San Diego Three local life science companies reported incoming cash during August, although none announced the deals publicly.
There are many reasons companies raise money without announcing it. The money could be a small chunk of a bigger fundraising round that a company may not announce until the round is complete. Or the cash may be from a convertible note that was already announced. And for super stealthy companies, a fundraising announcement can tip off competitors that there’s fuel in the tank.
But new capital is also a sign that companies are getting the support they need to grow.
Here are three life science firms that filed regulatory forms with the U.S. Securities and Exchange Commission in August signaling an influx of cash.
Poseida Therapeutics - $11.2 Million
Poseida Therapeutics Inc., a local company using gene editing to develop medicines, reported $11.2 million in an equity deal.
The round included 16 investors, with the first date of sale on July 21. According to the SEC form, the company is aiming for a $15 million total round, with $3.8 million remaining to be sold.
Poseida is a spinout from Lexington-based Transposagen Biopharmaceuticals currently developing gene therapies and CAR-T product candidates to treat certain kinds of liver disease and cancer.
Evofem Biosciences Inc. - $7.5 million
San Diego biotech Evofem Inc., a women’s health company, reported $7.5 million in an equity deal.
The round included only two investors, with a minimum investment threshold of $2.5 million. According to the form, the company is aiming for a $10 million total round, with $2.5 million remaining to be sold. The first date of sale was July 28.
Evofem makes products for women’s reproductive health, including two clinical stage programs. The company raised $25 million in a Series D round in August 2016.
Molecular Assemblies - $4.8 million
Molecular Assemblies Inc., a small startup making synthetic DNA, has reported $4.8 million in an equity deal.
The round included 28 investors, with the first date of sale on Sept. 2. According to the SEC form, the company is aiming for a $6.7 million total round, with $2.1 million remaining to be sold. The company also indicated that this fundraising round would likely last more than a year.
A company spokesperson said the reported $4.8 million includes the $2.3 million seed round announced in December, along with new financing.
The company is developing a new way to create DNA. Synthetic DNA has become an important tool in fields such as vaccine development, gene therapy, and molecular engineering.
Creating DNA is a flawed and still an immature technology today, relying on harsh chemicals that both damage the DNA and produce high volumes of toxic waste. Molecular Assemblies aims to overcome these challenges by developing synthetic DNA that better mimics nature.