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GV’s Philippakis Sees Potential of Precision Treatments
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By Brian Gormley, WSJ Pro
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Good day. The newest general partner on the life sciences team of GV is helping the Alphabet-backed venture-investment firm invest in precision treatments for heart disease and other conditions based on his experience as a geneticist, data scientist and cardiologist.
The revolution in genetics since the human genome was first sequenced in the early 2000s is making this precision-medicine approach increasingly possible in heart disease, helping researchers select patients for clinical trials and identify new lines of attack for drugs, says Anthony Philippakis, who became a general partner at GV in February.
GV, formerly named Google Ventures, has increased its life sciences investment team to 20 people from a handful when it launched in 2009. The firm, which has a total of 35 people on its investment team, manages more than $10 billion and invests about $1 billion annually across sectors and funding stages. Philippakis first joined the firm as a venture partner in 2012.
The former cardiologist at Brigham and Women’s Hospital and former chief data officer at the Broad Institute of MIT and Harvard entered Harvard Medical School in 2001, the year scientists published a draft sequence and initial analysis of the human genome. With that development as a backdrop, Philippakis said he decided he would focus his career on using genomics and data science to improve healthcare.
Read the full article.
And now on to the news...
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23andMe’s stock closed at a new low of 36 cents a share Wednesday. PHOTO: TIFFANY HAGLER-GEARD/BLOOMBERG NEWS
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23andMe CEO plans to take company private. Anne Wojcicki is seeking to take her DNA-testing company 23andMe private after three years in public markets that saw the once-hot company’s valuation collapse from a high of $6 billion, The Wall Street Journal reports. Her intentions were revealed in a public filing late Wednesday, which stated that she is working with advisers to help craft a potential deal and intends to speak with potential partners and financing sources.
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The filing said she would oppose any other buyer taking over the company. She holds 49.99% voting power in the company, which would make it all but impossible for anyone else to buy it.
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23andMe’s stock closed at 36 cents a share on Wednesday, a new low that translates to a market capitalization of about $200 million.
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$1 Billion+
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The amount UnitedHealth Group said it expects in costs this year from a February cyberattack on its Change Healthcare unit.
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States Seek to Combat Private-Equity Healthcare Takeovers
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Statehouses across the country are enacting laws to curtail private-equity healthcare acquisitions, part of a political backlash against corporate consolidation in the medical sector, WSJ Pro reports. More than a dozen states have passed laws to require corporate buyers such as private-equity firms to notify states of planned healthcare acquisitions. In some cases, these laws let state authorities block deals if they consider them against the public interest.
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Most of these bills have passed in Democratic-controlled states, but last month Indiana—where Republicans hold legislative majorities and the governor’s office—became the first red state to enact a private-equity healthcare merger-review law.
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Ares Takes Fresh Aim at Healthcare Through New Fund
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Private-credit specialist Ares Management has begun gathering capital for its first fund to finance specialty healthcare businesses, including those that are scientifically and technologically advanced and struggle to attract institutional support, WSJ Pro reports. The fund manager with $418.85 billion in assets at the end of December aims to raise $1.5 billion for Ares Specialty Healthcare Fund, which will primarily lend to businesses focused on pharmaceuticals, biotechnology, medical devices, diagnostics and specialty services, according to public documents prepared for the New Mexico State Investment Council, which oversees a sovereign-wealth fund that had $52.7 billion of assets as of
the end of February.
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Funds
Regeneron Pharmaceuticals launched a venture capital fund with a $500 million commitment to be spread out over the next five years.
SOSV closed its largest fund to date with $306 million in commitments to continue investing in deep tech startups focusing on human and planetary health.
SpringTide Ventures, an early-stage healthtech investor, closed its second fund at $65 million, bringing the firm’s total assets under management to over $100 million.
People
Canaan added Uwe Schoenbeck to its healthcare investment team as a new venture partner. He most recently worked within Pfizer’s Worldwide Research, Development & Medical division. In addition to the appointment, Canaan expanded the size of its biopharma investment funds with the addition of more than $100 million in new capital.
EpiWatch, developer of a chronic-care software platform for epilepsy, appointed Teresa Prego to the post of chief executive officer, succeeding Dean Papadopoulos.
Theradaptive, a developer of targeted regenerative therapeutics, appointed Frank Vizesi as chief scientific officer. He was previously CSO at Orthofix.
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Kontakt.io, a startup whose technology helps health systems to optimize patient, staff and resource flows, picked up a $47.5 million investment led by the growth equity business within Goldman Sachs Alternatives. Christian Resch, a partner at Goldman Sachs, will join the company’s board. Kontakt.io has offices in New York and Poland.
Evergreen Theragnostics, a Springfield, N.J.-based radiopharmaceutical startup, closed a $26 million investment from Petrichor and others.
Pathios Therapeutics, a U.K.-based drug discovery startup seeking to advance its lead candidate into human clinical trials in advanced solid cancers by the end of the year, raised $25 million in Series B funding from investors including Canaan and Brandon Capital.
RFX Solutions, an Oklahoma City-based healthcare regulatory compliance software provider, landed $9 million in Series A funding led by Arthur Ventures.
Somite, a startup building AI foundation models to produce human tissue at scale for cell therapies, secured $5.3 million in pre-seed financing led by TechAviv.
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Longevity vacationers making use of poolside vitamin IV drips and other treatments are helping to fuel the global wellness tourism market. FOUR SEASONS RESORT MAUI, ROSEBAR AT SIX SENSES IBIZA (5)
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