The financing was secured from life sciences investment company Abingworth and will help Gilead run “select clinical studies” of Trodelvy.
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According to the announcement, the firm’s mission is to create and build companies developing innovative treatments that could “cure or transform the clinical management” of life-threatening diseases.
Several experts on a panel Wednesday at JPM’s Biotech Showcase expressed positive attitudes for the coming year on the investment side, with the industry showing “signs of life”.
“We are in a golden-era of innovation in the life sciences, where technological breakthroughs are creating new approaches to diagnosing and treating disease,” Amit Sinha, head of life sciences investing at Goldman Sachs Asset Management, said in a statement.
The Massachusetts Biotechnology Council, the nation’s oldest biotech trade association, released its 2023 Industry Snapshot on September 6. The report found that biotech and pharmaceutical companies in Massachusetts added more research and development and biomanufacturing jobs than in most other states in 2022.
Flagship, which has stakes in several other biotech companies including Moderna, will invest $50 million in the Pfizer partnership. Its drug discovery initiative, called Pioneering Medicines, will lead the research for new drug molecules.