Biotechnology

Park Vale is currently centred on investments in biotechnology companies engaged in late stage biotechnology, early oncology & cell therapy development platforms, and healthcare technology.  Selected from the extensive network of deal flow, working in conjunction with F2 Capital, the focus is on timing efficiency of the drug development programs of CROs and big pharma.

Biotechnology has been an investment sector for over 25 years however long investment cycles (>10 years), low probability of drug discovery success (<10% from pre-clinical to FDA drug approval), and a close network of investment professionals has meant that traditionally this has been a difficult place for fiduciary investors to access the asset class and achieve returns. With the exception of access to deals, this investing environment has now materially changed. The biotechnology industry is maturing and is benefiting from the confluence of computing power, use of AI/machine learning and big data science. This can mean that those in the network of deal flow and with the ability to create and drive commercial businesses are well placed for this golden decade in the sector.

By investing in the most promising companies, the investment time span is expected to be dramatically shortened from 7-10 years to 12-24 months, and risk managed for potential attractive investor returns.

Park Vale Capital is proud to announce that the Members of The Academy of Medical Sciences acted as advisor to the following strategy: click here for more information.

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  • RADIUS - IPO
    June 5, 2014
  • RADIUS - IPO
    June 5, 2014

    Radius Health, Inc. Announces Pricing of Initial Public Offering

    LINK:  Nasdaq – RDUS

    CAMBRIDGE, Mass., June 5, 2014 (GLOBE NEWSWIRE) — Radius Health, Inc. (“Radius”) announced today that it has priced its initial public offering of 6,500,000 shares of its common stock at a public offering price of $8.00 per share. In addition, Radius has granted the underwriters a 30-day option to purchase up to an additional 975,000 shares of common stock to cover over-allotments, if any. The common stock will begin trading on the NASDAQ Global Market on June 6, 2014 under the symbol “RDUS.”

    Jefferies LLC and Cowen and Company, LLC are acting as joint book-running managers and underwriters for the offering. Canaccord Genuity Inc. is serving as co-lead manager, and Cantor Fitzgerald & Co. is serving as co-manager.

    A registration statement (including the prospectus) relating to these shares of Radius’s common stock has been filed with the U.S. Securities and Exchange Commission and declared effective. The offering of these shares is being made only by means of a prospectus forming part of the effective registration statement relating to these shares. Copies of the prospectus, when available, may be obtained by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 547-6340 or by email at prospectus_department@jefferies.com, or Cowen and Company, LLC, c/o Broadridge Financial Services, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (631) 274-2806 or by fax at (631) 254-7140.

    This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of shares of Radius’s common stock in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

  • CHIASMA - IPO
    July 21, 2015
  • CHIASMA - IPO
    July 21, 2015

    Chiasma, Inc. Announces Closing of Initial Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares

    LINK:  Nasdaq – CHMA

    NEWTON, Mass. and JERUSALEM, Israel, July 21, 2015 /PRNewswire/ — Chiasma, Inc. (“Chiasma”) today announced the closing of its initial public offering of 7,319,750 shares of common stock at a price of $16.00 per share, before underwriting discounts, which includes the exercise in full by the underwr iters of their option to purchase up to 954,750 additional shares of common stock. All of the common stock was offered by Chiasma. Chiasma’s stock is listed on The NASDAQ Global Select Market under the ticker symbol “CHMA.”

    Barclays Capital Inc. and Cowen and Company, LLC acted as joint book-running managers for the offering. William Blair & Company, L.L.C. and Oppenheimer & Co. Inc. acted as co-managers. A copy of the final prospectus relating to this offering may be obtained from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: (888) 603-5847, or by emailing: Barclaysprospectus@broadridge.com; or Cowen and Company, LLC, c/o Broadridge Financial Services, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: (631) 274-2806, fax: (631) 254-7140.

    A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on July 15, 2015.This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

  • RDUS PRESS RELEASE
    April 25, 2013
  • RDUS PRESS RELEASE
    April 25, 2013

    Radius Health Completes $43 Million Financing to Advance BA058 for the Treatment of Osteoporosis

    Board Appoints New Members, Morana Jovan-Embiricos, PhD and Owen Hughes

    CAMBRIDGE, Mass., April 25, 2013 Radius Health, Inc. (“Radius”), a biopharmaceutical company focused on developing new therapeutics for the treatment of osteoporosis and other women’s health conditions, announced today that it has completed a new equity financing of $43 million.

    Radius Health plans to use the funding to support the continued advancement of the company’s clinical development programs for its lead asset, BA058, a novel anabolic, bone-building compound for the treatment of patients with osteoporosis at high risk of fracture. BA058-SC, an injectable form of BA058, is currently in a Phase 3 trial. BA058-TD, is in a Phase 2 trial studying the efficacy of delivering BA058 via a transdermal patch.

    The financing was led by F2 Biosciences III, L.P., with participation from existing investors, Biotech Growth N.V., MPM Capital, Brookside Capital, MPM Bio IV NVS Strategic Fund and BB Biotech Ventures. Morana Jovan-Embiricos, PhD, Managing Partner at F2 Biosciences, and Owen Hughes, Chief Business Officer and Head of Corporate Development at Intarcia Therapeutics and formerly a Director at Brookside Capital, will join Radius’ Board of Directors.

    “We are thankful for the support of our current and new investors, and we welcome Morana and Owen to the Board,” stated Michael S. Wyzga, President & CEO of Radius Health.

    Mr. Wyzga continued, “Our recently reported interim blinded safety data for clinical fractures occurring in the Phase 3 trial and the completion of enrollment in both the subcutaneous Phase 3 and the short-wear time patch Phase 2 trials demonstrate solid progress toward our goal of commercializing this compound. Osteoporosis is a large market. Currently available treatments do not adequately serve the needs of patients, especially those at high risk of fracture.”

    Morana Jovan- Embiricos, lead investor and Managing Director of F2 Biosciences, said, “This is an important time for Radius Health in the late-stage clinical development of BA058 as an injectable and a short -wear time transdermal patch. We recognize the global market need for this novel agent, and we are delighted to join the rest of the Board and support the company through the final stages of development.”

    About F2 Biosciences The F2 family of life science funds was established by Morana Jovan- Embiricos, with the launch of F2 Ventures in 2003. In 2010, F3 Ventures followed. Through various vehicles, the F2 family of funds has managed over $300M in life sciences on public and private markets.

    About Radius Health

    Radius Health is a biopharmaceutical company focused on developing new therapeutics for the treatment of osteoporosis and other women’s health conditions. Radius is committed to the development of advanced therapeutics for the large and underserved osteoporosis market. The company’s lead product candidate, BA058-SC, is in development to reduce the risk of complications associated with osteoporosis, such as fracture. The company also has a next-generation transdermal patch, BA058-TD, being developed as a short wear -time delivery vehicle intended to improve patient compliance with convenience and ease of use, as well as a product in development to treat symptoms associated with menopause. Radius and 3M Drug Delivery Systems have an exclusive partnership agreement for development and commercial supply of BA058-TD. Learn more by visiting the company’s new website at www.RadiusPharm.com.

    Safe Harbor for Forward-Looking Statements Any statements made in this press release relating to future financial or business performance, conditions, plans, prospects, trends, or strategies and other financial and business matters, including without limitation, the prospects for BA058-SC and BA058-TD, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, when or if used in this press release, the words “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict” and similar expressions and their variants, as they relate to Radius or its management, may identify forward-looking statements. Radius cautions that these forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Important factors that may cause actual results to differ materially from the results discussed in the forward-looking statements or historical experience include risks and uncertainties, including the failure by Radius to secure and maintain relationships with collaborators; risks relating to clinical trials; risks relating to the commercialization, if any, of Radius’ proposed product candidates (such as marketing, regulatory, patent, product liability, supply, competition, and other risks); dependence on the efforts of third parties; dependence on intellectual property; and risks that Radius may lack the financial resources and access to capital to fund our operations. Further information on the factors and risks that could affect Radius’ business, financial conditions and results of operations are contained in Radius’ filings with the U.S. Securities and Exchange Commission, which are available at www.sec.gov. The forward-looking statements represent Radius’ estimate as of the date hereof only, and Radius specifically disclaims any duty or obligation to update forward-looking statements.

    Contact:
    David Connolly or Donna Lavoie
    LaVoie Group 617.374.8800
    Ext.104/105
    dconnolly@lavoiegroup.com
    dlavoie@lavoiegroup.com

    Corporate:
    Nick Harvey, CFO
    617-551-4700

  • AMS COVERAGE
    May 02, 2013
  • AMS COVERAGE
    May 02, 2013

    UK Medical Academy in Novel Arrangement to Advise Biotech Fund

    By Clive Cookson

    The Academy of Medical Sciences has set up an innovative arrangement for its 1,050 fellows to advise a
    new biotechnology investment fund.

    The fund, called F2 Bioscience IV, is run by Park Vale Capital, a private London-based investment
    company. It aims to put money into drugs and other medical products that are in advanced development
    – within two or three years of commercial licensing – but need further funding to complete clinical
    trials.

    The academy, an independent charity, will put the Park Vale team in touch with fellows whose expertise
    qualifies them to provide scientific and clinical advice on investment options.

    In exchange, the academy, one of five UK national academies, will receive “an annual retainer and a
    share of the performance profits” of any companies the fund invests in as a result of its advice. Precise
    financial arrangements are confidential.

    If the investments succeed, the academy will gain extra income to use to promote medical science but,
    according to Sir John Tooke, its president, making money is not its primary motivation.

    “We want to make sure that late stage products with the most potential to improve health and bring
    positive medical innovation to patients are not lost because the required investment is not made,” he
    said. “We owe it to patients to complete the innovation cycle.”

    The late stage funding gap results from a mismatch between the typical venture capital time horizon,
    which envisages making money out of investments after seven to 10 years, and the 15 years typically
    required for a biotech start-up to obtain marketing approval for a new drug.

    When venture capital funds were investing in biotech in the late 1990s, they envisaged bridging the gap
    by floating fledgling companies on stock markets, but that has not worked because for several years
    capital markets have had no appetite for biotech companies without commercial products.

    As a result, there are plenty of attractive investment opportunities today, said Katherine Priestley,
    managing partner of Park Vale Capital.

    “There has been a change in the attitude of the academic community towards industry, and we can take
    advantage of that to help us choose the best candidates for the translation of medical science to benefit
    everyone,” she said.

  • CULLINAN COVERAGE
    October 3, 2017
  • CULLINAN COVERAGE
    October 3, 2017

    Cullinan bags $150M to build broad slate of cancer assets

    Cullinan Oncology has raised $150 million to build a portfolio of cancer R&D programs. The idea is to manage the risks inherent in drug development by placing bets on eight to 10 early-stage assets and selling those that show promise in the clinic.

    MPM Capital’s UBS Oncology Impact Fund and F2 Ventures put up the $150 million Cullinan needs to build and advance this portfolio of what CEO Owen Hughes calls “essentially one-off assets.”

    Unusually for a biotech startup, the idea that defines Cullinan is financial, not scientific. In essence, Cullinan is applying modern portfolio theory—a framework for maximizing returns for given risk levels—to drug development.

    The framework assesses the potential risks and returns of each asset in the context of how it affects the portfolio’s overall risks and returns. This enables investors to add higher-risk, higher-reward assets and balance them out with those more likely to pay out but in smaller amounts.

    CEO Owen Hughes said the portfolio model, by definition, gives Cullinan a higher tolerance to risk than traditionally structured biotechs. Cullinan can take on high risk assets, balance the portfolio with safer bets and, if the science later dictates, kill the speculative program without toppling the whole business.

    “By diversifying the risk across the portfolio we can take some pretty big shots on goal. The objective is to win with a couple of them. Obviously the majority of them will actually go by the wayside. But since we have the portfolio approach behind us we can actually withstand some setbacks,” Cullinan CEO Owen Hughes said.

    Cullinan is starting out with three assets, with plans to move up to the eight to 10 range it sees as optimal for the portfolio. One of the assets came to Cullinan via MPM, a route Hughes thinks will be fruitful for the company.

    As a major investor in oncology, MPM sees hundreds of deals a year. But to diversify its risk, the VC shop typically filters out one-off assets in favor of those that fit the mold of platform technologies. This means MPM passes over many promising assets that don’t fit its business model. Cullinan is getting a look at all these assets and adding the choicest opportunities to its pipeline.

    That is how Cullinan came to own its one externally discovered asset, an oncogene implicated in a high proportion of cancers that has frustrated researchers for more than two decades.

    The other two assets emerged from Cullinan’s own R&D activities. Cullinan is operating without a wet lab. What it has is brainpower—both within its walls and at MPM—and close ties to service providers.

    Patrick Baeuerle, Ph.D., who led development of pioneering bispecific antibody Blincyto at Amgen, is one of Cullinan’s CSOs. The other is MPM’s Leigh Zawel, Ph.D., a former East Coast site head for Pfizer’s Centers for Therapeutic Innovation. Baeuerle and Zawel are supported by Briggs Morrison, M.D., who headed up late-phase development at AstraZeneca before jumping into the biotech and VC worlds.

    Working with service providers, this team has overseen work on two immuno-oncology assets. Both are designed to dial up the immune response against tumors, making them complementary to the PD-1 drugs that take the leashes off the body’s attack dogs.

    The most advanced of the three assets is 15 to 18 months away from an IND. The other two are due to reach the IND stage in 20 to 24 months.

    Cullinan plans to offload some of the assets once they generate phase 1b data, providing the signal is robust enough to support a well-remunerated exit. Baeuerle said Cullinan will take other assets to phase 2 but in general it wants to capitalize on the potential for cancer to support earlier exits.

    If all goes to plan, Cullinan will return some profits to shareholders and reinvest the rest, enabling it to become an evergreen innovation engine for companies better suited to later-phase work. That isn’t a wholly original idea. But with $150 million, an A-list team and potentially productive internal and external sources of assets, Cullinan is better placed than most to execute the concept.