BioPharma Dive June 8, 2023
Dive Brief:
- Upstream Bio has successfully navigated a rocky market for biotech startups to raise $200 million in fresh financing in a Series B round.
- The company plans to use the funds to advance its experimental medicine UPB-101 into Phase 2 trials for asthma and chronic rhinosinusitis with nasal polyps and is also preparing for “a swift transition to Phase 3 development.” The drug is currently in Phase 1b testing for asthma.
- Enavate Sciences and Venrock Healthcare Capital Partners led the latest round of financing, which also attracted new investors Bain Capital Life Sciences and Wellington Management. Enavate’s Edd Fleming and Venrock’s Alex Rosen joined Upstream’s board as well, the company said Thursday.
Dive Insight:
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