Biotechnology – Swanson Reed | Specialist R&D Tax Advisors

Sunbird Bio Secures $14M to Fund Diagnostic Platform

Sunbird Bio, a biotech firm based in Cambridge, has closed a $14 million financing round. The round saw participation from two new investors, Eli Lilly and Company and EDBI (the strategic arm of the Singapore Economic Development Board).

The company plans to use the funding to advance the clinical development of its diagnostic platform. In support of this, the company will open new laboratory space and initiate additional clinical studies of its diagnostic technology.

Sunbird was founded to address the growing need for improved diagnostic tests. Their technology focuses on improving reliability and sensitivity in diagnostic tests which will, in turn, accelerate drug development.

Sunbird has two core proprietary platforms – APEX and Glympse – which detect and measure proteins and protease activity which indicates the presence and activity of a disease.

Sunbird Bio said that it is actively securing partnerships with biopharma companies and others to advance the development of its platform and conduct clinical studies.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Pairwise Secures $40M in Series C Funding

Massachusetts Patent of the Month - June 2021

Pairwise, a gene editing technology focused on improving plant breeding, has closed a $40M Series C funding round led by Deerfield Management.

The company plans to use the funding to further their research in improved breeding in commodity crops. In particular, they plan to scale their product pipeline for their berries and pitless cherries. They also plan to advance their Fulcrum ™ Platform. Pairwise’s new seedless blackberry variety, announced in June, will deliver an improved eating experience for consumers and, in concert with compact architecture and thornless traits, bring added benefits to farm workers, growers, and the environment as well.

“We started Pairwise in the early days of CRISPR to accelerate innovation across agriculture, enabling the cultivation of crops that are more adaptive to climate change, and more nutritious and convenient for consumers, all while bolstering grower economics,” said Tom Adams, Pairwise Co-Founder and CEO. “This new investment will enable us to expand the impact of our proprietary Fulcrum Platform as we continue to lead this transformation with our proven ability to deliver novel solutions that address the most pressing challenges in agriculture today.”

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

BioLabs and UVM to Open New R&D Incubator

The University of Vermont (UVM) and Cambridge-based BioInnovation Labs (BioLabs) have announced plans to launch a dedicated incubator at UVM’s Colchester facility.

The partnership will provide a space to support entrepreneurs and start-up companies specializing in all areas of life sciences R&D with fully equipped combination office and laboratory space.

Through this strategic partnership, UVM will oversee the new facility and provide technology, equipment, and direct collaboration with faculty at The Robert Larner, M.D. College of Medicine at the University of Vermont. The college includes nearly 200 research faculty and over 700 clinical faculty who practice in the UVM Health Network. BioLabs will support UVM with facility operations, access to industry partners, and networking and programming events.

Currently, BioLabs partners with an elite group of universities, pharma companies, and other engaged stakeholders worldwide. The UVM-BioLabs partnership reinforces the university’s steadfast commitment to research, education, and innovation. Additionally, UVM is the first rural university to join the BioLabs ecosystem.

Although the Center is expected to open in late 2025, the BioLabs Innovation Center at UVM will begin accepting applications and hosting tours in the coming months.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Pathalys Pharma Secures $105M in Series B

Pathalys Pharma, a startup based in North Carolina, has raised $105 million in Series B funding. The round was led by TCGX and joined by other notable investors including, JP Morgan Life Sciences Private Capital, Samsara BioCapital, Marshall Wace, KB Investment, JPS Growth Investment Limited Partnership, and included support from Pathalys’ founding investors, Catalys Pacific and DaVita Venture Group.

Pathalys is building biotech focused on fighting kidney disease through their top candidate – upacicalcet. This candidate is a potentially improved calcimimetic for the treatment of SHPT (secondary hyperparathyroidism). A calcimimetic imitates the effects of calcium on tissues, making them excellent tools for treating problems linked to calcium homeostasis or skeletal integrity.

Upacicalcet is a novel calcimimetic which would be delivered intravenously after hemodialysis. If it operates properly, it would reduce levels of PTH and improve the tolerability profile for patients. The candidate has moved into Phase 3 Studies, with two identical 375-person trials.

The biotech stated that the additional funding will be utilized to complete those studies, start the process of getting ready to submit an application for FDA approval, and “accelerate preapproval commercialisation preparations.”

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

ProfoundBio’s $112M Series B Funding Signals a New Era in Cancer Therapeutics

ProfoundBio US Co., a biotech company focused on novel targeted cancer therapies, has successfully raised an impressive $112 million in an oversubscribed Series B financing round. The funding, led by Ally Bridge Group, boasts participation from distinguished healthcare investors such as Nextech Invest, T. Rowe Price, Janus Henderson Investors, RA Capital Management, and OrbiMed, among others. This substantial financial backing reflects the confidence of both new and existing investors in ProfoundBio’s innovative antibody-drug conjugate (ADC) therapeutics.

ProfoundBio specializes in developing ADCs, a cutting-edge class of drugs that combine the precision of monoclonal antibodies with the potency of cytotoxic drugs. The funds from this Series B round will play a crucial role in advancing ProfoundBio’s clinical-stage ADC pipeline, particularly in accelerating the pivotal trial of rinatabart sesutecan (Rina-S), designed for the treatment of ovarian cancer.

Erin Lavelle, Chief Operating Officer, and Chief Financial Officer of ProfoundBio expressed gratitude for the support from premier life science investors, emphasizing the pivotal step it represents in enabling significant milestones. Lavelle notes, “It’s a pivotal step in enabling significant milestones and delivering key data readouts this year and through 2025.”

The distinguished funding round has not only garnered financial support but has also enriched ProfoundBio’s board of directors with strategic appointments. Andrew Lam from Ally Bridge Group, Eric Dobmeier, and Enoch Kariuki, both accomplished individuals in biotechnology and investment, are set to join the board, further fortifying ProfoundBio’s leadership.

ProfoundBio’s robust pipeline includes several promising ADC programs:

Rina-S: A folate receptor-alpha (FRα) targeted ADC, currently in Phase 2 trials for ovarian and endometrial cancers. Pivotal studies in ovarian cancer are planned for later this year.
PRO1160: A CD70 targeted ADC, in Phase 1 trials with initial results expected in 2024.
PRO1107: A protein tyrosine kinase 7 (PTK7) targeted ADC, in Phase 1 trials with initial results anticipated in 2025.
PRO1286: A bispecific ADC, expected to enter clinical trials in 2024.

Baiteng Zhao, Ph.D., Chairman of the Board and Chief Executive Officer of ProfoundBio, emphasized the significance of the Series B financing as a crucial milestone in their mission to redefine cancer treatment. The support enables ProfoundBio to advance its clinical trials and offer new differentiated approaches to patients battling cancer.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

InnovaPrep Acquires Clara Biotech

InnovaPrep LLC has acquired the assets of Clara Biotech, a startup which made a name for itself by launching a first-of-its kind cancer detection in 2015.

InnovaPrep is a local leader in the biotech industry. Their detection tech focuses on biological sample collection, concentration, and preparation. The company has commercialized a collection of market-disruptive platform technologies for rapid, automated concentration of biological particles.

The acquisition will support InnovaPrep as they begin development and experimentation in a very niche field – exosomes. Clara Biotech’s technology and team are experts in exosome isolation and preparation and will support InnovaPrep to step boldly into the niche field, with a ready to go team.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Jellatech’s Innovative Approach to Collagen Production Gains Momentum

Jellatech, a collagen startup, has raised $3.5 million to scale up their lab-grown production.

Collagen, often dubbed the “fountain of youth,” is a crucial protein that plays a vital role in maintaining skin elasticity and overall health. Traditionally, collagen has been sourced from animal byproducts, a process that raises ethical concerns and environmental issues. Jellatech recognized these challenges and set out to revolutionize the collagen production landscape.

The company’s approach is as innovative as it is ethical. Jellatech harnesses the power of cellular agriculture, using advanced biotechnology to cultivate collagen from sustainable sources. This process not only eliminates the need for animal-derived collagen but also ensures a consistent, high-quality product that meets the growing demand in the skincare and nutraceutical markets.

Jellatech’s recent fundraising success, highlighted by its ability to secure significant financial backing, underscores the industry’s recognition of the company’s transformative potential. With this funding, Jellatech is poised to accelerate its research and development efforts, bringing sustainable, lab-grown collagen products to consumers sooner than ever.

The implications of Jellatech’s innovations are far-reaching. Beyond the skincare and nutraceutical sectors, lab-grown collagen has the potential to disrupt various industries, including medical and pharmaceutical. As the company continues to refine its production processes and expand its product offerings, the possibilities for collagen-based solutions are limitless.

In a world increasingly concerned with sustainability and ethical consumption, Jellatech’s commitment to responsible collagen production positions it as a leader in the biotechnology space. By leveraging cutting-edge research and development, the company is not only meeting the demands of today but also shaping the future of collagen-based products.

As Jellatech forges ahead with its mission to revolutionize collagen production, the skincare and nutraceutical industries are in for a remarkable transformation. Consumers can look forward to ethically sourced, high-quality collagen products that promote both personal wellness and environmental stewardship. With each breakthrough, Jellatech moves one step closer to redefining an entire industry and setting a new standard for sustainable biotechnology.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Unlocking the Future of Healthcare: Gero’s Epigenetic Biomarker Discovery

Gero, a biotechnology startup, has recently announced a partnership with FOXO Technologies. FOXO is the creator of a saliva-based epigenetic technology while Gero is creating therapeutics against chronic diseases with a mission to slow down human aging itself.

Epigenetic biomarkers are a hot topic in the world of medical research, and Gero is harnessing their potential to transform healthcare. These biomarkers provide a window into the way genes are regulated and can offer crucial insights into various aspects of health, from disease risk to aging.

The companies have not yet signed a letter of intent, but “a deal will happen,” Gero CEO Peter Fedichev said. The scientific, technical, and financial details are still being worked out.

Gero’s partnership with FOXO Technologies could be a game-changer. FOXO proteins play a crucial role in regulating genes associated with longevity and age-related diseases. By leveraging FOXO technologies, Gero aims to uncover a treasure trove of epigenetic biomarkers that could reshape healthcare as we know it.

Aging is a complex process, and Gero’s efforts are dedicated to unraveling its mysteries. By understanding the epigenetic changes that occur as we age, Gero seeks to develop innovative therapies and interventions that promote healthy aging and extend our lifespan.

One of the most exciting aspects of Gero’s work is its potential for precision medicine. Epigenetic biomarkers can help tailor treatments to individual patients, ensuring they receive the right care at the right time. This personalized approach has the potential to revolutionize how we treat and prevent diseases.

As Gero advances its epigenetic biomarker discovery through FOXO Technologies, the possibilities for the future of healthcare are endless. Imagine a world where diseases are detected and treated before they even manifest symptoms, where aging is a graceful process, and where each individual’s health journey is unique.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Kriya Therapeutics’ $150M Boost to Series C Funding for Breakthrough Gene Therapies

Kriya Therapeutics, a biopharmaceutical company focused on gene therapy, has secured $150 million for its Series C funding round. This significant funding injection further propels the company’s mission to advance cutting-edge gene therapies and propel its drug development endeavors to new heights.

Having already secured a total of over $430 million in Series C funding, Kriya Therapeutics has now amassed an impressive $600 million since its inception in 2019. With a stronghold in California, the company has been consistently attracting substantial investments, with Patient Square Capital leading a $270 million Series C financing round in May 2022, following $80 million in Series A funding in May 2020 and $100 million in Series B.

Kriya Therapeutics has set its sights on groundbreaking advancements, planning to progress its undisclosed gene therapies into clinical trials. Alongside this, the company is dedicated to further enhancing its computational, engineering, and manufacturing platforms, ensuring that its therapies reach their full potential.

CEO Shankar Ramaswamy emphasized the company’s commitment to efficient gene therapy development, stating, “Our investments in world-class infrastructure and talent have supported our ability to move with unprecedented efficiency in the engineering and production of gene therapies.” With a passion for transformative healthcare, Kriya Therapeutics aims to provide better treatment options for patients battling metabolic, neurological, and ophthalmological conditions.

The company’s diverse pipeline encompasses therapies for metabolic disorders like diabetes and glycogen storage diseases, neurological diseases including epilepsy, and ophthalmological conditions like diabetic retinopathy. The acquisition of Redpin Therapeutics has further strengthened Kriya’s neurological gene therapy portfolio.

Though specifics about its treatments are yet to be revealed, Kriya Therapeutics made a splash at the 2023 American Society of Gene and Cell Therapy Annual Meeting. The company presented ten abstracts detailing its groundbreaking technology and manufacturing platforms, hinting at the transformative potential of its gene therapies.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Early Stage Cancer Detection Company, Mercy BioAnalytics, Secures $41M in Series A

Mercy BioAnalytics, a company developing early-stage cancer detection technology, has raised $41M in Series A funding.

The round was led by Novalis LifeSciences, with participation from Sozo Ventures, Hatteras Venture Partners, iSelect Fund, American Cancer Society BrightEdge, Broadway Angels, Labcorp and Bruker.

The company intends to use the funds to advance development and commercialization of its Halo test, for high-risk lung cancer screening, its lead clinical indication, and to advance clinical programs in additional indications, including ovarian cancer.

The earlier cancer is detected, the greater the chances of beating it. Mercy BioAnalytics’ Halo Test is designed as a non-invasive, blood-based assay which analyzes single extracellular vesicles. These vesicles exist at high abundance in circulation, even when cancer is in its early stages. Since these vesicles are tumor-specific, the analysis can be run with incredible specificity and accuracy. Mercy’s initial focus is the early detection of ovarian and lung cancers.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.