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Artificial intelligence for drug discovery was a leading area of investment.
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Vventure capital Investments in biopharmaceuticals decreased in 2023, according to a new exhibition from PitchBook, which found that $29.9 billion was invested in the sector, compared to $36.7 billion in 2022. The report summarizes some of the reasons for this as a shift in strategic thinking as investors “back fewer companies but with significant development progress”. This bodes well for established biotechs looking later stage investment, but may raise concerns for those whose technology is more experimental. Biotech companies likely need to plan for longer corridors after funding, as the report notes an “increased median interval” between rounds.
Two big areas of interest for investors in 2023 come as no great surprise: AI for drug discovery and obesity drugs, which have attracted investor interest thanks to large exits as well as multibillion-dollar research partnerships with big pharmaceutical companies. But the report notes that there are also three emerging therapeutic areas that are also attracting increased attention: molecular adhesivesused to open up protein degradation as a treatment option for cancers and other diseases. epigenetic processing, which offers potential efficacy for genetic disorders without some of the safety challenges of conventional gene therapy. and macrocyclic peptidessmall proteins that potentially offer the benefits of both biologics and small molecules without their drawbacks.
Meet CHAI: The Nonprofit Supergroup Wrangling Health AI’s Wild West
Brian Anderson, executive director, Coalition for Health AI.
Coalition for Health AI
The Coalition for Health AI, which has over 1,300 members, seeks to develop standards, validation labs, and a national registry of health AI tools. Board members include representatives from Microsoft, FDA, ONC, Mayo Clinic, Bessemer Venture Partners, Johns Hopkins and others.
Read more here.
Pipeline & Deal Updates
OTC: The FDA was cleared Dexcom’s Stelo as the first over-the-counter continuous glucose monitor for people “who want to better understand how diet and exercise can affect blood sugar levels.” The device records readings every 15 minutes, and users can wear the sensor for up to 15 days, but the service warns that it should not be used to make medical decisions without consulting a healthcare provider.
Autoimmune treatments: Alumis, which develops drugs aimed at treating immune diseases such as psoriasis and lupus, announced that it has raised a $259 million Series C round led by Foresite Capital Samsara BioCapital and venBio Partners. The round aims to support phase 2 and 3 clinical trials for the lead drug candidate.
M&A: Phage therapy biotech BiomX has announced that it has been introduced to a merger agreement with Adaptive Phage Therapeutics. The new private company will be owned 55% by BiomX shareholders and 45% by APT shareholders and includes $50 million in gross proceeds to BiomX.
Digital Diagnosis: BrainCheck, which has developed a digital tool for cognitive assessment, announced that it has set $15 million funding round to accelerate the commercialization of its tool.
Bone cancer: Medtronic announced that it has received FDA clearance for the OsteoCool 2.0 device, which is used to perform tumor removal in bone cancer patients.
Precision Oncology: FogPharma, which is developing a therapeutic class platform targeting hard-to-target cancers, announced that it has created a Series E round of $145 million led by Nextech Invest. The new funding is directed towards the clinical development of the drug candidate FOG-001, which targets colon cancer.
TikTokers steal photos of doctors and nurses to sell pills and powders
ILLUSTRATION BY ANGELICA ALZONA FOR FORBES
Healthcare workers’ names and selfies are being used – without their consent or knowledge – to sell unproven medical treatments to the app’s massive global audience. And in the Wild West of loosely regulated supplements, many brands are winning.
Read more here.
Other health news
Walgreens Boots Alliance Chief executive Tim Wentworth said the company would not sell its fast-growing specialty pharmacy Shields, adding that it was a key part of the company’s growth strategy.
Opil, the first birth control approved for use in the US, will be available in stores later this month.
CVS and Walgreens will begin selling the abortion pill mifepristone in pharmacies in select states in the coming weeks.
A study published in The Lancet it is estimated that over 1 billion people now have it portliness Worldwide.
CVS Health is stepping up its push for affordable housing and will spend about $35 million on two new housing developments in Hawaii in areas damaged by the Maui wildfires last year.
Alabama lawmakers pushed protection bills artificial insemination providers from civil and criminal liability, following a court ruling that frozen embryos are children.
The CDC no longer recommends that people with Covid-19 self-isolate for five days.
All over Forbes
This Bill Gates-backed startup is trying to fix Steel’s horrific environmental impact
The highest paid actors of 2023
This billionaire investor takes advice from Usher
What else are we reading?
How the US is Sabotaging Its Best Tools to Prevent Deaths in the Opioid Epidemic (STAT)
Fees for email messages with doctors and other healthcare providers (KFF)
Millions of research papers at risk of disappearing from the Internet (Nature)
