In other news, the Coalition for Health AI is developing standards and a national registry for health AI tools, with board members from Microsoft, FDA, Mayo Clinic, and others. The FDA cleared Dexcom’s Stelo, the first continuous glucose monitor to be sold over-the-counter. Alumis raised a $259 million series C round for its autoimmune treatments, and BiomX is merging with Adaptive Phage Therapeutics. Medtronic received FDA clearance for its OsteoCool 2.0 device for bone cancer, and FogPharma raised a $145 million series E round for its precision oncology treatments.
Key takeaways:
- Venture capital investments in biopharma were down in 2023, with $29.9 billion invested in the sector, compared to $36.7 billion in 2022, according to a report from PitchBook.
- Investors in 2023 showed significant interest in AI for drug discovery and obesity drugs, along with emerging therapeutic areas like molecular glues, epigenetic editing, and macrocyclic peptides.
- The Coalition for Health AI, with over 1,300 members, is developing standards, validation labs, and a national registry of health AI tools, with board members from Microsoft, FDA, Mayo Clinic, and others.
- Healthcare workers' names and selfies are being used without their consent to sell unproven medical treatments on TikTok, contributing to the loosely regulated supplements market.