Money Moves: These Philly-area bio and medtech companies raised $116M - Technical.ly Philly

Growth

Jul. 20, 2020 12:05 pm

Money Moves: These Philly-area bio and medtech companies raised $116M

Fighting tumors, nausea and COVID-19: Here's who raised some capital in the past few weeks.
Cash money.

Cash money.

(Photo by Flickr user zack Mccarthy, used under a Creative Commons license)

Money Moves is a column where we chart the funding raises of tech companies across the region. Have a tip? Email us at philly@technical.ly.


Despite the pandemic being very bad for local jobs and a handful of industries, it appears that venture capital continues to be strong throughout the spring and summer.

At the beginning of the month, we reported that a handful of Philly area companies have raised capital in the last month, but the fundraising news just keeps on coming.

Imvax, Inc., a Washington Square-based biotech firm, announced last week the closure of its $112 million Series C financing. The company’s neo-antigen immunotherapy, IGV-001, is being studied in patients with glioblastoma multiforme (GBM). The technology has the potential to advance care for patients with intractable solid tumor cancers, a company spokesperson said.

“The tremendous response to this round of fundraising reflects the promising results from our Phase 1b trial in glioblastoma which validate the potential of IGV-001 to be a life-changing therapy for patients with malignant gliomas,” said CEO John Furey in a release.

The financing will allow Imvax to continue clinical development of lead product candidate IGV-001 for treatment of GBM through Phase 2, broaden the development portfolio into additional oncology therapeutic indications, and expand its corporate and manufacturing capabilities, the company said in a statement.

A Horsham-based medical device company, Reliefband Technologies, which markets a wearable product designed to treat and prevent nausea, raised $1.7 million in a private stock sale, Philadelphia Business Journal reported. The band, which looks like a watch, delivers small electrical pulses to the wrist, which can stimulate nerves and provide relief from, or prevent, nausea and vomiting.

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The product can be used for a variety of nausea-associated situations like a hangover, going through chemotherapy and even morning sickness, according to its website.

And a second MontCo-based company, Halodine, has raised $2.3 million in an equity financing deal, PBJ reported. The biotech company is a spinout of Veloce BioPharma of Fort Lauderdale, and has developed antiseptics that are designed to offer an additional layer of protection against COVID-19.

The drug is designed to help protect hospitalized patients, health care personnel and consumers and to make the virus less effective. The company has three full-time employees, and the fundraising will go toward developing the drug, as it’s not Veloce’s primary business model.

Other raises we’ve reported on lately include fintech startup RenoFi’s $6.4 million Series A and esports company Nerd Street Gamers’ in-process $35 million Series B.

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