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Artis Ventures' Bet on Protein-Research Technology
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By Brian Gormley, WSJ Pro
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Good day. New gene-sequencing systems have supercharged genomics research. Investors with Artis Ventures see a similar revolution unfolding in protein research.
Powerful DNA sequencers have cut the cost of decoding genomes and enabled larger-scale deployment of genomics in research and medicine. But genes are only part of the equation when it comes to understanding the roots of disease. Proteins, the molecular workhorses of cells, also are important.
Artis has backed two startups with new technologies for studying proteins. It has just led a $5.2 million seed funding for protein-research, or proteomics, startup Range Biotechnologies after joining a financing for proteomics startup Glyphic Biotechnologies in 2021.
Glyphic says it has a new platform for sequencing the amino acids of proteins in a sample. It is valuable for tasks such as discovering proteins that weren’t on scientists’ radar before and discerning which could be valuable as drug targets, said Ameena El-Bibany, an Artis partner.
Range, for its part, says its platform enables researchers to quantify proteins on a large scale. Its applications include studying how a drug affects proteins in clinical trial participants, information valuable to drugmakers as they decide whether to continue advancing a particular compound, El-Bibany said.
Artis plans to continue considering opportunities in proteomics, including startups involved in protein design, she added.
And now on to the news...
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Christopher Morley, co-founder and president of Medivis, at a 2019 conference.
PHOTO: DAVID PAUL MORRIS/BLOOMBERG NEWS
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Surgical navigation. Augmented reality is entering the operating room. Thrive Capital has led a $20 million Series A round in Medivis, a startup whose software allows medical images, such as those from magnetic resonance imaging and CT scans, to be superimposed on the patient.
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Surgeons view the three-dimensional medical image through any commercially available AR headset. Medivis’s system essentially provides “X-ray vision” into the patient’s anatomy, said co-founder Dr. Osamah Choudhry. The Food and Drug Administration cleared Medivis’s system for use in planning surgeries in 2019. Medivis is pursuing FDA clearance to use the system during surgeries.
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AR, which overlays holographic images onto physical reality, isn’t new, but its use in surgery is just getting started. Kareem Zaki, a Thrive general partner, said software advances that deliver the precision needed for surgery are relatively new, and securing regulatory clearances and research publications to support the technology takes time.
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$25 Million
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The approximate amount the Center for Autism and Related Disorders, a behavioral-therapy provider majority-owned by Blackstone, has agreed to sell itself for after filing for bankruptcy.
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After Illumina CEO’s Fall, Other Executives to Take Hard Look at Deals
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The abrupt departure of Illumina’s chief executive during a fight with antitrust regulators will give other executives pause before pulling the trigger on deals, antitrust-law specialists said, The Wall Street Journal reports. Francis deSouza, whose resignation from the maker of gene-sequencing equipment and services took effect Sunday, was an early casualty of the regulators’ toughening stance on mergers and acquisitions. Opposition of the Federal Trade Commission and European Union to its $7.1 billion deal for cancer-test developer Grail sent Illumina’s shares plunging and provoked activist investor Carl Icahn, who criticized deSouza’s handling of the deal and launched a proxy
fight.
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Startups Wonder Where All the VC Went
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After years of venture capital flowing freely into early-stage tech companies, investors are getting pickier. That’s forcing founders to make tough decisions and causing more of them to shut down. WSJ Pro Venture Capital reporter Yuliya Chernova joins Tech News Briefing host Zoe Thomas to discuss the landscape for startup funding and what it's like to be a founder these days.
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Funds
Discover Bank launched the Discover Financial Health Improvement Fund with an initial capital commitment of $36 million to support startups developing services to improve the financial health of low- and moderate-income people, communities and small businesses.
People
Landsdowne Labs, developer of a button battery technology designed to deactivate batteries following accidental ingestion, promoted Bryan Laulicht to chief executive. Prior to co-founding the company in 2017, he co-founded Bullseye Therapeutics and Perosphere Pharmaceuticals.
SetPoint Medical, a clinical-stage healthcare company focusing on treating patients with chronic autoimmune diseases, appointed Rohan Seth as chief financial officer. He was previously CFO at Cutera.
Modern Health, a workplace mental health platform, appointed Neha Chaudhary to the post of chief medical officer. Dr. Chaudhary is currently on faculty at Massachusetts General Hospital, and before joining Modern Health, she was CMO at BeMe Health.
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Nelly, a Berlin-based startup whose software digitalizes administrative work for medical practices, scored €15 million in Series A funding led by Lakestar.
Oova, a New York-based maker of an at-home fertility tracker, secured $10.3 million in Series A funding led by Spero Ventures.
Invirsa, a Columbus, Ohio-based startup developing an eye drop to reduce signs and symptoms of dry eye and other ocular surface conditions associated with DNA damage, closed a $7.7 million Series B round. CincyTech led the investment, which included participation from Rev1 Ventures and others.
STAT Health, a Boston-based maker of an in-ear wearable that measures blood flow to the head to better understand symptoms such as dizziness, brain fog, headaches, fainting and fatigue that occur upon standing, emerged from stealth with $5.1 million in seed funding from investors including J2 Ventures.
Finni Health, an autism-care startup, picked up a $3.2 million investment led by General Catalyst.
Anise Health, a culturally-responsive digital mental health startup, completed a $1.2 million pre-seed round led by Kicker Ventures.
Auxilius Pharma, a startup developing a medication for treating chronic-stable angina pectoris, said it raised $1 million in seed funding led by CofounderZone.
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David ‘Lee’ Wells, seen with roommate Stephanie McFadyen, lost five fingers to wounds related to use of fentanyl laced with xylazine. Photo: Alyssa Schukar for The Wall Street Journal
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Private equity deals in biotech down over 50% YOY in Q1 (S&P Global Market Intelligence)
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Vaccine database leak exposes IDs of millions of Indians (Wired)
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Biogen CEO calls new Alzheimer’s drug first breach of disease’s ‘fortress wall’ (Boston Globe)
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New obesity drugs come with a side effect of shaming (New York Times)
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