Philly Money Moves: ArriVent Biopharma files for $100M IPO to develop potential lung cancer treatment

Philadelphia-area companies kicked off the new year strong with an IPO filing, heathtech grants from an insurance giant, and state grants for transportation improvements via technology.

Following a middling Q4 Venture Monitor report, here’s the latest in local funding news.

ArriVent Biopharma aims to go public

Newtown Square biopharmaceutical company ArriVent Biopharma has filed for an initial public stock offering worth $100 million. The company, which would trade on the Nasdaq as AVBP, did not share how many shares it plans to sell or at what price.

This is the region’s first IPO filing of 2024, according to the Philadelphia Business Journal. When reached by email, ArriVent declined to comment on the filing.

ArriVent plans to use the proceeds from the IPO to support the development of its drug candidate, furmonertinib, a potential treatment for locally advanced or metastatic non-small cell lung cancer. The funds would also support collaboration with cancer therapy-focused Aarvik Therapeutics, the Biz Journal reported. The company did not immediately respond to Technical.ly’s request for comment.

Last spring, the company raised $155 million in an oversubscribed Series B round. At the beginning of 2023, it raised $110 million in a private stock sale.

Independence Blue Cross doles out $800K in tech grants to Philly health systems

Independence Blue Cross (IBX) announced that Jefferson Health, Penn Medicine and Temple Health were the recipients of its 2024 Clinical Care Innovation Grants.

IBX funds projects that aim to improve the quality of healthcare and how patients receive it. This round, the health insurance giant awarded grants to two Penn Medicine projects, one Jefferson Health project and one Temple Health project. Each grant was worth $200,000.

Jefferson Health’s project will use telemedicine tools to support patients with opioid use disorder. Temple Health’s project is focused on improving access and equity to cancer diagnosis and treatment using a trauma-informed approach.

One of Penn Medicine’s projects will use community partnerships and technology to address food insecurity and ultimately improve maternal morbidity and mortality rates in people of color. The other will encourage women to use a texting platform called UroTrust to manage urinary tract infections.

These projects “focus on a wide range of important health issues,” said Dr. Rodrigo Cerdá, SVP of health services and chief medical officer at IBX, in a written statement. “Based on the success we have of collaborating, developing, and scaling these grant-funded initiatives, I know these projects will help enhance patients’ access to care, experience, and outcomes.”

Philadelphia receives state grants to boost electric vehicle infrastructure

Sysco Leasing and SEPTA were awarded $5.6 million in Pennsylvania state grants to replace existing vehicles with electric vehicles and build the necessary infrastructure to support the vehicles.

Sysco Leasing will use the $3.98 million grant to replace 10 Class 8, short-haul, semi-tractors with battery electric vehicles and install 10 charging plugs. SEPTA received $1.68 million to replace six freight and delivery trucks with electric trucks and install chargers.

“While world leaders are demanding we all move to zero emissions, it’s great to see it embraced by local leaders of the transportation sector in Philadelphia,” said Ed Neilson, House Transportation Committee chairman, in a written statement. “I hope to see more local companies take advantage of this program and invest in zero-emission fleet vehicles, which will pave the way for a cleaner future for generations to come.”

More Money Moves:

• Ambler-based aviation technology company Nexteon Technologies raised $1.1 million, according to an SEC filing. Nexteon also raised $4.8 million in July.
• Center City-based biotech company Nia Therapeutics raised $6.3 million, according to an SEC filing. Nia also raised a $6.2 million seed round last January.
• Center City-based digital pathology company Proscia raised $9 million, according to an SEC filing. Proscia last raised a $37 million Series C in 2022.
• Online jewelry selling company Alloy, based in Newtown, raised $550,000.
• The Pennsylvania Department of Environmental Protection was awarded $3 million from the US Environmental Protection Agency to develop a Priority Climate Action Plan to reduce the emissions from the state’s industrial sector.