Latest news with #SeriesB
Yahoo
4 days ago
- Business
- Yahoo
GlycoEra raises $130M, riding interest in protein degraders
This story was originally published on BioPharma Dive. To receive daily news and insights, subscribe to our free daily BioPharma Dive newsletter. A biotechnology startup developing drugs designed to eliminate troublesome proteins found outside of cells has raised $130 million to start its first clinical trial. The startup, GlycoEra, will use the Series B funds to generate initial clinical data for its lead program, an immune disease treatment dubbed GE8820. It intends to bring a second immune drug into human testing as well. GlycoEra views GE8820 as having the type of broad potential that could make it a 'pipeline in a product,' said company president and CEO Ganesh Kaundinya. The drug targets IgG4, a circulating antibody that can be protective against allergies, but malfunctions and attacks the body's own tissues in many autoimmune conditions, among them the skin disorder pemphigus and the kidney condition primary membranous nephropathy. GE8820 is a dual-acting drug that coaxes the body into destroying this defective IgG4. One part of the molecule binds to the antibody and drags it to the liver. The other part then latches onto a receptor that absorbs IgG4 into cells, where it's trashed by an internal protein-disposal system. According to GlycoEra, preclinical testing has shown the approach can remove malfunctioning IgG4 antibodies with the type of precision not seen with other approaches. By doing so, GE8820 may avoid the broadly immunosuppressive effects of other autoimmune medicines. It may also ease the 'burden on the healthcare system,' Kaundinya said. Patients typically 'get treated, they get better, they are fine, and then they come back to that relapse,' Kaundinya said. 'Our approach not only enables the patients to live better lives, it also overall contributes to better healthcare economics across the board.' GlycoEra has publicly disclosed three other programs behind GE8820, but hasn't specified which diseases they're targeting. The company could submit a request to begin trials for its second drug in 2026, according to its website. Novo Holdings led GlycoEra's Series B round, which involved the venture arms of Roche and Bristol Myers Squibb, Sofinnova Partners and several other firms. 'What really stood out with GlycoEra is that you had a use case here where, in autoimmune disease, there's limited competition, a high amount of medical need and the biological rationale is really strong,' said Novo Holdings partner Max Klement. 'As we see the autoimmune disease space evolve, precision medicine makers such as GlycoEra are going to come to the forefront.' GlycoEra is named after glycosylation, the process by which sugar chains are attached to proteins. The company is headquartered in Wädenswil, Switzerland and has a U.S. footprint in Newton, Massachusetts. It was spun out of Swiss biotech LimmaTech Biologics in January 2021, and raised approximately $49 million in Series A funding that November. The company's latest round is further evidence of continued interest in so-called protein degraders, which offer a way of getting to proteins traditional drugmaking methods can't reach. Research into protein degradation has taken off since the turn of the century, yielding an array of companies using different methods to destroy harmful proteins. Many of these companies are focused on protein targets inside of cells. GlycoEra is among those zeroing in on so-called extracellular proteins outside of cells or on their membranes. Fellow startups EpiBiologics and Lycia Therapeutics are as well. Sign in to access your portfolio
Business Journals
4 days ago
- Business
- Business Journals
Swiss-Newton biotech lands $130M in tough VC environment
As venture funding becomes concentrated in fewer, larger rounds, a biotech with operations in Newton has secured a significant $130 million Series B financing with Novo Holdings as a lead investor.
Yahoo
24-05-2025
- Automotive
- Yahoo
BMW Begins Solid-State Battery EV Testing
Solid-state batteries are considered the inevitable future of EVs, but bringing them to market is slow work. One of Germany's most popular automakers is no stranger to putting in the legwork, as the i7 M70 you see before you is sporting batteries that have been in development since at least 2016. The automaker plans to road test the vehicle extensively on the streets of Munich. View the 3 images of this gallery on the original article Let's start with the how. Back in 2016, BMW began cooperating with battery manufacturing company Solid Power. In mid-2021, that commitment escalated, with the Bavarians (along with Ford) formally investing in Solid Power's Series B funding. At the end of 2022, the two grew even closer, as BMW kicked off a cell prototype production line with Solid Power's insight. Today, we feast our eyes on the result: a BMW i7 M70 fitted with solid-state batteries that were reportedly developed via the partnership. Interestingly, the solid-state batteries here have more in common with the EVs BMW currently sells, rather than the upcoming Neue Klasse (NK) models. NK vehicles rely on cylindrical cells that are more tightly packed with no modules, whereas current BMW EVs use a prismatic design with modules. BMW calls this fifth-generation technology 'proven,' which is likely the reason it opted to use it over the much newer sixth-generation batteries. BMW says the i7 tester will hopefully give insight into two main areas: how to manage cell expansion as well as temperature and pressure conditioning. The advantages of solid-state batteries are significant. They offer higher energy density and lower overall weight than the batteries in use today. That translates to better range and performance. Solid-state batteries are also more resistant to extreme temperatures, making them less of a fire risk and, at an even more basic level, improving perceived resiliency on the customer side. The biggest current downside is cost. The automaker quipped back in February that solid-state tech is simply too expensive to roll out, claiming customers wouldn't be willing to shell out the extra coin needed to make solid-state batteries a reality. At least, not for now. Around the same time, rival Mercedes-Benz said it was 'close' to putting solid-state batteries into production. Similarly, the Affalterbach-based automaker is testing an EQS fitted with 'semi-solid-state batteries.' Solid-state batteries may be the future, but there's still a lot of room for improvement when it comes to traditional lithium-ion tech. Look no further than BMW's own Neue Klasse cars, which are projected to offer as much as 500 miles of range or more on a full charge. Ultimately, it's unlikely we'll see a production-ready car powered by a solid-state battery this decade. After all, those product roadmaps have largely already been written. But with some manufacturers clearly looking to the future, it's reasonable to expect this niche to naturally evolve in the next ten years. Expect a low-batch or super-lux vehicle to pilot the tech at a high price, followed by a slow trickle down. Whether or not Mercedes will beat BMW to the punch is anyone's guess. BMW Begins Solid-State Battery EV Testing first appeared on Autoblog on May 21, 2025
Business Insider
22-05-2025
- Business
- Business Insider
Hinge Health just broke open the digital health IPO market. Here's who's getting rich.
Physical therapy startup Hinge Health finally went public Thursday in a watershed moment for the digital health market. Hinge Health's stock price popped after debuting on the New York Stock Exchange, soaring to $39.25 per share, 23% above its initial public offering price of $32 a share. The $32 IPO share price valued Hinge Health at about $2.6 billion, based on shares outstanding after the IPO. At the market close, however, the company was worth about $3 billion. It's a strong start for Hinge Health's public market debut, and the first true glimmer of hope for the digital health IPO market in years. The last wave of healthcare public market exits, in 2021, saw 23 healthcare companies go public via IPO or SPAC. In the following three years, only four healthcare companies went public. Only two of those, Waystar and Tempus AI, are still trading on the stock market. Hinge Health, founded in 2014 to provide virtual care for musculoskeletal conditions, was forced to consider a delay for its IPO plans in early April after President Donald Trump announced sweeping tariffs on imported goods from other countries, causing a sharp drop in the stock market. It resumed those efforts publicly this month as the market stabilized. Hinge Health raised $437 million in the IPO, which included $273 million in proceeds to the company and $164 million to its selling shareholders. Hinge Health's $2.6 billion IPO valuation is a 52% markdown from its last private valuation of $6.2 billion. It notched that valuation in a 2021 $400 million Series E round co-led by Tiger Global and Coatue Management. We don't know what Hinge Health's investors paid for their shares, so we can't calculate their profit. However, since Hinge Health's shares opened on the stock market at $39.25, we used that price to determine the worth of their stakes. Here's what the stakes of all of Hinge Health's major investors and executives are worth after the IPO. Insight Partners, an investor: $433 million Venture capital and private equity firm Insight Partners owns the largest stake in Hinge Health with about 12.3 million shares, or 13.7% of the company. The firm led Hinge Health's $26 million Series B fundraise in 2018. Teddie Wardi, a managing director at Insight Partners, has served on Hinge Health's board of directors since the firm's investment. Insight Partners later participated in Hinge Health's Series C and D rounds in 2020 and 2021, respectively. Insight Partners sold 1.25 million shares in Hinge Health's IPO, which at the $32 IPO price would have brought in $40 million. At the $39.25 market debut price, the firm's remaining stake is worth about $433 million. Daniel Perez, cofounder and CEO: $414 million Daniel Perez's first encounter with physical therapy came after a bike crash when he was 13 years old, which forced him to undergo three surgeries and 12 months of rehabilitation. He started Hinge Health alongside executive chairman Gabriel Mecklenburg to improve the accessibility of musculoskeletal care and reduce the specialty's reliance on surgeries and opioids. Hinge Health is Perez and Mecklenburg's third venture, after the Oxbridge Biotech Roundtable, which aimed to bridge the gap between life sciences academia and markets, and Marblar, a platform designed to generate commercial uses for scientific discoveries. Perez is Hinge Health's largest individual shareholder. He owns about 10.6 million shares, or 13.1% of the company. He didn't sell any shares in the IPO. At the $39.25 market debut price, his stake is worth about $414 million. Atomico, an investor: $309 million Atomico is a London-based venture firm started in 2006 by Skype cofounder Niklas Zennström. The firm led Hinge Health's $8 million Series A in 2017, when the startup was based in London. (Hinge Health moved its headquarters to San Francisco the same year.) Atomico later participated in Hinge Health's Series B, C, and D funding rounds. Atomico owns about 7.9 million shares, or 9.8% of the company. The firm sold 1,497,546 shares in the IPO, which at the IPO price of $32 would have brought in about $48 million. At the $39.25 market debut price, the firm's remaining stake is worth about $309 million. Tiger Global, an investor: $207 million Investment firm Tiger Global first backed Hinge Health in 2021, co-leading its $300 million Series D alongside Coatue Management. In October of that year, Tiger Global also co-led the company's $400 million Series E, also alongside Coatue. The $400 million Series E round boosted Hinge Health to the $6.2 billion valuation that Hinge Health was forced to slash in its IPO. Tiger Global has drawn criticism in recent years for backing startups at extraordinarily high valuations, particularly during 2021's venture investment peak. Tiger Global owns about 5.3 million shares, or 6.5% of the company. The firm sold 258,183 shares in the IPO, which at the IPO price of $32 would have brought in about $8.3 million. At the $39.25 market debut price, the firm's remaining stake is worth about $207 million. Coatue Management, an investor: $185 million New York-based Coatue Management invests across all private and public fundraising stages, with venture capital, private equity, and hedge fund management units. The firm co-led Hinge Health's $300 million Series D alongside Tiger Global in January 2021, then co-led its $400 million Series E with Tiger Global that October. Hinge Health's S-1 filing notes that Coatue will sell $50 million in Series E preferred shares back to the company immediately before Hinge's IPO. That agreement was created in February, per the filing. The company didn't share a reason for the stock repurchase. Coatue owns about 4.7 million shares of common stock, or 5.8% of the company. The firm didn't sell any shares in the IPO. At the $39.25 market debut price, the firm's stake is worth about $185 million. 11.2 Capital, an investor: $169 million San Francisco-based 11.2 Capital backs early-stage tech startups and wrote one of the first checks into Hinge Health. The firm led Hinge Health's seed round in 2016, and invested further in its Series A, B, C, and D rounds, according to the firm. 11.2 Capital owns about 4.3 million shares, or 5.4% of Hinge Health. The firm sold 788,691 shares in the IPO, which at the IPO price of $32 would have brought in about $25 million. At the $39.25 market debut price, the firm's remaining stake is worth about $169 million. Bessemer Venture Partners, an investor: $161 million Bessemer Venture Partners backs early-stage and growth-stage startups through venture and private equity investments. The firm has more than 300 companies in its portfolio, according to its website. Bessemer led Hinge Health's $90 million Series C in February 2020. Bessemer partner Elliott Robinson has served on Hinge Health's board of directors since that round. The firm also participated in Hinge Health's $300 million Series D round in January 2021. Bessemer Venture Partners owns about 4.1 million shares, or 5.1% of the company. The firm sold 725,066 shares in the IPO, which at the IPO price of $32 would have brought in about $24 million. At the $39.25 market debut price, its remaining stake is worth about $161 million. Gabriel Mecklenburg, cofounder and executive chairman: $158 million Gabriel Mecklenburg cofounded Hinge Health alongside Perez, personally inspired by the months of physical therapy he completed after tearing his ACL in a judo sparring session. Mecklenburg served as the company's COO for six years. It was a familiar role for him; he'd held the COO title at the two companies he started with Perez before Hinge Health, Oxbridge Biotech Roundtable and Marblar. In 2021, he transitioned to his current role of executive chairman. In addition to his work with Hinge Health, he's served on the board of addiction care startup Pelago since 2022. Mecklenburg owns about 4 million shares, or 4.9% of the company. He did not sell any shares in the IPO. At the $39.25 market debut price, his stake is worth about $158 million. IP2IPO, an investor: $42 million IP2IPO, named IP2IPO Portfolio LP in Hinge Health's S-1, specializes in moving innovative technologies, talent, and intellectual property from academic institutions to commercial industries. Both Perez and Mecklenburg stepped away from pursuing higher education degrees to build Hinge Health. Perez was taking a leave of absence from a Ph.D. program in biochemistry at the University of Oxford, while Mecklenburg was researching musculoskeletal regenerative medicine at Imperial College London. IP2IPO is a subsidiary of IP Group, a London-based firm that backs breakthrough science and tech companies. IP Group says it's the founding investor in Hinge Health. The firm told BI it actually invested in Marblar, Perez and Mecklenburg's previous startup, back in 2012. That investment rolled over into Hinge Health. "As the UK's leading investor in university spinouts, we met Dan whilst he was in Oxford, working on brilliant ideas and showing real entrepreneurial spirit and tenacity," said Robert Trezona, a partner at IP Group. He said IP Group invested around £1 million, or about $1.12 million at the time, shortly after meeting Perez. IP2IPO owns about 1.1 million shares, or 1.3% of the company. The firm sold about 47,000 shares in the IPO, which at the IPO price of $32 would have brought in about $1.5 million. At the $39.25 market debut price, its remaining stake would be worth about $42 million. Heuristic Capital, an investor: $40 million Early-stage VC firm Heuristic Capital was founded in 2016, and first invested in Hinge Health's seed round that same year. The Santa Clara, California-based firm then invested in Hinge Health's four subsequent raises, from Hinge Health's Series A to its Series D. Heuristic Capital told BI that the Hinge Health team worked out of the firm's San Francisco office in the startup's early days, moving into an independent office in the Bay Area after successfully closing a Series A round. The firm owns about 1 million shares of Hinge Health, or 1.3% of the company. It sold 194,305 shares in the IPO, which at the initial share price of $32 would have brought in about $6.2 million. At the $39.25 market debut price, its remaining stake would be worth about $40 million. Jim Pursley, president: $24 million Longtime digital health executive Jim Pursley joined Hinge Health as its president in 2021. He'd previously worked with the Hinge Health team as an advisor from 2017 to 2019. Pursley came to Hinge Health from Livongo, where he spent six years as the diabetes company's chief commercial officer through its 2019 IPO. He left the company shortly after Livongo announced its $18.5 billion acquisition by Teladoc in 2020. He also held leadership roles at GE Healthcare and Care Innovations, a joint venture between Intel and GE. In addition to his role at Hinge Health, he serves as an independent board member at digital therapeutics company Bodyport. Pursley owns about 604,665 shares. He did not sell any shares in the IPO. At the $39.25 market debut price, his stake is worth about $24 million. The Vertical Group, an investor: $22 million The Vertical Group, named in Hinge Health's S-1 as Vertical GP-8, is a Basking Ridge, New Jersey-based firm that invests in healthcare and biotech companies. Vertical invested in Hinge Health's seed and Series A funding rounds, according to the firm. The firm told BI that it previously sold a portion of its Hinge Health shares in a secondary transaction in 2021, at $77 a share, and another portion in a 2023 secondary sale, at $36 a share. Vertical is also an investor in diabetes care startup Omada Health, according to the firm's website. Omada is the only other digital health company to file to go public so far this year. Vertical GP-8 owns 554,919 shares. The firm sold about 106,000 shares in the IPO, which at the IPO price of $32 would have brought in about $3.4 million. At the $39.25 market debut price, the firm's remaining stake is worth about $22 million. Jon Reynolds, an angel investor: $14 million Jon Reynolds is the cofounder and former CEO of SwiftKey, the AI-powered keyboard app acquired by Microsoft in 2016. He told BI he first backed Hinge Health that same year, participating in the startup's seed and seed extension funding rounds. Reynolds owned about 360,175 shares. He sold 68,605 shares in the IPO, which at the IPO price of $32 would have brought in about $2.2 million. At the $39.25 market debut price, his remaining stake is worth about $14 million. Industry Ventures, an investor: $12 million San Francisco-based Industry Ventures makes VC bets using flexible capital structures, including secondary transactions and buyouts. Hinge Health has never publicly announced a secondary transaction made by Industry Ventures. Hinge Health's S-1 specifies that Industry Ventures invested in the company through its Secondary IX fund, which the firm announced in March 2021. Industry Ventures didn't respond to a request for comment from BI. Industry Ventures owns 307,259 shares. The firm sold 58,526 shares in the IPO, which at the initial share price of $32 would have brought in about $1.9 million. At the $39.25 market debut price, its remaining stake is worth about $12 million. James Budge, CFO: $6.8 million Serial CFO James Budge joined Hinge Health as its finance chief in 2023. According to his LinkedIn, he's been the CFO of at least eight other companies, spanning industries from workforce software to entertainment tech. He's also served on the board of directors of healthtech company Shadowbox since 2022. Budge owns 172,241 shares. He did not sell any shares in the IPO. At the $39.25 market debut price, his stake is worth about $6.8 million. Kristina Leslie, board member: $343,000 Kristina Leslie joined Hinge Health's board of directors in May 2024 as its audit chair. Leslie, the former CFO of Dreamworks Animation, has spent nearly two decades serving on various company boards, including Glassdoor, CVB Financial Corp., and Rover. According to her LinkedIn, she currently sits on the boards of Sunstone Hotel Investors and Justworks and chairs the board of directors of Blue Shield of California. Leslie owns 8,750 shares. She did not sell any shares in the IPO.
Yahoo
20-05-2025
- Business
- Yahoo
Ameresco enters $78m facility to fund battery storage energy asset
Ameresco, a provider of comprehensive energy solutions, has finalised a financial package to support its battery storage asset and future energy infrastructure projects. The company's subsidiary executed a note purchase agreement and private shelf agreement, highlighting Ameresco's commitment to enhancing energy resilience and advancing sustainable energy solutions. The initial note purchase agreement allows for the issuance of Series A notes of $78m, earmarked for financing a battery energy storage asset currently under construction. The financial arrangement with CounterpointeSRE and Barings also includes an expected issuance of a second series of notes The Series A notes, maturing in 2045, feature a fixed interest rate. The financial structure then anticipates the potential issuance of Series B notes, subject to lender approval, to fund an additional solar plus battery energy storage project, extending over an additional 20-year term. Ameresco president and CEO George Sakellaris stated: 'This financial arrangement marks a significant milestone for Ameresco as we continue to lead the way in providing innovative energy solutions. 'We expect that the $300m private shelf facility will allow us to execute multiple transactions, enhancing our ability to deliver energy projects that drive cost savings, resilience and decarbonisation. We are excited about the flexibility this agreement provides, as we expect that it will enable us to accelerate the deployment of resilient energy infrastructure.' In a move to bolster its project financing capabilities, the Ameresco subsidiary has entered a $300m uncommitted private shelf facility intended for the financing of forthcoming solar and battery energy assets. Ameresco has also arranged for the transfer of investment tax credits linked to the battery asset, which will be realised once the asset commences commercial operations. The company anticipates similar agreements for tax credit transfers related to the Series B notes and other future transactions under the private shelf facility. CounterpointeSRE CEO Eric Alini stated: 'This shelf agreement aligns perfectly with CounterpointeSRE's commitment to support resilient, sustainable infrastructure in a variety of asset classes that drive both environmental and economic benefits.' Ameresco's Irish subsidiary, Cork Sustainable Energy, recently secured approval from An Bord Pleanála for a significant upgrade to the Kilvinane Wind Farm in Ireland. "Ameresco enters $78m facility to fund battery storage energy asset" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
