Ally Bridge Group Leads US$150 million Financing for Three U.S. Companies Amidst the COVID-19 Pandemic
Bringing Total Ally Bridge-led Private Life Science and Healthcare Investments to US$650 million over the Last 24 Months
NEW YORK and HONG KONG, May 21, 2020 /PRNewswire/ -- Ally Bridge Group ("ABG"), a leading global life science investment group, has announced that it led three investments in the U.S. -- two medtech and one telehealth -- in April, 2020 amidst the COVID-19 pandemic. Each of the three companies is a commercial-stage leading innovator re-setting the standard of care in its respective category. They include:
- Vida Health (San Francisco, CA) — A leading all-in-one virtual care platform managing polychronic physical and behavioral conditions covering diabetes, obesity, hypertension, and mental health among others, which are all at high risk of complications from COVID-19. Vida now covers, on its virtual platform, 1.4 million lives suffering from one or multiple chronic conditions. ABG led a US$25 million investment in Vida in April 2020, ABG's first private investment in telehealth, which is playing an ever-increasing role in healthcare in the U.S. and worldwide, as highlighted by the COVID-19 pandemic. Website: https://www.vida.com/
- Rapid Micro Biosystems (Lowell, MA) — A leading life science tools company that offers innovative products for automated, fast, highly accurate, and cost-efficient detection and data tracking of bacterial contamination in the manufacturing of pharmaceuticals, biologics, medical devices, water and food processing, and personal care products. ABG led a US$60 million equity investment in Rapid Micro in April 2020, which represents ABG's first private investment in life science tools. Website: https://www.rapidmicrobio.com/
- Pulmonx (Redwood, CA) — A commercial-stage medical device company which is the world's leader in minimally-invasive treatment for patients with severe emphysema, a progressive and life-threatening form of Chronic Obstructive Pulmonary Disease (COPD). ABG led a US$66 million investment in Pulmonx in April 2020, one year after ABG led a US$65mn equity financing by Pulmonx. Website: www.MyLungsMyLife.com
"The COVID-19 pandemic is undoubtedly a watershed event for life science and healthcare around the globe, and further strengthens ABG's commitment to leading high-impact investments in game-changing innovations in this space," said Frank Yu, Founder, CEO and CIO of Ally Bridge Group. "Vida and Rapid Micro represent ABG's first private investments in telehealth and life science tools, respectively, and are extensions of our investment franchise currently focused on medtech and biotech."
"While these three new investments highlight ABG's focus on addressing some of the fundamental healthcare challenges exposed by the COVID-19 pandemic, several of ABG's existing biotech portfolio companies are at the forefront of developing novel therapeutics against the coronavirus," adds Yu.
About Ally Bridge Group
Ally Bridge Group ("ABG"), founded and led by Frank Yu (previously at Goldman Sachs and Och-Ziff Capital) and based in New York and Hong Kong, is a global healthcare investment firm focused on funding and supporting the world's most innovative life science technologies benefiting many millions of human lives and leading high-impact transactions. Over the past four years, ABG has led over US$4 billion investments in world-leading life science companies in the U.S., China and Europe. For more information, please visit www.ally-bridge.com.
Contact:
Charles Chon
Partner, Managing Director -- Medtech
Ally Bridge Group
Tel: +852-3121-9699
charles.chon@ally-bridge.com
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