Transaction Case Studies
MANA THERAPEUTICS: ROBUST DUAL-TRACK PROCESS TO A SUCCESSFUL $35M SERIES A FINANCING
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
