Which biotechs have raised new VC financing this week?

Our latest roundup of venture capital financings in the biotech sector includes solid eight-figure rounds for Triveni, Cellares, HMNC, Vedana, and Neion Bio.

Triveni aims to take second eczema drug into phase 2

Watertown, Massachusetts biotech Triveni Bio has added $65 million to its cash reserves after completing a Series C funding round that will support a phase 2 trial of its TRIV-573 candidate in atopic dermatitis, which is due to start later this year. The round was co-led by new investors Ascenta Capital and Janus Henderson Investors, with participation from Deep Track Capital, alongside additional existing investors.

TRIV-573 is a long-acting bispecific drug that simultaneously inhibits IL-13 – a well-established target in AD treatment – as well as the emerging target KLK5/7 (kallikrein-related peptidases 5 and 7). Triveni's lead drug, TRIV-509, is a KLKR5/7 targeted antibody already in a phase 2 proof-of-concept study in AD. The financing, which follows a $92 million Series A in 2023 and $115 million in a 2024 second round, has been announced a few days after Triveni started a first-in-human trial of the bispecific candidate.

Cellares adds $50m to Series D, taking it to a massive $327m

Contract cell therapy manufacturer, Cellares, has made its already supersized fourth-round financing even bigger, raising another $50 million from Prime Radiant Partners that brings the total to $327 million.

Cellares applies robotics and other automation technologies in a 'smart factory' approach designed to speed up the whole cell therapy production process, from cell culture to quality control, at clinical and commercial scale, and is already being used to produce CAR-T therapies for Bristol Myers Squibb under a $380 million deal signed in 2024. The funding will help the company complete a manufacturing facility under construction in Leiden, the Netherlands, that is due to go live in 2027 and complement an existing facility in New Jersey, US.

Brain health biotech HMNC raises $50m, and appoints CMO

HMNC Brain Health has closed the first $50 million tranche of a Series B financing, led by German healthcare company MEDICE, with the proceeds earmarked to prepare for phase 3 trials of Ketabon (KET01), an oral prolonged-release ketamine formulation, and Nelivabon (BH-200), a potential first-in-class oral vasopressin V1b receptor antagonist. Both are experimental therapies for depression.

In connection with the round, which was joined by existing investor The Maschmeyer Group, MEDICE has also licensed exclusive European commercial rights for Ketabon, in return for a commitment to pay Munich, Germany-based HMNC double-digit royalties on net sales and milestone payments for meeting sales targets. Meanwhile, in preparation for the forthcoming clinical trials programme, HMNC has named former Lundbeck head of clinical development, Dr Bjørn Grønning, as its chief medical officer.

Vedana Therapeutics takes on migraine prevention mission

Vedana Therapeutics has emerged from the biotech shadows with $46 million in first-round financing, co-led by Westlake BioPartners and Canaan Partners, and a plan to improve on current migraine prevention therapies based on CGRP inhibitors.

The Seattle, Washington biotech, which wants to help the approximately two-thirds of migraine patients who cannot control their headaches with current drugs, has two candidates in its pipeline, including an antibody directed at PACAP – another peptide thought to play a role in migraine – and a dual PACAP/CGRP inhibitor. Both are still in preclinical development, with first-in-human trials scheduled to start in 2027. The round was also supported by Dawn Biopharma and Alexandria Venture Investments.

Neion hatches $23m Series A for egg manufacturing

New York's Neion Bio, which is working on an egg-based manufacturing platform for biologic medicines, has raised $23 million in Series A financing. It is using chicken eggs as "biological vessels" to produce and stabilise proteins in a sterile environment and "at meaningful scale within days."

The financing was led by Caffeinated Capital, with participation from new investors Digitalis Ventures, Ensemble VC, and Trust Ventures, alongside returning backers that include Haystack and Basis Set Ventures. Meanwhile, Neion has also just announced its first commercial co-development and supply agreement, to make biosimilar medicines for an undisclosed pharma company.

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