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Client Highlights
Wilson Sonsini Advises InCarda Therapeutics on IP Matters Related to $30 Million Series C Equity Financing
On October 21, 2020, InCarda Therapeutics, Inc., a privately held biopharmaceutical company developing first-of-their-kind inhaled therapies for cardiovascular diseases, announced that it has raised $30 million through the first close of a Series C equity financing. The financing was led by an affiliate of Innoviva, Inc. and also included existing investors Deerfield Management, HealthCap, and Morningside Venture. Proceeds from the financing will be used primarily to fund the ongoing clinical development of InRhythm™ (flecainide for inhalation), the company’s lead program, for the treatment of a recent-onset episode of paroxysmal atrial fibrillation (PAF).
Client Highlights
Wilson Sonsini Advises Spruce Biosciences on Patent Matters Related to IPO
On October 14, 2020, Spruce Biosciences Inc., a late-stage biopharmaceutical company focused on developing and commercializing novel therapies for rare endocrine disorders with significant unmet need, announced the closing of its initial public offering of 6,900,000 shares of its common stock, which includes 900,000 shares sold pursuant to the full exercise by the underwriters of their option to purchase additional shares, at a public offering price of $15.00 per share. The gross proceeds to Spruce from the offering, before deducting underwriting discounts, commissions, and offering expenses, were $103.5 million. All of the shares in the offering were sold by Spruce. Spruce’s common stock began trading on the Nasdaq Global Select Market on October 9, 2020, under the ticker symbol "SPRB." Cowen, SVB Leerink, Credit Suisse, and RBC Capital Markets acted as joint book-running managers for the offering.
Client Highlights
Wilson Sonsini Advises Concentric in $70 Million Microgrid Project Agreement with Gonzales Electric Authority
On October 8, 2020, Concentric Power Inc., an energy technology company deploying intelligent microgrids throughout California, and Gonzales Electric Authority (GEA), established by the City of Gonzales to oversee its new municipal electric utility, announced that they have executed an Energy Services Agreement (ESA) to deliver wholesale electric power via a community-scale microgrid in and around the Gonzales Agricultural Industrial Business Park. The microgrid will initially have 35MW of capacity to provide locally generated, resilient, and sustainable power to the Agricultural Industrial Park, which houses processing facilities for some of the country's largest fresh vegetable and wine producers. The project is designed to address poor grid power quality and difficulties in upgrading existing distribution facilities adversely affecting the agricultural producers. The integrated solar generation, battery storage, and natural gas generator system will also meet the clean energy requirements of the City of Gonzales's Climate Action Plan.
Client Highlights
Wilson Sonsini Advises Redaptive in $156.5 Million Funding
On October 7, 2020, Redaptive Inc., a leading provider of Efficiency-as-a-Service (EaaS) solutions for commercial and industrial customers, announced that it had closed $156.5 million in funding led by CarVal Investors. Existing investors CBRE, Engie New Ventures, Evergy Ventures, and Linse Capital also invested in the company alongside CarVal. Wilson Sonsini Goodrich & Rosati advised Redaptive in the transaction.
Client Highlights
Wilson Sonsini Advises Avail Medsystems in $100 Million Series B
On October 7, 2020, Avail Medsystems, the medical technology company pioneering telemedicine for the procedure room (Procedural Telemedicine™), announced that it has raised $100 million in Series B funding led by D1 Capital Partners, with participation from 8VC and existing investors. Wilson Sonsini Goodrich & Rosati represented Avail Medsystems in the transaction.
Client Highlights
Supreme Court Begins Term with Carney v. Adams, a Case on Judicial Balance
On Monday, October 5, 2020, the U.S. Supreme Court began its term with eight justices on the bench, after the passing of Justice Ruth Bader Ginsburg nearly three weeks ago. By teleconference, the Supreme Court heard oral arguments for Carney v. Adams, a timely case on whether Delaware's law to politically balance its own courts is constitutional.
Digital Health Report - Q4 2020
In this issue, we discuss how real-world evidence can be an important component of satisfying drug approval and post-approval study requirements and also, can provide other tangible advantages to drug sponsors. We also look at COVID-19’s impact on Medicare telehealth. Other articles include: the next installment in the series of the Health Insurance Portability and Accountability Act of 1996 (HIPAA) for entrepreneurs; the Bayh-Dole Act turns 40; and the lack of public guidance available regarding COVID-19 related apps.
