Novartis-backed Poseida is packing in the cash for its next-gen CAR-T work, adding a $110M venture raise on top of its newly-refiled IPO – Endpoints…

A week after updating their S-1 in search of at least $115 million on the hot biotech IPO market, Poseida Therapeutics says its also raised a fresh venture round a little more than a year after its last.

The first time around, after Poseida delayed its IPO during a government shutdown, the biotech reported a $150 million C round. This time around, its adding $110 million more from Fidelity Management Research Company and others.

Theres no word in the biotechs statement on Novartis, which bought up half of the equity for the Series C cash with a $75 million investment.

According to the SEC filing, Novartis which fielded the first, somewhat troubled CAR-T owns 14.9% of the company, with Malin in for 23.2%, though those numbers may have changed now.

The big beneficiary is CEO Eric Ostertag, who controls 12.6 million shares 25.4% through various family trusts.

Poseidas big idea involves the use of a non-viral DNA tech that they say can be used to gather a bigger concentration of stem cell memory T cells that can avoid the exhaustion that limits the efficacy of the pioneers a central theme in cell therapy 2.0.

Ostertag picked up his PhD in molecular biology at Penn and went on to a career that included a variety of biotech startups.

Link:
Novartis-backed Poseida is packing in the cash for its next-gen CAR-T work, adding a $110M venture raise on top of its newly-refiled IPO - Endpoints...