TL;DR:
- Generate:Biomedicines secures $273 million in Series C financing.
- New investors include Amgen, NVentures, MAPS Capital, and Pictet Alternative Advisors.
- Existing investors and Series B participants also join the round.
- The funding propels the precision and speed of generative biology for novel therapeutics.
- Multiple clinical programs expected to launch in the coming years.
- Achievements include COVID-19 treatment trials and strategic collaborations.
- Company aims to revolutionize therapeutic development with machine learning.
Main AI News:
Generate:Biomedicines, a clinical-stage biotherapeutics company, has announced a significant milestone in its journey with the successful completion of a $273 million Series C financing round. This remarkable achievement has attracted the support of esteemed investors such as Amgen, NVentures (NVIDIA’s venture capital arm), MAPS Capital (Mirae Asset Group), and Pictet Alternative Advisors. Notably, existing investors, including the visionary Flagship Pioneering and all Series B participants, including a subsidiary of the Abu Dhabi Investment Authority (ADIA), Fidelity Management & Research Company, funds and accounts advised by T. Rowe Price Associates, Inc., ARCH Venture Partners, and March Capital, also participated in this round.
The Generate Platform, powered by machine learning, has gained immense momentum with this substantial influx of capital. According to Mike Nally, Chief Executive Officer of Generate:Biomedicines, “Our Series C round further propels The Generate Platform to increase significantly the precision, speed, and probability of success of novel therapeutics – positioning us to tackle even more complex targets and unmet patient needs.”
With their first program already underway in clinical trials and multiple programs slated to enter clinical studies in the coming years, Generate:Biomedicines is poised to unlock the vast potential of generative biology in addressing the most challenging medical conditions.
Jason Silvers, M.D., Chief Financial Officer of Generate:Biomedicines, expressed gratitude for the support from investors who believe in their ability to pioneer a new era of programmable protein-based therapeutics using generative AI. Silvers emphasized that the Series C financing provides a multi-year cash runway, enabling aggressive investments in The Generate Platform, the initiation of new programs, progress through clinical trials, and the exploration of value-creating collaborations.
Since its Series B financing round in 2021, Generate:Biomedicines has achieved remarkable milestones as a leader in generative biology. Key accomplishments include:
- First-in-Human Trial for GB-0669: The initiation of the first-in-human trial for GB-0669, a monoclonal antibody targeting a highly conserved region of the spike protein in SARS-CoV-2. This endeavor not only provides insights for future pandemics but also aids in the development of more effective treatments for COVID variants.
- Advancement in Anti-TSLP Monoclonal Antibody: The company is on track to file a Clinical Trial Application for its anti-TSLP monoclonal antibody in asthma by early Q4 2023, with clinical trials expected to follow shortly.
- Strategic Collaborations: Generate:Biomedicines has entered into collaboration agreements with industry leaders like Amgen and The University of Texas MD Anderson Cancer Center.
- Expansion of Platform: The Generate Platform has expanded into new modalities, including bi-specifics, enzymes, T-cell engagers, and cell therapy. Furthermore, it has achieved the structural confirmation of its first de novo-generated binders.
- Talent Acquisition: The company has assembled an exceptional and diverse team of over 280 highly talented and motivated employees.
Noubar Afeyan, Ph.D., Co-founder and Chairman of the Board for Generate:Biomedicines, emphasized the company’s dedication to transforming therapeutic development from a probabilistic endeavor into a deterministic one. He expressed confidence that the recent funding will propel Generate:Biomedicines toward a future where drug development is no longer a game of chance.
Generate:Biomedicines boasts a robust pipeline of 17 programs in preclinical and clinical development spanning oncology, immunology, and infectious disease. With the Series C funding, the company is set to advance its pipeline, including filing multiple Investigational New Drug applications in 2024 and initiating multiple clinical trials each year. Additionally, Generate:Biomedicines aims to fully validate the breadth of its platform capabilities, solidifying its leadership in de novo therapeutic development.
Conclusion:
Generate:Biomedicines’ successful Series C round signifies growing investor confidence in AI-driven biotech. The substantial funding will accelerate the development of innovative therapies, particularly in response to emerging health challenges, further solidifying the company’s position as a leader in the evolving biotech market.
