Cellarity has raised $120 million in its third round of venture financing, bringing the company’s total funding raised since launching in 2017 to $293 million.
The funds will be used to bring Cellarity’s first research programs into clinical testing for metabolic and blood disorders, the biotechnology startup said.
In recent years, young biotechs often looked to go public after their second, or Series B, round of venture funding. In 2022, however, an increasing number are staying private to avoid the stormy public markets. IPOs have fallen sharply this year among biotech companies, a dropoff that’s been particularly steep for cell and gene therapy startups like Cellarity, according to data from BioPharma Dive.
