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Client Highlights
Wilson Sonsini Advises Cajal Neuroscience on $96 Million Series A Financing
On November 29, 2022, Cajal Neuroscience Inc., a biotechnology company integrating human genetics, functional genomics, and advanced microscopy to discover novel targets and therapeutics for neurodegeneration, launched with the completion of approximately $96 million in Series A funding. Cajal is uniquely focused on the mechanistic, spatial, and temporal complexity of neurodegeneration, integrating deep expertise in neuroscience, neuroanatomy, and computational biology with state-of-the-art technologies for high-throughput functional validation. The financing was led by The Column Group and Lux Capital, with additional participation from Two Sigma Ventures, Bristol Myers Squibb, Evotec, Alexandria Venture Investments, Dolby Family Ventures, and other investors.
Client Highlights
Wilson Sonsini Represents TuanChe in $15 Million Registered Direct Offering
On November 25, 2022, TuanChe Limited, a leading integrated automotive marketplace in China, announced the closing of its previously announced registered direct offering with investors for the purchase and sale of (1) 5,454,546 of its American Depositary Shares (ADSs) (or pre-funded warrants to purchase ADSs in lieu thereof) and (2) warrants to purchase 5,454,546 ADSs, at a combined purchase price of approximately $2.75 per ADS and the associated warrant. Each associated warrant is exercisable to purchase one ADS for $2.75 cash consideration. The aggregate gross proceeds to TuanChe are approximately $15 million.
Client Highlights
Firm Advises Norwest on $115 Million Series B Financing
On November 14, 2022, clinical-stage biopharmaceutical company MBX Biosciences announced that it has closed a $115 million Series B financing. Wellington Management led the fundraise, with participation from RA Capital Management and Norwest Venture Partners, as well as existing investors Frazier Life Sciences, New Enterprise Associates (NEA), and OrbiMed. Wilson Sonsini Goodrich & Rosati advised Norwest on the transaction.
Client Highlights
Firm Advises on $120 Million Series C Financing for Escient Pharmaceuticals
On November 28, 2022, Escient Pharmaceuticals announced that it had raised $120 million through a Series C Financing led by New Enterprise Associates (NEA), Abingworth and Forge Life Science Partners. The fundraising included participation from other new investors including Avego, PFM Health Sciences, and The Eleven Fund, as well as existing investors The Column Group, 5AM Ventures, Redmile Group, Cowen Healthcare Investments, Sanofi Ventures, Osage University Partners (OUP), and Altitude Life Science Ventures. Wilson Sonsini Goodrich & Rosati advised NEA and Abingworth on the transaction.
Client Highlights
Wilson Sonsini Advises CalciMedica on Patent Matters Related to $35 Million Merger with Graybug
On November 21, 2022, Graybug Vision, Inc. and CalciMedica Inc. announced that they have entered into a definitive merger agreement to combine the companies in an all-stock transaction. The combined company will focus on further developing CalciMedica’s lead product candidate Auxora™, a proprietary, intravenous-formulated, small molecule calcium-release activated calcium (CRAC) channel inhibitor, to treat life-threatening inflammatory diseases, such as acute pancreatitis (AP), asparaginase-associated pancreatitis (AAP), acute kidney injury (AKI), and acute hypoxemic respiratory failure (AHRF), for which there are no currently approved therapies. Auxora, which modulates the immune response and protects against tissue cell injury, has been studied in four completed efficacy clinical trials, demonstrating positive and consistent clinical results, as well as a favorable safety profile. Subject to each company’s stockholder approval, the combined company is expected to trade on the Nasdaq Global Market. Wilson Sonsini Goodrich & Rosati advised CalciMedica on patent matters related to the transaction.
Client Highlights
Firm Advises Tenaya on Public Offering
On November 21, 2022, clinical stage biotechnology company Tenaya Therapeutics announced the closing of a public stock offering, which raised approximately $75 million. Wilson Sonsini Goodrich & Rosati advised Tenaya on the transaction.
Q3 2022 Entrepreneurs Report
In this latest issue of The Entrepreneurs Report, we've compiled a range of data on venture financing transactions in which the firm was involved during the first three quarters of 2022, with the objective of identifying relevant trends in activity and valuation levels for the U.S. venture capital industry in general. This edition also includes information on our recent expansion of Neuron to include a new corporate governance module and subscription pricing for start-up clients, along with data from Beauhurst on Q3 2022 UK equity investments.