (Wired)
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Google taps FDA’s former digital-health chief for global strategy role. (STAT News)
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Scientists home in on cause of Duchenne gene therapy side effect. (Biopharma Dive)
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