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Business Times
2 days ago
- Business
- Business Times
Lightstone Ventures, Temasek's ClavystBio co-lead Allay Therapeutics' US$57.5 million Series D funding
[SINGAPORE] United States-based biotechnology company Allay Therapeutics on Thursday (Jun 5) announced it has raised US$57.5 million in a Series D financing round, co-led by biotech venture capital (VC) firm Lightstone Ventures and ClavystBio, a Temasek-linked life sciences venture builder. Participants in the round include the following existing investors: New Enterprise Associates, a US-based VC company; healthcare VC firm Arboretum Ventures; Temasek unit Vertex Holdings' growth-stage VC fund Vertex Growth; Vertex's healthcare fund Vertex Ventures Healthcare; and Australian life sciences VC firm Brandon Capital. New investors who joined the round were US VC firm IPD Capital; Singapore government-backed deep tech investor SGInnovate; as well as EDBI, which operates under SG Growth Capital, the investment platform of the Singapore Economic Development Board and Enterprise Singapore. Drug manufacturer Maruishi Pharmaceutical has expanded its license agreement with Allay Therapeutics to include South Korea and Taiwan, in addition to Japan. As part of this agreement, Maruishi also participated in the Series D round. Meanwhile, HSBC Innovation Banking, which focuses on banking solutions for start-ups, investors and pre-initial public offering companies, also provided additional venture debt financing to Allay Therapeutics. Founded in 2017, Allay Therapeutics, which was incubated by Lightstone Ventures' Singapore fund and The Foundry, focuses on pain relief. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Its technology is used to create analgesic products that can aid patients with post-surgical pain management and recuperation, reducing the need for opoids and improving patient recovery. The company has teams in the US and Singapore. Funds from the Series D round will support the company's registration trial, which started in February this year and involves 200 participants in multiple US sites. The trial evaluates its product for the treatment of pain after total knee replacement surgery. Results from the trial will be available in the third quarter of 2025.
Business Times
07-05-2025
- Business
- Business Times
Singapore-based biotech firm Nuevocor raises US$45 million in Series B round
[SINGAPORE] Biotechnology company Nuevocor announced on Wednesday (May 7) that it completed a US$45 million Series B funding round from new and existing investors. This includes 'significant participation' from current investors such as Temasek-linked life sciences builder ClavystBio and EDB Investments, the investment platform of the Singapore Economic Development Board (EDB). The round was co-led by healthcare-focused investor Kurma Partners and biotech venture capital firm Angelini Ventures. Other existing investors that participated in the round include the Germany-based Boehringer Ingelheim Venture Fund, private investment firm Highlight Capital and Singapore's Seeds Capital. Nuevocor focuses on developing cures for heart muscle diseases. The new investment will support first-in-human clinical trials for Nuevocor's NVC-001, a form of gene therapy, in the US and Europe. NVC-001 aims to treat patients with a form of genetic cardiovascular disease that leads to the weakening and enlargement of the heart muscle, eventually resulting in heart failure. The company will also use the funds to establish an office in Paris, France, to support clinical development. Dr Tan Yann Chong, chief executive and co-founder of Nuevocor, said: 'The continued strong support from insiders and the addition of new investors will enable Nuevocor to continue its strong momentum and advance NVC-001 into the clinic.'
