Top US Biotech Investments in July 2022

Asthma specialist Areteia Therapeutics took home the title of best US private biotech investment in July 2022, with liquid biopsy firm Delfi Diagnostics and metabolic disease drug developer Carmot Therapeutics as runners-up.

The largest private US biotech investment in July 2022 fell short of the dizzying highs of National Resilience’s $625 million Series D round in June. However, there were still notable investments in the mix.

Pittsburgh-based Areteia Therapeutics was the winner in July 2022. The firm launched with $350 million in a massive Series A round to fund the development of first-in-class oral drugs to treat a form of asthma called eosinophilic asthma that mostly affects adults .

Areteia’s lead drug candidate inhibits the maturation of immune cells in the bone marrow that cause eosinophilic asthma, called eosinophils. The drug is designed to reduce the frequency of eosinophilic asthma attacks in a manner similar to injectable drugs including benralizumab (Fasenra), mepolizumab (Nucala) and reslizumab (Cinqair).

Delfi Diagnostics ranked second in July 2022 with $225 million in Series B funding. Based in Baltimore, California, the firm is developing a new class of liquid biopsy tests that could allow medical professionals to detect cancer cases before symptoms appear. In third place, Carmot Therapeutics raised $160 million in Series D to fund clinical trials of drugs for metabolic conditions including obesity and type 2 diabetes.

Although Areteia’s debut investment significantly outperformed the Series A ranking, there were other impressive rounds in July 2022. Vicinitas Therapeutics came in second with $65 million in funding to develop treatments for cancer and genetic diseases. The San Francisco-based company aims to stabilize proteins in the cell that would be abnormally degraded in cancer and genetic diseases and are considered untreatable by traditional approaches.

Another notable Series A biotech investment in the US in July was a round from Cartography Biosciences, which was launched in California to develop next-generation cancer therapies. Using single-cell genomics and proteomics, the company is building an atlas of cancer antigens that can be targeted with drug treatments. And Epicrispr Biotechnologies (Epic Bio) also started in California with the mission to cure diseases by using gene editing to control gene expression through the epigenome.

Replay, a biotech company based in San Diego, California, topped the US biotech seed round rankings in July 2022. The company launched a $55 million seed round to develop a set of technologies that form the framework for emerging cell and gene therapies. These tools include viral vectors with high payload capacity, cell therapies that avoid triggering the immune system, and DNA synthesis technology capable of writing large synthetic genes. The company aims to develop gene therapies to treat genetic diseases affecting the skin, eyes, brain and muscles.

As usual, industrial biotech firms have garnered a small portion of the largest biotech investments in the US. The companies that made the biggest investments in this sector in July were agricultural biotech players Enko Chem and Napigen.

Another notable investment in the US includes the company Turn Biotechnologies. The firm received a $1 million infusion from the decentralized autonomous organization VitaDAO. This is one of the largest investments made by the organization to date and shows that the emerging world of biotech DAOs is gaining momentum.

Across the US border, its neighbor Canada also had a notable biotech investment: a $13.2 million Series A raised by Spiderwort, a biotech using a cellulose-based tissue scaffold to treat spinal cord injuries.

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