Transaction Case Studies


Situation Assessment

  • Mana Therapeutics is a private biotech company developing off-the-shelf, allogeneic cell therapies targeting multiple tumor-associated surface and intracellular antigens without the need for genetic modification
  • Mana Therapeutics was seeking to advance two of their lead assets: MANA-312, a clinical stage autologous donor-derived cell therapy for the treatment of AML in the relapsed/refractory post-hematopoietic stem cell transplant (HSCT) setting, and MANA-412, a preclinical off-the-shelf allogeneic cell therapy being developed for the treatment of transplant-ineligible AML and solid tumors
  • To preserve optionality, build competitive tension, and maximize value with the best outcome, Mana engaged Locust Walk to run a dual-track process to identify both investors and strategic partners for Mana’s two programs​​

Key Activities

  • Prepared high-impact marketing materials for both investors and strategic partners which distilled complicated science into a comprehensive management presentation, teaser, and PPM
  • Conducted outreach, including:
  •  Broad campaign to hundreds of life science VCs, family offices, corporate VCs, and institutional investors
  •  Targeted outreach to strategic partners, which revealed that a financing would be the optimal track
  • Led numerous companies and investors through a confidential due diligence process, organizing over 90 management presentations with investors and potential partners
  • Ran several financial analysis processes including a comparable transaction analysis of analogous private financings, M&A transactions, and IPOs to guide the deal sizing and valuation; built and maintained the pro forma cap table
  • Provided extensive guidance on deal dynamics and worked in collaboration with legal teams to drive financing to close​​

Successful Outcome

  • Mana Therapeutics successfully raised a 
    $35M Series A financing led by Cobro Ventures and Lightchain Capital, with participation from LifeSci Venture Partners and other 
    undisclosed investors
  • Funding will bring MANA-312 through Phase I clinical trials in relapsed/refractory AML
  • Locust Walk led a comprehensive dual-track partnering and financing process, guiding the Company and its investors through the uncertain markets of the COVID-19 pandemic to a successful deal close

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