Welcome to the latest edition of our weekly EuroBiotech Report. This week we saw the halo slip a little further from British investor Neil Woodford as he signalled a backing away from his investments in controversial biotech NW Bio after taking a bath on the company. BioInvent hit major trouble after having to can its leading phase 2 myeloma med a month after the FDA told it to stop dosing patients. British biotech Pulmagen had more luck in its midstage asthma test, but now wants a partner for phase 3. Just two months after treating its first patient, German KIT spinout Amcure has raised €6 million in a Series B for its cancer candidate AMC303. Bayer and investor Versant have joined forces to launch a new stem cell biotech with a beefy $225 million Series A.
1. After Woodford takes a bath on NW Bio, British investor decides to towel off
Neil Woodford, who has seen his light dim in 2016 as a “star fund manager”, signalled in a brief update with The Times that he was to stop investing in the moribund biotech NW Bio after seeing his original investment decimated.
2. BioInvent back to drawing board as it pulls trial of lead drug for myeloma
Swedish biotech BioInvent's worst fears have been realized after it was forced to terminate a trial of its lead drug—multiple myeloma therapy BI-505.
3. Pulmagen med passes phase 2 asthma test, seeks partner for late-stage trials
U.K.-based biotech Pulmagen says its oral CRTh2 antagonist has posted positive results for its respiratory drug in a midstage trial.
4. Amcure raises €6M in Series B, takes on Roche alumnus as new board member
German oncology biotech Amcure has secured a €6 million pot for its second formal round of funding as it looks to speed up the development of its leading candidate, AMC303.
5. Bayer, Versant join forces on $225M Series A for stem cell upstart
In one of the biggest Series A funding rounds ever recorded for a biotech, Germany’s Bayer and Versant Ventures have stumped up $225 million for the launch of BlueRock Therapeutics.