More venture money for PD-1 x VEGF, new modalities: Finance Report

Two biotechs working on either hot targets or modalities raised substantial venture rounds in what’s otherwise been a typically quiet summer for biotech financings.

The larger of the two came from Strand Therapeutics Inc., which on Thursday raised $153 million in a series B round led by Kinnevik. Strand is developing programmable mRNA therapies. Its lead program, STX-001, expresses IL-12 directly in the tumor microenvironment and is in Phase I testing to treat solid tumors. According to BioCentury’s BCIQ database, the deal is the third therapeutics company investment for Kinnevik, a firm that largely focuses on software and climate tech investments along with healthcare. ...