TLDR:
– Canaan secures over $100 million in new capital for biopharma investment funds.
– Former Pfizer executive, Uwe Schoenbeck, joins Canaan’s investment team to lead biotech investments.
Healthcare and technology-focused venture capital firm Canaan announced that they are adding $100 million in new capital to their biopharma investment funds. This injection of funds brings Canaan’s total amount raised since early 2023 to over $1 billion. In addition to securing new funds, Canaan has also added Uwe Schoenbeck, a former senior vice president and chief science officer from Pfizer, to their investment team. Schoenbeck has an impressive track record of advancing projects and forming external companies through seed and equity investments. Canaan is looking to invest in companies that address unmet clinical and medical needs, particularly in areas like oncology, immunology, neurology, cardiology, and respiratory sectors. The new funds raised will enable Canaan to continue advancing innovative science and producing important new medicines to address significant unmet patient needs.
According to Tim Shannon, a general partner at Canaan, adding someone of Uwe’s caliber to the team is a rare opportunity that aligns well with Canaan’s vision for identifying breakthrough science and supporting biopharma companies. Schoenbeck has already led Canaan’s recent participation in a series B funding round for Alterome Therapeutics and has become a member of the biotech’s board of directors. The addition of Uwe and the new funds raised will allow Canaan to continue partnering with entrepreneurs to support transformational companies and advance innovative science to benefit patients globally. Canaan’s recent contributions to funding rounds for companies like Nocion Therapeutics highlight their dedication to supporting the development of impactful healthcare solutions.
