InnovationRx is your weekly digest of healthcare news. To get it in your inbox, subscribe here.
Melinda French Gates founded Pivotal Ventures to expand women’s power and influence using a variety of levers, including philanthropy, advocacy and investments. According to PitchBook, venture capital for women cofounded companies hit an all-time high of 20% in 2023, though women-only founded startups were only 2%. . “We think if we’re putting more capital in the hands of women, they’re going to unlock solutions to some of the biggest problems that are facing our society today,” Pivotal Ventures managing director Erin Harkless Moore told Forbes.
Harkless Moore has zeroed in on the “Care Economy,” which Pivotal Ventures estimates is around $648 billion and broadly includes any responsibilities related to caregiving, ranging from women taking care of their own health to the well-being of their children and aging family members. Harkless Moore is making direct investments in companies and also investing in women-led venture capital funds that are working to “reduce burdens of care, lower costs of care and improve access to care.”
Caregiving is also an issue that has bipartisan support – two out of three people surveyed said the government “needs to do more” to address the challenges and financial costs of caregiving. Pivotal Ventures has invested in companies including Tia, which provides in-person and virtual women’s healthcare services; Mon Ami, which provides a software solution to aging and disability services providers; and Summer Health, which offers 24/7 message-based access to pediatricians, among others. Some of the fund investments include Magnify Ventures and Define Ventures.
How Ozempic, Wegovy, Mounjaro, Zepbound May Help Treat Other Diseases
GLP-1 drugs, the class that includes popular medications like Ozempic, Wegovy, and Rybelsus as well as Mounjaro and Zepbound has not only proven effective in treating weight loss and diabetes: Mounting evidence suggests these drugs may be effective at treating other conditions like cancer, Alzheimer’s and COVID-19.
Read more here.
Pipeline & Deal Updates
Xenotransplants: Biotech company eGenesis, which is developing genetically modified pig organs for transplant into humans, closed a $191 million series D round. (Read more about eGenesis in our feature story from earlier this year.)
Cell Therapy: ArsenalBio, which is developing CAR-T cell therapies for cancer, closed a $325 million series C financing round.
Home Health: Vesta Healthcare, which provides virtual home-based care, has raised $65 million in equity and debt financing led by RA Capital Management. The company says it is serving more than 50,000 patients and has developed software that connects the patients, family, home care agencies and insurance plans.
Radiopharma: Novartis has begun construction on two different manufacturing facilities in the U.S. for radioligand therapies to treat cancer. One is in Carlsbad California and one is in Indianapolis.
HealthTech: PatientPartner, a patient engagement startup founded by Forbes 30 Under 30 alums George Kramb and Patrick Frank, raised a $7 million seed round.
Obesity: Haya Therapeutics, which is developing genomic treatments for metabolic diseases, announced a research agreement with Lilly to develop drugs for obesity and related conditions. The aggregate deal is potentially worth up to $1 billion in milestone payments, plus royalties on any drugs approved.
Tencent-Backed AI Drug Researcher Xtalpi’s Shares Double On Revenue Rise
Xtalpi, a Shenzhen, China-based AI drug discovery company, saw its shares soar 108% on the Hong Kong stock exchange over the past week, boosting its market cap to $5.5 billion. The move comes on the back of Xtalpi’s sales growth, which it attributed to more customers using its AI-powered drug discovery services, including Pfizer and Johnson & Johnson. The company also scored a five-year $135 million deal with Chinese billionaire Zhu Gongshan’s energy company GCL Group to jointly research and develop new materials in areas such as lithium-ion batteries.
Read more here.
Other Healthcare News
Rite Aid Picks Insider CEO As Company Emerges From Bankruptcy
FDA Approves Updated Novavax COVID Vaccine Week After Approving Moderna And Pfizer’s Shots
Highmark Blue Cross Reaps $417 Million Profit As Health Plans And Providers Grow
Moderna’s First mRNA Mpox Vaccine Beats Licensed Rival Shots In Early Testing
Across Forbes
What Else We are Reading
How race became ubiquitous in medical decision-making tools (STAT)
Feds Killed Plan To Curb Medicare Advantage Overbilling After Industry Opposition (KFF Health News)
The biology of smell is a mystery — AI is helping to solve it (Nature)
Read the full article here