Biopharma financings slumped in the third quarter of 2010 - the $1.69 billion raised in Q3 was about half of Q2's $3.37 billion. Most of the third quarter money came from VC rounds. Two-thirds of the M&A total came from J&J's $2.2 billion purchase of the 82.1% of Crucell that it didn't already own. And following a long stretch in which earlier-stage assets were grabbing the largest deal values, Q3's biopharma alliances proved the contrary - the majority of the biggest moneymakers were for Phase II and higher therapeutics.

A preview of the emerging health care companies profiled in the current issue of Start-Up. This month's profile group, "Biotechs Target Cancer Metabolism," features profiles of Advanced Cancer Therapeutics, Cornerstone Pharmaceuticals and Dynamix Pharmaceuticals. Plus these Start-Ups Across Health Care: AlloCure, ArisGen, HistoSonics and NeuraviBiotechnology.

Advanced Cancer Therapeutics LLC is developing candidates against two cancer-metabolism targets. The first is PFKFB3, an enzyme that is believed to be a key player in glucose metabolism. Preclinical results suggest the compound inhibits tumors’ ability to consume glucose for growth and metastasis. ACT is also advancing a set of potential inhibitors against another key metabolic target called choline kinase, which is responsible for generating phosphocholine, one of the most important enzymes associated with choline metabolism and cell proliferation.

As reseachers uncover linkages between tumor formation and cellular metabolism, start-ups and their venture backers see an opportunity to create a new class of cancer medicines. In this issue, we profile Advanced Cancer Therapeutics, Cornerstone Pharmaceuticals and Dynamix Pharmaceuticals.