Follow the Money: ITM’s Gastroenteropancreatic Therapy, GRIN, Angelini Pharma Collaborates, More

$262.5M: Debt Financing for Gastroenteropancreatic Neuroendocrine Tumor Treatment 

ITM Isotope Technologies Munich SE (ITM) announced a debt financing agreement for up to $262.5 million. The capital will be used to prepare for commercial readiness and potential market launch of the company’s lead candidate, n.c.a. 177Lu-edotreotide (also known as ITM-11 or 177Lu-edotreotide). ITM-11 recently met the primary endpoint in the COMPETE Phase 3 study as a potential treatment for gastroenteropancreatic neuroendocrine tumors (GEP-NETs). ITM plans to submit a New Drug Application for this asset to the FDA in 2025. In addition, the company will continue to accelerate the development of its innovative targeted radiopharmaceutical pipeline and the scale-up of Actinium-225 manufacturing through its joint venture, Actineer.

$140M: Series D for Commercialization of Radiprodil 

GRIN Therapeutics announced its closing of a $140 million Series D financing. GRIN also entered a collaboration with Angelini Pharma to develop and expand commercial rights outside of North America of GRIN's investigational drug radiprodil, which is currently being studied in multiple rare genetic epilepsies and neurodevelopmental disorders. Radiprodil is a targeted, selective, and potent negative allosteric modulator of the GluN2B subunit of the N-methyl-D-aspartate (NMDA) receptor. NMDA receptors are crucial for synaptic transmission, cognition, and seizures.

$135M: Series B for Stargardt Disease and Genetic Medicines 

SpliceBio announced the closing of a $135 million Series B financing. The funding will be used to advance the clinical development of SpliceBio's lead gene therapy candidate, SB-007 for Stargardt disease, including the ongoing interventional Phase 1/2 ASTRA study and the observational POLARIS study. SB-007 is the first dual adeno-associated viral (AAV) gene therapy cleared by the FDA to enter clinical development for Stargardt disease. SB-007 has also received regulatory clearance for clinical development from the UK Medicines and Healthcare products Regulatory Agency (MHRA).

$130M: Series B for Autoimmune Disease Treatment 

GlycoEra AG announced the closing of an oversubscribed $130 million Series B financing. The proceeds will be used to advance the Company’s lead IgG4-targeted protein degrader through clinical data in patients, bring a second program to the clinic, and further develop its differentiated pipeline of precision extracellular degraders in immunology and additional indications. GlycoEra’s proprietary platform enables the development of best-in-class degraders that target a broad spectrum of extracellular proteins. GlycoEra’s degraders are bispecific molecules that leverage a naturally occurring process to degrade proteins, achieving precise and sustained removal of disease-causing proteins with unprecedented speed and depth while avoiding systemic off-target effects.

$80M: Private Placement Fund for Transformative Genetic Medicines for Cardiovascular Diseases  

Lexeo Therapeutics has entered into a securities purchase agreement to issue and sell shares that will go into a private placement of approximately $80 million. Lexeo intends to use the proceeds from the private placement to fund advancement of ongoing clinical stage programs, and for working capital and general corporate purposes. The financing is expected to fund operations through a potential 2027 efficacy readout for LX2006 in Friedreich ataxia cardiomyopathy, which recently shared encouraging Phase 1/2 interim data.

$80M: Series A for Sleep Apnea Nasal Spray 

Mosanna Therapeutics launched with an $80 million Series A financing. Mosanna is pioneering a pharmaceutical solution for sleep apnea patients with MOS118, a nasal spray administered at night that helps restore the body's natural airway reflex. MOS118 targets the upper airway muscles that are responsible for maintaining airway patency. Research has shown that in obstructive sleep apnea patients, the natural airway reflex becomes less active at night, leading to a loss of airway patency and the occurrence of apnea. The new funding will support the advancement of MOS118 through Phase 2 development while also supporting the expansion of Mosanna's pipeline.

$60M: Series B for Migraine Therapy 

Salvia BioElectronics announced the successful completion of a $60 million Series B financing round. The funds will enable Salvia to complete clinical development and prepare for the commercial launch of MySalvia Therapy, which is currently evaluated in the RECLAIM study, a multi-center, double-blind, sham-controlled study for people with chronic migraine. The funds also allow Salvia to focus on obtaining FDA market authorization in the US and regulatory approvals in Europe and Australia.

$57.5M: Series D for Pain Platform for Post-Surgical Pain Management 

Allay Therapeutics announced the completion of a $57.5 million Series D financing round. Proceeds will be used to support the company’s Phase 2b registration trial evaluating ATX101 for the treatment of post-surgical pain following total knee replacement surgery and advances Allay’s ultra-sustained platform of products for other unmet needs after painful surgeries. ATX101 is a novel investigational analgesic designed to provide extended pain relief after surgery, reducing the need for opioids and improving patient recovery.

$56M: Series C for Commercial Expansion 

Antheia has raised $56 million in Series C financing. The new financing will be used to expand the commercialization of Antheia's first product, thebaine, and launch additional products from the company's pipeline of 70+ biosynthetic pharmaceutical ingredients, which spans seven therapeutic areas and prioritizes essential medicines in or at risk of shortage. Additionally, the funding will allow Antheia to unlock its US manufacturing operations to meet domestic demand and begin new strategic innovation programs in Singapore, while expanding into the broader Asia region.

$50M: Series B for Chronic Hepatitis B  

AusperBio announced the completion of an oversubscribed $50 million Series B+ financing round. The proceeds will support the ongoing clinical development of AHB-137, a novel unconjugated antisense oligonucleotide for chronic hepatitis B (CHB), including planned Phase II trials outside of mainland China. The funding will also enable scale-up of commercial manufacturing partnerships and support the company's long-term pipeline growth.

$40M: Series A for AI, Robotics Tissue Testing 

Vivodyne has raised $40 million in new Series A financing to scale its robotics+AI approach to testing on thousands of lab-grown, fully-functional human tissues, and the massive amount of human data they generate. Human clinical trials fail nearly 95% of the time. Vivodyne is working to enable large-scale clinical testing on lab-grown human tissues that can recapitulate the complexity of human disease. This allows pharmaceutical companies to leverage these fully functional tissues across the entire preclinical pipeline, from initial target discovery through clinical candidate selection through safety and efficacy testing and improve success rates in human trials. This has the potential to accelerate drug discovery by replacing largely unreliable, slow-growing animal models with vast, unified datasets of human tissue responses.

$26M: Series C for Ocular Implant 

PolyActiva has secured $26 million in Series C funding to support the continued clinical advancement of its lead ocular implant candidate, PA5108, a biodegradable, sustained-release ocular implant designed to deliver latanoprost for the reduction of intraocular pressure (IOP) in patients with ocular hypertension and glaucoma. The implant, constructed from a biodegradable polymer, is designed for sustained drug delivery. Unlike other treatments on the market, rapidly degrades once the drug is released, allowing for repeat dosing.

$21M: Series A for Organoid-Based Immune System Platform 

Parallel Bio has raised $21 million in Series A funding. Parallel Bio will use the new capital to scale the AI and automation capabilities of its organoid-based immune system platform, expand its team of scientists and engineers, and support growing pharmaceutical partnerships. Parallel Bio’s platform combines lymph-node organoids with AI and robotics to replicate the human immune system at scale across diverse populations.

$15.8M: Series A for Bioresorbable Aortic Patch 

Aortyx has secured $15.8 million in a Series A financing round to further develop its bioresorbable patch, a minimally invasive treatment for aortic dissections. The funding will propel the product towards first-in-human readiness within the next two years. The company’s team developed the solution for this condition, characterized by a tear in the aortic wall. Aortyx noted that they developed a steerable catheter that will navigate through the aorta and deliver a circular patch to seal the tear. Made from biodegradable material, the patch acts as scaffolding to promote tissue regeneration. The patch is produced by leveraging electrospinning, a technique that enables the creation of a viscoelastic, controlled, and biocompatible material, similar to spider silk.

$12.8M: Seed Financing for Neuroplastogens Novel Therapies 

Elkedonia SAS has closed an oversubscribed $12.8 million seed funding round. Proceeds from the Seed financing will go toward identification and optimization of drug-like small molecule inhibitors of Elk1, a novel intracellular target that plays a pivotal role in reward brain circuits and neuroplasticity—key mechanisms that are altered in conditions such as depression, post-traumatic stress disorder, and addiction. Part of the financing will be directed toward biomarker research and validation efforts, supporting a precision-based therapeutic strategy.

$11M: Series A for First AI-Designed Peptide Therapeutic 

ProteinQure closed an $11 million Series A financing round. The proceeds will support the initiation of the company’s first clinical trial for PQ203, a first-in-class peptide-drug conjugate for triple-negative breast cancer (TNBC), and the advancement of additional pipeline programs in neurology and nephrology. PQ203 targets the sortilin receptor, which is overexpressed in many solid tumors, including TNBC. The drug is being developed for tumors resistant to topoisomerase I inhibitors (e.g., antibody-drug conjugates like Trodelvy), based on robust preclinical evaluation in patient-derived xenograft models.