Money Moves is a column where we chart the funding raises of tech companies across the region. Have a tip? Email us at firstname.lastname@example.org.
A handful of Philly-area companies across industries like biosciences and and information sciences have announced some fundraising in the past two months ranging from a few hundred thousands dollars up to $45 million.
In late May, Palvella Therapeutics, a Wayne-based biopharmaceutical company focused on genetic diseases, announced that it had raised $45 million in Series C funding. In addition, the company said that two key investors — Scott Morenstein, managing director of CAM Capital, and Cory Freedland, principal of Samsara BioCapital — have been nominated to join the Palvella board of directors.
“Palvella was founded on fundamental beliefs that every individual with a rare disease deserves a treatment and that significant value creation occurs upon the introduction of the first approved therapy or a serious rare genetic disease,” said Wes Kaupinen, president and CEO.
The capital will support the advancement of PTX-022, its gel for the treatment of adults with pachyonychia congenita, a rare, chronically debilitating and lifelong skin disease.
Early last month, medical transportation startup Roundtrip received a $252,000 Small Business Innovation Research grant to conduct a study focused on patients with opioid use disorder along with the University of Pennsylvania, Lyft and Contra Costa Health Services in California, Philadelphia Business Journal reported.
The yearlong test will use Roundtrip’s platform to coordinate rides through Lyft for adults who use outpatient programs for opioid use disorder and who are transportation insecure. The startup’s existing partnership with Lyft is already integrated into its platform; rides will be covered by Medicare or Medicaid and will be free to patients.
The startup raised a $5 million Series A last year, aimed at enhancing the company’s software capabilities.
Also in June, Wayne-based NFlection Therapeutics, a biopharma company targeting disease pathways to fight rare disease, raised a $20 million Series A. The round of funding comes from venBio Partners and F-Prime Capital.
The company initiated the first clinical trial of its lead product, NFX-179 Gel, a topically applied therapy.
“This study allows us to determine the drug’s ability to suppress key biomarkers involved in the progression of neurofibromas and will aid in the selection of doses for a larger Phase 2b study,” said Christopher Powala, president and CEO, in a press release. “There are no FDA-approved products for this condition, and NFX-179 Gel has the potential to address this unmet medical need.”
And Powerlytics, a nine-year-old Doylestown data provider company, announced in early June that Brewer Lane Ventures, a VC firm with a fintech focus, has acquired a $4 million stake in the company. The company said it will use the investment to grow all aspects of the business and increase its sales, data science and product management teams.
“Powerlytics’ track record shows that its data can identify risks and opportunities in a wide range of economic conditions,” said John Kim, founder and managing partner at Brewer Lane Ventures. “We plan to utilize our significant experience in financial services to assist Powerlytics with its strategy, operations and client acquisition efforts.”
Kim will also be joining the board of Powerlytics, the company said in its statement.
Here’s a handful of companies who have also announced fundraising this spring:
- Analytics optimization startup Nextmv just closed a seed round
- Pennovation-based IoT startup Strella Biotechnology plans retail entrance after its $3.3M seed round
- Fishtown Analytics announces its first major raise with a $12.9M Series A
- Guru closed a $30M Series C led by Silicon Valley’s Accel — yes, during a pandemic