Latest news with #SeriesD
Time of India
18 hours ago
- Business
- Time of India
Elon Musk's brain chip startup, Neuralink raises $650 million in Series E round
Elon Musk 's brain-computer interface company Neuralink announced Monday it has raised $650 million in its latest funding round, as the startup accelerates clinical trials of its brain implant technology across multiple countries. The Series E round attracted major investors including ARK Invest, Founders Fund, Sequoia Capital, Thrive Capital, and several others, valuing the company at approximately $9 billion pre-money according to recent reports. The funding represents a significant increase from Neuralink's $280 million Series D round in August 2023. Five patients with severe paralysis are currently using Neuralink's brain chip to control digital and physical devices through thought alone, marking a major milestone in the company's mission to restore independence for individuals with neurological conditions. The chip processes neural signals that can be transmitted wirelessly to computers and smartphones. Clinical trials for Neuralink's brain implant device expand globally by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Memperdagangkan CFD Emas dengan salah satu spread terendah? IC Markets Mendaftar Undo Neuralink has launched clinical trials at leading medical institutions across three countries, including Barrow Neurological Institute, The Miami Project to Cure Paralysis at the University of Miami, University Health Network in Toronto, and Cleveland Clinic Abu Dhabi. The FDA granted Neuralink "breakthrough device" designation for both its speech restoration technology last month and its vision-restoring device in 2024. This designation expedites the development and review process for promising medical technologies. The company plans to use the new funding to expand patient access and develop next-generation devices that create deeper connections between biological and artificial intelligence. Neuralink is also investing in expanding the number of neurons and brain regions its device can interface with, working toward what it calls a "whole-brain interface." The funding comes as Musk recently stepped back from his advisory role with President Trump to refocus on his companies, including Tesla , SpaceX, and Neuralink.
Malaysian Reserve
20 hours ago
- Business
- Malaysian Reserve
Elon Musk's Neuralink closes Series E funding round
SAN FRANCISCO — Elon Musk's (picture) brain computer interface startup Neuralink announced on Monday that it has closed a US$650 million funding round, Xinhua reported. The Series E fundraiser included investors such as ARK Invest, Founders Fund, Sequoia Capital, and Thrive Capital, among others, the company said in a blog post. Neuralink last raised a US$280 million Series D funding round in 2023, with an additional US$43 million tranche added months later. The company said it has now conducted more human clinical trials, implanting its brain chips in five individuals with severe paralysis. In May, Neuralink received a Breakthrough Devices Programme designation from the US Food and Drug Administration (FDA). The Breakthrough Devices Programme is a voluntary programme for certain medical devices and device-led combination products that provide for more effective treatment or diagnosis of life-threatening or irreversibly debilitating diseases or conditions, according to the FDA. The programme is intended to provide patients and healthcare providers with timely access to medical devices by speeding up development, assessment, and review for premarket approval. — BERNAMA-XINHUA
The Star
a day ago
- Business
- The Star
Elon Musk's Neuralink closes Series E funding round
SAN FRANCISCO, June 2 (Xinhua) -- Elon Musk's brain computer interface startup Neuralink announced on Monday that the company has closed a 650-million-U.S.-dollar funding round. The Series E fundraise included investors such as ARK Invest, Founders Fund, Sequoia Capital, and Thrive Capital, among others, the company said in a blog post. Neuralink last raised a 280-million-dollar Series D funding round in 2023, with an additional 43-million-dollar tranche added months later. The company said it has now conducted more human clinical trials, implanting its brain chips in five individuals with severe paralysis. In May, Neuralink received Breakthrough Device Program from the U.S. Food and Drug Administration. The Breakthrough Devices Program is a voluntary program for certain medical devices and device-led combination products that provide for more effective treatment or diagnosis of life-threatening or irreversibly debilitating diseases or conditions, according to the Food and Drug Administration. The program is intended to provide patients and health care providers with timely access to medical devices by speeding up development, assessment, and review for premarket approval.
Yahoo
6 days ago
- Business
- Yahoo
Biogen strikes RNAi deal with City; Aurion withdraws IPO
This story was originally published on BioPharma Dive. To receive daily news and insights, subscribe to our free daily BioPharma Dive newsletter. Today, a brief rundown of news involving City Therapeutics and Grin Therapeutics, as well as updates from Savara Pharma, Aurion Biotech and Prothena that you may have missed. Biogen is partnering with RNA drug developer City Therapeutics to develop a better way of reaching a unspecified target that 'mediates key central nervous system diseases.' Biogen will pay City, a startup that launched publicly late last year, $16 million in upfront fees and invest another $30 million in convertible notes that could later become a minority stake. 'With this effort, we are further expanding the modalities in our R&D toolbox to potentially reach our targets of interest more precisely by adding an RNAi-based approach," Biogen research head Jane Grogan said in a statement. — Ned Pagliarulo Biotechnology startup Grin Therapeutics will get $50 million in a deal that hands Angelini Pharma rights outside of North America to an experimental drug Grin has developed for genetic epilepsies and other neurological conditions. On Tuesday, Grin also announced the closing of a $140 million Series D round that involved Angelini and Blackstone Life Sciences. Grin's drug, radiprodil, targets a receptor that is thought to contribute to epilepsy when overactivated. The company plans to start a Phase 3 trial in the third quarter that will test radiprodil in a neurodevelopmental condition that causes seizures. — Gwendolyn Wu The Food and Drug Administration declined to review a drug Savara is developing for a rare lung condition called pulmonary alveolar proteinosis. According to Savara, the agency deemed the company's application incomplete and asked for more information about how the treatment, Molbreevi, is made. The FDA didn't identify any safety issues or request more efficacy data, Savara said. The company will request a meeting with the FDA within the next month. Its share price fell by more than 20% Tuesday.— Ben Fidler Aurion Biotech has withdrawn plans to go public, according to a regulatory filing. The cell therapy developer filed for an initial public offering in January, but did so despite opposition from shareholder Alcon, leading to a legal spat between the firm and another equity holder, Deerfield Management, over Aurion's future. Alcon bought a majority stake in Aurion in late March, however, and replaced the biotech's CEO. Aurion said in a Friday filing that an IPO is no longer "in the best interests of the company." — Ben Fidler Shares in Prothena fell by more than 30% to open Tuesday trading following the company's disclosure Friday that a late-stage trial of a drug called birtamimab failed to reach its main goal. As a result, Prothena has decided to shelve further development of birtamimab, which it had been studying as a treatment for the disease AL amyloidosis. 'This is not the outcome that we expected, and we are surprised and disappointed by these results,' said Prothena CEO Gene Kinney, in a statement. The company is now considering ways to reduce expenses, among them an expected substantial workforce reduction.' — Ned Pagliarulo Recommended Reading Regeneron defeats Amgen in PCSK9 case; 2 cell therapy biotechs cut staff Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
6 days ago
- Business
- Business Wire
Eagle Point Credit Company Inc. Announces First Quarter 2025 Financial Results and Declares Third Quarter 2025 Common and Preferred Distributions
GREENWICH, Conn.--(BUSINESS WIRE)--Eagle Point Credit Company Inc. (the 'Company') (NYSE: ECC, ECCC, ECC PRD, ECCF, ECCU, ECCV, ECCW, ECCX) today announced financial results for the quarter ended March 31, 2025 and certain additional activity through April 30, 2025, and declared distributions on shares of the Company's common and preferred stock. 'The Company had a solid start to the year, deploying nearly $200 million into new investments with compelling risk-adjusted returns,' said Thomas P. Majewski, Chief Executive Officer. 'We also actively managed our portfolio towards a longer weighted average remaining reinvestment period and lower debt costs by completing 9 resets and 7 refinancings prior to the selloff in the latter part of the quarter. When the markets turned, we moved much of our focus to secondary opportunities, sourcing attractive investments at discounts.' FIRST QUARTER 2025 RESULTS Net asset value ('NAV') per common share of $7.23 as of March 31, 2025, compared to $8.38 as of December 31, 2024. Net investment income ('NII') of $0.28 per weighted average common share. 1,2 NII and realized capital gains of $0.33 per weighted average common share. NII and realized capital gains of $0.33 per weighted average common share compares to $0.12 of NII less realized capital losses per weighted average common share for the quarter ended December 31, 2024, and $0.29 of NII and realized capital gains per weighted average common share for the quarter ended March 31, 2024. GAAP net loss (inclusive of unrealized mark-to-market depreciation) of $97.5 million, or $0.84 per weighted average common share. Received $79.9 million in recurring cash distributions 3 from the Company's investment portfolio, or $0.69 per weighted average common share, exceeding the Company's aggregate distributions on its common stock and operating costs for the quarter. Deployed $94.5 million in net capital into collateralized loan obligation ('CLO') equity, CLO debt, loan accumulation facilities and other investments. The weighted average effective yield of new CLO equity investments made by the Company during the quarter, which includes a provision for credit losses, was 18.9% as measured at the time of investment. As of March 31, 2025: The weighted average effective yield of the Company's CLO equity portfolio (excluding called CLOs), based on amortized cost, was 13.66%. This compares to 14.61% as of December 31, 2024 and 16.43% as of March 31, 2024. 4 The weighted average expected yield of the Company's CLO equity portfolio (excluding called CLOs), based on fair market value, was 19.69%. This compares to 19.31% as of December 31, 2024 and 23.96% as of March 31, 2024. 4 Issued approximately 7.6 million shares of common stock and 16,399 shares of 6.75% Series D Perpetual Preferred Stock (the 'Series D Preferred Stock') pursuant to the Company's 'at-the-market' offering program for total net proceeds of approximately $65.9 million. The common stock issuance resulted in $0.02 per share of NAV accretion during the quarter. Issued 891,258 shares of Series AA and 92,836 shares of Series AB 7.00% Convertible Perpetual Preferred Stock for total proceeds of $22.4 million pursuant to the Company's continuous offering of Series AA and Series AB 7.00% Convertible Perpetual Preferred Stock (the 'Convertible Perpetual Preferred Stock'). As of March 31, 2025, the Company had debt and preferred equity securities outstanding which totaled approximately 40.9% of its total assets (less current liabilities). 5 As of March 31, 2025, on a look-through basis, and based on the most recent CLO trustee reports received by such date: The Company, through its investments in CLO equity securities, had indirect exposure to approximately 1,931 unique corporate obligors. The largest look-through obligor represented 0.6% of the loans underlying the Company's CLO equity portfolio. The top-ten largest look-through obligors together represented 4.8% of the loans underlying the Company's CLO equity portfolio. The look-through weighted average spread of the loans underlying the Company's CLO equity portfolio was 3.36% as of March 2025, down 13 basis points from December 2024. GAAP net loss was comprised of total investment income of $52.3 million and realized capital gains of $5.3 million, offset by total net unrealized depreciation on investments of $122.3 million, net unrealized appreciation on certain liabilities held at fair value of $9.6 million, financing costs and operating expenses of $20.0 million and distributions and amortization of offering costs on temporary equity of $3.2 million. Recorded other comprehensive income of $7.1 million. SECOND QUARTER 2025 PORTFOLIO ACTIVITY THROUGH APRIL 30, 2025 AND OTHER UPDATES As previously published on the Company's website, management's estimate of the range of the Company's NAV per common share is estimated to be between $6.71 and $6.81 as of April 30, 2025. Received $75.5 million of recurring cash distributions from the Company's investment portfolio. As of April 30, 2025, some of the Company's investments had not yet reached their payment date for the quarter. Deployed $4.2 million of net capital into CLO equity, CLO debt, loan accumulation facilities and other investments. THIRD QUARTER 2025 DISTRIBUTIONS The Company is pleased to declare three separate monthly distributions of $0.14 per share on its common stock for the third quarter of 2025. 6 The following schedule applies to the distributions: Amount per Common Share Record Date Payable Date $0.14 July 11, 2025 July 31, 2025 $0.14 August 11, 2025 August 29, 2025 $0.14 September 10, 2025 September 30, 2025 Expand The Company is also pleased to announce the declaration of distributions on its 6.50% Series C Term Preferred Stock due 2031 (the 'Series C Term Preferred Stock'), Series D Preferred Stock and 8.00% Series F Term Preferred Stock due 2029 (the 'Series F Term Preferred Stock') as follows: The distributions on the Series C Term Preferred Stock, Series D Preferred Stock and Series F Term Preferred Stock reflect an annual distribution rate of 6.50%, 6.75% and 8.00%, respectively, of the $25 liquidation preference per share. The Company is also pleased to announce the declaration of distributions on shares of the Convertible Perpetual Preferred Stock as follows: Preferred Stock Type Amount per Share Record Dates Payable Dates 7.00% Series AA Convertible Perpetual Preferred Stock $0.145834 July 11, 2025 August 11, 2025 September 10, 2025 July 31, 2025 August 29, 2025 September 30, 2025 7.00% Series AB Convertible Perpetual Preferred Stock $0.145834 Expand The distributions on shares of the Convertible Perpetual Preferred Stock reflect an annual distribution rate of 7.00% of the $25 liquidation preference per share and accumulate from the date of original issue. CONFERENCE CALL The Company will host a conference call at 10:00 a.m. (Eastern Time) today to discuss the Company's financial results for the quarter ended March 31, 2025, as well as a portfolio update. All interested parties may participate in the conference call by dialing (877) 407-0789 (toll-free) or (201) 689-8562 (international). Please reference Conference ID 13753090 when calling, and the Company recommends dialing in approximately 10 to 15 minutes prior to the call. A live webcast will also be available on the Company's website ( Please go to the Investor Relations section at least 15 minutes prior to the call to register, download and install any necessary audio software. An archived replay of the call will be available shortly afterwards until June 27, 2025. To hear the replay, please dial (844) 512-2921 (toll-free) or (412) 317-6671 (international). For the replay, enter Conference ID 13753090. ADDITIONAL INFORMATION The Company has made available on the investor relations section of its website, (in the financial statements and reports section), its unaudited consolidated financial statements for the period ended March 31, 2025. The Company also published on its website (in the presentations and events section) an investor presentation, which contains additional information about the Company and its portfolio for the quarter ended March 31, 2025. The Company has filed these reports with the Securities and Exchange Commission ('SEC'). ABOUT EAGLE POINT CREDIT COMPANY The Company is a non-diversified, closed-end management investment company. The Company's primary investment objective is to generate high current income, with a secondary objective to generate capital appreciation. The Company seeks to achieve its investment objectives by investing primarily in equity and junior debt tranches of CLOs. The Company is externally managed and advised by Eagle Point Credit Management LLC. The Company makes certain unaudited portfolio information available each month on its website in addition to making certain other unaudited financial information available on its website ( This information includes (1) an estimated range of the Company's net investment income and realized capital gains or losses per share of common stock for each calendar quarter end, generally made available within the first fifteen days after the applicable calendar month end, (2) an estimated range of the Company's NAV per share of common stock for the prior month end and certain additional portfolio-level information, generally made available within the first fifteen days after the applicable calendar month end and (3) during the latter part of each month, an updated estimate of NAV, if applicable, and, with respect to each calendar quarter end, an updated estimate of the Company's net investment income and realized capital gains or losses per share for the applicable quarter. FORWARD-LOOKING STATEMENTS This press release may contain 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the prospectus and the Company's other filings with the SEC. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release. __________________________ 1 'Per weighted average common share' is based on the average daily number of shares of common stock outstanding for the period and 'per common share' refers to per share of the Company's common stock. 2 NII does not reflect distributions and amortization of offering costs on the Series D Preferred Stock and the Series AA/AB Convertible Perpetual Preferred Stock (collectively with the Series D Preferred Stock, the 'temporary equity') of $0.03 per weighted average common share. 3 'Recurring cash distributions' refers to the quarterly distributions received by the Company from its CLO equity, CLO debt and other investments and distributions from loan accumulation facilities in excess of capital invested and excludes funds received from CLOs called. 4 'Weighted average effective yield' is based on an investment's amortized cost whereas 'weighted average expected yield' is based on an investment's fair market value as of the applicable period end as disclosed in the Company's financial statements, which is subject to change from period to period. Please refer to the Company's quarterly unaudited financial statements for additional disclosures. 5 Over the long term, management expects to generally operate the Company with leverage within a range of 27.5% to 37.5% of total assets (less current liabilities) under normal market conditions. The Company may incur leverage outside of this range, subject to applicable regulatory limits. 6 The ability of the Company to declare and pay distributions on its common stock is subject to a number of factors, including the Company's results of operations. Distributions on its common stock are generally paid from net investment income (regular interest and dividends) and may also include capital gains and/or a return of capital. The actual components of the Company's distributions for US tax reporting purposes can only be finally determined as of the end of each fiscal year of the Company and are thereafter reported on Form 1099-DIV.
