Plus, news about Verastem and OSE Immunotherapeutics:
Palvella inks reverse merger: The skin diseases biotech plans to take the Nasdaq spot of Pieris, which laid off most of its staff last year after an AstraZeneca-partnered asthma trial ended. Palvella, a Wayne, PA-based rare disease biotech, expects to have about $80 million in cash and equivalents at the time of the deal closing, most of which is slated to come from a private financing.
Oisín Biotechnologies lands $15M for age-related diseases: The Seattle-based biotech secured the first close to its Series A, led by AbbVie’s corporate VC arm. The company plans to test genetic medicines to “eliminate unwanted fat cells and build muscle mass to address frailty.” CEO Matthew Scholz highlighted the need for muscle preservers in light of the rise in GLP-1 agonists.
Verastem eyes $55M raise: The Boston-based cancer biotech plans to secure that amount in an offering expected to close Thursday.
OSE Immunotherapeutics’ ulcerative colitis results: The French biotech said its IL-7 receptor antagonist lusvertikimab showed “significant efficacy” in the 10-week induction phase of a Phase 2 trial in the autoimmune disease.