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Melinda French gates set up Crucial businesses to expand women’s power and influence using a variety of levers, including philanthropy, advocacy and investments. According to PitchBookIn 2023, venture capital for companies co-founded by women reached an all-time high of 20%, while for female-founded startups it was just 2%. . “We believe that by putting more capital in the hands of women, they will unlock solutions to some of the biggest problems facing our society today,” said Pivotal Ventures CEO. Erin Harkless Moore told Forbes.
Harkless Moore has focused on the “Care economics”, that Pivotal Ventures estimates amounts to approximately $648 billion and broadly encompasses all responsibilities associated with caregiving, ranging from women taking care of their own health to the well-being of their children and aging family members. Harkless Moore makes direct investments in companies and also invests in women-led venture capital funds that are committed to “reducing healthcare burdens, lowering healthcare costs, and improving access to care.”
Caregiving is also an issue that has bipartisan support: two in three people questioned said the government “must do more” to address the challenges and financial costs of healthcare delivery. Pivotal Ventures has invested in companies including Tiawhich provides in-person and virtual health care services for women; Mon Amithat offers a software solution for service providers in the field of elderly care and disability care; And Summer healthwhich provides 24/7 message-based access to pediatricians and others. Some of the fund investments include Magnify Ventures and Define Ventures.
How Ozempic, Wegovy, Mounjaro and Zepbound can help treat other diseases
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GLP-1 drugs, the class that includes popular medications such as Ozempic, Wegovy, and Rybelsus, as well as Mounjaro and Zepbound, have not only proven effective in treating weight loss and diabetes: mounting evidence suggests that these medications may be effective in the treatment of other conditions such as cancer, Alzheimer’s and COVID-19.
Read more here.
Pipeline and deal updates
Xenotransplants: Biotech company eGenesis, which develops genetically modified pig organs for transplantation into humans, has closed a $191 million Series D round. (Read more about eGenesis in our feature article from earlier this year.)
Cell therapy: ArsenalBio, which develops CAR T cell therapies for cancer, has closed a $325 million Series C financing round.
Home Health: Vesta Healthcare, which offers virtual home care, has done so increased $65 million in equity and debt financing led by RA Capital Management. The company says it serves more than 50,000 patients and has developed software that connects patients, families, home health agencies and insurance plans.
Radiopharma: Novartis has started construction at two different manufacturing facilities in the US 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 alumni George Kramb and Patrick Frank, brought a $7 million seed round.
Obesity: Haya Therapeutics, which develops genomic treatments for metabolic diseases, announced a research agreement with Lilly to develop drugs for obesity and related conditions. The overall deal is potentially worth up to $1 billion in milestone payments, plus royalties on approved drugs.
Shanshan Kao/Forbes Asia
Xtalpi, a Shenzhen, China-based AI drug development company, saw its shares soar 108% on the Hong Kong Stock Exchange last week, boosting its market capitalization to $5.5 billion. The move comes on the back of Xtalpi’s revenue growth, which is attributed to more customers using its AI-powered drug discovery services, including Pfizer and Johnson & Johnson. The company also struck 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 Shots
Highmark Blue Cross earns $417 million in profits as health plans and providers grow
Moderna’s first mRNA Mpox vaccine beats licensed rival shots in early tests
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What else we read
How Race Became Ubiquitous in Medical Decision Making Tools (STAT)
The biology of smell is a mystery – AI helps solve it (Nature)