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Ovation Gathers Funding to Extend Research Network
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By Brian Gormley, WSJ Pro
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Good day. Venture capitalists are betting technology from startup Ovation.io Inc. will help more diagnostic labs participate in medical research that leads to novel drugs and diagnostics.
Cambridge, Mass.-based Ovation has raised $12 million in new venture funding to fuel an effort to expand the number of diagnostic labs that use its software and also join its network of research partners.
Ovation sells software that labs use for tasks such as processing test results. While several companies sell lab software, Ovation has used its software operation to catalyze a life sciences data business.
Diagnostic labs have blood and tissue samples used for running tests. By working with labs that use its software, and with biobanks, Ovation has built a repository of samples that can be analyzed for medical research.
Ovation, which launched this research program in 2021, says it now has more than 1.3 million specimens from 453,000 patients who have consented to allow their blood or tissue to be used for research or commercial purposes.
Ovation strikes deals to provide data to drugmakers and other research groups. More than 30 of the labs that use Ovation’s software have also agreed to join Ovation’s research network. When Ovation takes on projects, labs in this network perform genetic sequencing for that research effort, said Chief Executive Curt Medeiros.
Ovation raised the new capital from return investors such as Madrona Venture Group and undisclosed new backers.
“It’s about helping drug discovery be faster, be more efficient,” said S. Somasegar, a managing director with Madrona. “One key component is access to samples and patient data, which is what Ovation is delivering.”
And now on to the news...
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Moderna says that if regulators approve the vaccine, it could become available by early next year. PHOTO: CJ GUNTHER/EPA/SHUTTERSTOCK
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RSV vaccine. An experimental vaccine from Moderna Inc. significantly reduced the risk of a viral respiratory disease among older adults in a large clinical trial, the latest promising sign in drugmakers’ efforts to fight the deadly RSV virus, The Wall Street Journal reports. Citing the results, the Cambridge, Mass., company said Tuesday it would apply in the coming months for U.S. regulatory approval to sell its vaccine against RSV, which stands for respiratory syncytial virus. If regulators approve the vaccine, it could become available by early 2024, the company said.
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177,000
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The number of hospitalizations each year from RSV infections among adults 65 and older, according to the CDC.
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New Plant Technology Could Boost Food Supplies, Bayer CEO Says
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New plant technologies can help increase food supply and reduce the emissions generated from agriculture, said Werner Baumann, the chief executive of German agricultural giant Bayer AG, WSJ reports. Speaking on a panel at the World Economic Forum in Davos, Switzerland, on Wednesday, Mr. Baumann said new technologies could help plants do what they currently couldn't. For example, corn could be trained to remove nitrogen from the atmosphere for use as a nutrient, the way soy does. That would help cut the amount of nitrogen fertilizer used and reduce the emissions generated by manufacturing it, he said.
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Mexico Bans California Startup’s Experiments to Cool Atmosphere
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The Mexican government is shutting down a plan by a California startup to inject sunlight-reflecting particles into the atmosphere with high-altitude balloons in an attempt to cool the Earth’s atmosphere, WSJ reports. Make Sunsets, a firm led by tech entrepreneur Luke Iseman, had raised $750,000 in venture capital and other funds with the idea of selling “cooling credits” to U.S. firms, according to Mr. Iseman. He said the money would be used to release sulfur dioxide into the stratosphere, with the idea that the particles—if spread across a wide area—would reflect sunlight away from the Earth and cool the atmosphere. The so-called solar-geoengineering project launched one balloon in 2022 and was planning
more launches this month from a site in the Mexican state of Baja California Sur.
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People
Dianthus Therapeutics, a developer of monoclonal antibodies for people with severe and rare autoimmune diseases, appointed Susan Kalled as chief scientific officer. She was previously CSO at Compass Therapeutics. Last year, Waltham, Mass.- and New York-based Dianthus Therapeutics closed a $100 million Series A round led by 5AM Ventures, Avidity Partners and Fidelity Management & Research Co.
Sensorium Therapeutics, a startup developing nature-inspired psychoactive medicines for mental health, appointed Jeffrey M. Brown as chief scientific officer. He was most recently vice president and head of preclinical research at Deep Genomics. In November, Boston-based Sensorium Therapeutics said it closed a $30 million Series A round from Santé Ventures, Route 66 Ventures, CU Healthcare Innovation Fund and others.
Exits
Elicio Therapeutics and Angion Biomedica Corp. have entered a merger agreement under which Elicio will combine with a wholly-owned subsidiary of Angion in an all-stock transaction. The combined Nasdaq-listed company will continue under the Elicio Therapeutics name and will focus on advancing the company’s proprietary lymph node-targeting approach to treating cancer. Elicio is backed by investors including Clal Biotechnology Industries, Efung Capital and Dreavent.
Genome engineering technology developer Inscripta purchased Infinome Biosciences and Sestina Bio, two synthetic biology startups, for an undisclosed amount. In 2021, Inscripta raised a $150 million Series E round from investors including Fidelity Management and Research Co., T. Rowe Price Associates Inc., D1 Capital Partners, Durable Capital Partners, Foresite Capital, Morgan Stanley Investment Management and JS Capital. Sestina Bio is listed in the portfolios of Foresite Capital, OMX Ventures and Foresite Labs.
hC Bioscience Inc. acquired 4SR Biosciences to expand platform development of tRNA-based therapies targeting genetic disease and cancer. Terms weren’t disclosed. Last year, hC Bioscience closed on $40 million in Series A funding from Taiho Ventures, Panacea Venture, ARCH Venture Partners, Takeda Ventures and 8VC.
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Pathalys Pharma Inc., a Raleigh, N.C.-based developer of therapeutics for the management of end-stage kidney disease, raised $150 million through a combination of secured product financing and equity. Abingworth led both financings, which included additional support from Carlyle Group, OrbiMed, Catalys Pacific and DaVita Venture Group. In addition to the funding, Pathalys Pharma entered a strategic collaboration with Launch Therapeutics to advance Phase III clinical trials in patients on hemodialysis.
Authenticx, an Indianapolis-based conversational intelligence provider to healthcare organizations, landed $20 million in Series B funding. Blue Heron Capital led the round, with Operating Advisor Scott Sanner joining the company’s board. Beringea, 50 South Capital Advisors, High Alpha, Mutual Capital Partners, Signal Peak Ventures, Allos Ventures, Elevate Ventures and M25 also participated in the round.
Roo, a San Francisco-based marketplace connecting animal hospitals with short-term veterinary staff, closed an $11 million Series A round. Jackson Square Ventures led the investment, which included contributions from Floodgate and AirAngels.
Posterity Health, a Greenwood Village, Colo.-based digital male fertility platform, picked up a $7.5 million investment. Led by Distributed Ventures, the funding included additional support from FCA Venture Partners and WVV Capital.
knownwell, a Boston-based weight-inclusive healthcare provider, launched with $4.5 million in seed funding led by Flare Capital Partners.
Prescribe FIT Inc., a Columbus, Ohio-based orthopedic weight loss startup, completed a $4 million seed investment led by Tamarind Hill.
Sleepagotchi Inc., a Cambridge, Mass.-based app with gamification and social elements that helps users improve sleeping habits, was seeded with a $3.5 million investment from 6th Man Ventures, Collab+Currency, Shima Capital and others. Serge Kassardjian, general partner at 6th Man Ventures and chief executive of Staytuned, will join the board.
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As a reason to organize, Simranvir Kaur, who works at Stanford Medicine, cites the extra work required of residents during the Covid pandemic.
PHOTO: IAN BATES FOR THE WALL STREET JOURNAL
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