Market Highlights

• Synnovation Therapeutics, a precision oncology company, raised nearly $70 million in Series A funding, making it one of the year's largest funding deals in Philadelphia.
• Drug discovery and biotechnology industries receive the most life sciences venture capital funding in 2023.
• Philadelphia has been appointed as a Regional Technology and Innovation Hub (Tech Hub) for life sciences by the federal government, which is an economic development initiative program aimed at accelerating growth in the industry.

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