PharmAkea Therapeutics, Inc., a San Diego, CA-based developer of a drug discovery platform to generate and advance novel small-molecule therapies targeting cancer and fibrotic diseases, raised 10m in Series A financing from Bay City Capital, LLC.
In addition, Celgene, which closed a strategic collaboration with the company to leverage its proprietary platform, will also take an equity stake in PharmAkea and will retain an exclusive option to acquire it. Under terms of the agreement, Celgene will commit $35m to PharmAkea during an initial three-year alliance term, with an option to extend the collaboration with additional funding.
Founded in 2012 with seed funding from Celgene by John Hutchinson, Ph.D., Jilly Evans, Ph.D., and Kevin Holme, Ph.D., PharmAkea focuses on discovering and developing small molecule therapeutics directed at cancer and fibrotic diseases.
Robert F. Williamson, III will join the company as CEO.