After a slowdown in IPOs, M&A activity and financing in 2023, the biotech industry is showing early signs of recovery in 2024.
The loan is expected to be funded and the equity investment is expected to close on Thursday, subject to completion of customary conditions.
The platform, Elevage, complements therapeutics backer Enavate, launched a year ago.
The financing round was led by General Catalyst and seeks to boost the company’s precision immunomodulators and oncology medicines.
The deal highlights ongoing interest in the influential point-of-care market.
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