Life Sciences Companies That are "C"ing Green This Week
Life sciences companies reeled in millions of dollars in Series C financing rounds this week. Here is a look at a few of those companies and what their fresh funds will be used for.
Flywheel
Biomedical research data management platform Flywheel had two big announcements up its sleeve on Wednesday: the closing of a $22 million Series C funding round and its acquisition of St. Louis-based Radiologics.
The funding round was lead by 8VC, with a handful of other investors following suit. The monies will help grow the company’s infrastructure and support its acquisition of Radiologics as the companies join to operate as Flywheel. The new combined company will offer a biomedical research platform that can connect any organization or data set across academia, life sciences, clinical and medical AI.
“The combined Flywheel and Radiologics capabilities uniquely enable increased collaboration among the brightest scientific and medical minds and the best data sets in the industry, making it possible for the smallest labs to collaborate with the largest academic medical centers and commercial enterprises,” said Jim Olson, CEO of Flywheel. Our goal is to power accelerated R&D in oncology, radiology and other therapeutic areas where innovation is paramount and increasingly data-driven.”
RecoveryOne
On Tuesday, California-based RecoveryOne announced that it had completed a $33 million Series C funding round, which will be used to support continued growth in payer and employer markets. RecoveryOne is a virtual physical therapy solution working to personalize and improve the path to recovery for patients with musculoskeletal conditions.
"Our sustained efforts to transform the recovery journey have brought us to this moment where we can clearly see the powerful impact we have on the lives of those suffering from MSK conditions,” said RecoveryOne CEO Mark Luck Olson. “We are creating ongoing value for consumers, caregivers, health plans, and payers, so this funding round will help us to scale those efforts and extend our impact far beyond the 60+ clients and nearly three million consumers under contract today."
Allay Therapeutics
Biotechnology company Allay Therapeutics, also based in California, plans to use its recently closed $60 million Series C funding round to advance its lead candidate, ATX-101, further into clinical trials and to support the development of its platform for ultra-sustained analgesic products. Allay pioneers ultra-sustained analgesic products with the goal of transforming post-surgical pain management and recuperation. A goal of Allay’s is to advance at least one new candidate into clinical trials each year.