March 30 Quick Takes: Neuron23 taps Softbank for $100M series C

More than a year after bringing in crossover investors for its series B round, precision neurology company Neuron23 Inc. has raised $100 million in a series C round led by new investors Softbank Vision Fund 2. The start-up also said that by year-end, it intends to start a clinical trial of LRRK2 inhibitor NEU-723 to treat Parkinson’s disease. Backed initially by Westlake Village BioPartners and Kleiner Perkins, Neuron23 also tapped prior investors Redmile Group, Cowen Healthcare Investments, Acorn Bioventures, HBM Partners, Perceptive Advisors and Citadel affiliate Surveyor Capital in the series C.

Shares of Akebia Therapeutics Inc. (NASDAQ:AKBA) sank 66% to $0.83 on Wednesday after FDA issued a complete response letter for vadadustat to treat anemia associated with chronic kidney disease. The biotech said FDA concluded that the therapy’s benefit-risk profile was not favorable, citing safety concerns such as cardiovascular events in a non-dialysis-dependent population, thromboembolic events and the risk of liver injury, and suggested that new trials could support a more favorable benefit-risk assessment. The HIF-PH inhibitor’s PDUFA date was Tuesday. It has been approved since 2020 in Japan, where Mitsubishi Tanabe Pharma Corp. (Tokyo:4508) markets it as Vafseo. Akebia’s market cap fell to about $150 million, and its shares touched an all-time low of $0.67 during Wednesday’s session...