Biotech Ventures Forth: Third Rock Rolls Out $426M Fund, Relypsa Reloads
This article was originally published in The Pink Sheet Daily
Executive SummaryIt was a good day for biotech venture news, as early-stage investor Third Rock closed its second fund and Relypsa reported a massive $70 million Series B funding to push its potassium binding agent into pivotal trials.
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The biotech venture firm continues to draw investors despite lacking a large number of exits for its portfolio companies. Its third fund brought in the largest investment yet for the firm.
Third Rock is the sole Series A investor in MyoKardia, which plans to use personalized medicine to treat hypertrophic and dilated cardiomyopathies.
Relypsa, spun out from Amgen in 2007, has raised a third round of financing in an effort to move its lead compound into late-stage development.