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Client Highlights
Wilson Sonsini Advises Aadi Bioscience, Inc. on $72.5 Million Private Placement Equity Financing
On September 22, 2022, Aadi Bioscience, Inc., a commercial-stage biopharmaceutical company focused on precision therapies for genetically-defined cancers with alterations in mTOR pathway genes, announced it has entered into a securities purchase agreement with a new accredited investor and certain existing investors to issue and sell an aggregate of 3,373,526 shares of its common stock at a price of $12.50 per share, reflecting the closing price on September 21, 2022 on NASDAQ, and pre-funded warrants to purchase up to an aggregate of 2,426,493 shares of common stock at a purchase price of $12.4999 per pre-funded warrant share, through a private investment in public equity (PIPE) financing. The Pre-Funded Warrants will have an exercise price of $0.0001 per share of common stock, to be immediately exercisable and remain exercisable until exercised in full. Aadi Bioscience anticipates the gross proceeds from the PIPE to be approximately $72.5 million, before deducting any offering related expenses. The financing is expected to close on September 26, 2022, subject to customary closing conditions.
Client Highlights
Wilson Sonsini Advises Investor Time BioVentures on Phantom Neuro’s $6 Million Seed Funding Round
On September 12, 2022, Phantom Neuro, the first-of-its-kind neurotech startup that delivers a low power, high accuracy system for lifelike control of robotic orthopedic technologies, announced a $6 million funding round led by new investor Time BioVentures. The round included participation from another new investor, Risk & Return (R²), an innovative venture fund focused on "capitalism for good". Wilson Sonsini Goodrich & Rosati advised Time BioVentures on the transaction.
Client Highlights
Wilson Sonsini Represents Amprius Technologies in SPAC Transaction
On September 14, 2022, Amprius Technologies, Inc., a lithium-ion batteries manufacturer, announced the completion of its business combination with Kensington Capital Acquisition Corp IV, a special purpose acquisition company. The company has begun trading on the New York Stock Exchange under the ticker symbol “AMPX.” The transaction will provide Amprius with approximately $87 million of gross proceeds, which will be used to support the company through the construction of its gigawatt hour-scale manufacturing facility.
Client Highlights
Wilson Sonsini Advises Investor Pelion on Denim's $126 Million Series B Round
On September 15, 2022, Denim, a leading financial enablement platform for the freight and logistics industry, announced the closing of $126 million, including a $26 million Series B financing led by Pelion Venture Partners and $100 million in debt financing. The funding is a combination of equity to scale its platform and debt financing to provide working capital to freight brokerages. Along with its new capital, the company also reintroduced itself as Denim. The Series B funding round, which was led by Pelion Venture Partners, included participation from Crosslink Capital, Anthemis, Trucks VC, FJ Labs, Tribeca Early Stage Partners, and Refashiond Ventures.
Client Highlights
Firm Advises Redesign Health on $65 Million Series C Financing
On September 13, 2022, Redesign Health, a New York City-based company that builds other healthcare start-ups, closed a $65 million Series C funding round. The funding was led by General Catalyst, with other investors including CVS Health Ventures, UPMC Enterprises, Eden Global Partners, Euclidean Capital, Samsung Next, TriplePoint Capital, and Declaration Partners also participating. Wilson Sonsini Goodrich & Rosati advised Redesign Health on the transaction.
Founded in 2018, Redesign Health researches, assembles, brands, and launches healthcare start-ups by tapping into its team of entrepreneurs, healthcare industry operators, business analysts, and investors. To date, Redesign Health has launched more than 40 companies, including Ever/body, which focuses on cosmetic dermatology; cancer-care company Jasper; and metabolic health company Calibrate. According to the company’s founder and CEO, Brett Shaheen, Redesign Health plans to create more than 25 companies this year alone. The proceeds from the latest funding will benefit Redesign Health’s own operations and platform, rather than being doled out to the operating companies it has founded.
The Wilson Sonsini team that advised Redesign Health on the financing included Megan Baier, Seth Helfgott, Rob Broderick, Josh Bronstein, and Daniel Xo.
For more information, please see this Fast Company article.
Founded in 2018, Redesign Health researches, assembles, brands, and launches healthcare start-ups by tapping into its team of entrepreneurs, healthcare industry operators, business analysts, and investors. To date, Redesign Health has launched more than 40 companies, including Ever/body, which focuses on cosmetic dermatology; cancer-care company Jasper; and metabolic health company Calibrate. According to the company’s founder and CEO, Brett Shaheen, Redesign Health plans to create more than 25 companies this year alone. The proceeds from the latest funding will benefit Redesign Health’s own operations and platform, rather than being doled out to the operating companies it has founded.
The Wilson Sonsini team that advised Redesign Health on the financing included Megan Baier, Seth Helfgott, Rob Broderick, Josh Bronstein, and Daniel Xo.
For more information, please see this Fast Company article.
Client Highlights
Wilson Sonsini Advises RayzeBio on Patent Matters Related to $160 Million Series D
On September 13, 2022, RayzeBio, Inc., a targeted radiopharmaceutical company developing an innovative pipeline against validated solid tumor targets, announced a $160 million Series D financing co-led by Viking Global Investors, Sofinnova Investments, and Wellington Management. Additional new investors Ally Bridge Group, Sands Capital, Laurion Capital Management, Soleus Capital, and an undisclosed global investor also participated, as did RayzeBio’s current investors. With this latest financing, RayzeBio has now raised $418 million since beginning operations in August 2020.
According to RayzeBio’s president and CEO, Ken Song, M.D., the financing provides the company the ability to further expand its leadership in targeted radiopharmaceuticals and allows it to reach several major value inflection points both clinically and operationally. RayzeBio has advanced its lead drug candidate, RYZ101, which delivers Ac225, a highly potent alpha-emitting radioisotope, into clinical trials for multiple solid tumor indications. A Phase 1b clinical trial is currently enrolling patients with neuroendocrine tumors and Phase 3 studies could begin as early as 2023.
Wilson Sonsini’s patents and innovations group, led by Ying Chen, represented RayzeBio in patent matters related to the transaction. Also included on the team were Michael Hostetler, Céline Bonnefous, and Michael Wormald.
For more information, please see RayzeBio’s news release. Additional information is available in Endpoints News.
According to RayzeBio’s president and CEO, Ken Song, M.D., the financing provides the company the ability to further expand its leadership in targeted radiopharmaceuticals and allows it to reach several major value inflection points both clinically and operationally. RayzeBio has advanced its lead drug candidate, RYZ101, which delivers Ac225, a highly potent alpha-emitting radioisotope, into clinical trials for multiple solid tumor indications. A Phase 1b clinical trial is currently enrolling patients with neuroendocrine tumors and Phase 3 studies could begin as early as 2023.
Wilson Sonsini’s patents and innovations group, led by Ying Chen, represented RayzeBio in patent matters related to the transaction. Also included on the team were Michael Hostetler, Céline Bonnefous, and Michael Wormald.
For more information, please see RayzeBio’s news release. Additional information is available in Endpoints News.
The Entrepreneurs Report – 1H 2022
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 half 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 data from Beauhurst—a searchable database of the UK's high-growth companies—on UK equity investment in 1H 2022.