RESEARCH TRIANGLE PARK – Eleven bioscience companies that previously received loans from the Biotech Center raised about $26.3 million in follow-on funding from other sources in the quarter, according to research by the Biotech Center’s Life Science Intelligence staff.
Accounting for most of that total was Durham-based Ribometrix, which raised about $15 million in venture capital. Ribometrix develops small-molecule therapeutics that directly target RNA to treat diseases.
Spyryx Biosciences of Durham raised nearly $6 million in venture capital. The company is developing novel therapeutics for severe pulmonary diseases.
Also raising up to $500,000 in venture capital each were Akros Medical of Durham, Flag Therapeutics of Raleigh, InnAVasc Medical of Durham and Redbud Labs of Research Triangle Park.
NC Biotech Center hands out $1.4M in grants, loans across state
Bioscience companies across North Carolina collectively raised $962 million in the quarter from all sources including venture capital, federal grants, initial public offerings of stock, acquisitions and debt financing. Three companies accounted for more than three-quarters of that total:
- BioAgilytix Labs of Durham was acquired by Cobepa, a privately held investment company based in Brussels, through a $280 million leveraged buyout in December. BioAgilytix is a bioanalytical testing laboratory specializing in large-molecule bioanalysis.
- Avista Pharma Solutions, a contract development and manufacturing organization with operations in Durham, reached a definitive agreement to be acquired by Cambrex for $252 million in November. Cambrex, based in East Rutherford, N.J., has a facility in High Point that manufactures small-molecule therapeutics.
- HyperBranch Medical Technology of Durham was acquired by Stryker for $220 million in October. HyperBranch is a medical device company that develops and markets products mainly for traumatic or surgically induced wounds.
(C) NC Biotechnology Center
