Investor appetite for drug developers showed renewed strength as Pelage Pharmaceuticals closed a $120 million Series B to advance a hair‑follicle stem cell therapy (PP405) toward Phase III, and Adcytherix raised €105 million (about $122 million) Series A to push its lead ADC program into clinical development. Both rounds were led by established biotech investors and included participation from strategic partners. Funding will underwrite late‑stage trials and CMC scale plans: Pelage intends to expand Phase III planning and global development, while Adcytherix targets IND‑enabling work for its ADC platform. The rounds signal resurging capital flows into regenerative medicine and next‑generation ADC developers after a prolonged financing lull.