Petra Pharma Corporation, a New York City-based developer of small molecule inhibitors for the treatment of cancer and metabolic diseases, raised $48 million in Series A funding.
Backers included AbbVie, Alexandria Venture Investments, ARCH Venture Partners, Eli Lilly and Company, Harris & Harris Group, Inc., Innovate NY Fund, Johnson & Johnson Innovation – JJDC, Inc., The Partnership Fund for New York City, Pfizer Venture Investments, Watson Fund and WuXi PharmaTech.
Co-founded by Lewis Cantley, Ph.D., and Nathanael Gray, Ph.D., Petra Pharma develops therapies for cancer and metabolic diseases. The company has entered into a multiyear research alliance with Weill Cornell Medicine to further examine and elucidate certain biological pathways related to the targets being researched in Dr. Cantley’s lab.
The company’s office and lab headquarters will be located within Accelerator Corporation‘s facilities at the Alexandria Center for Life Science, New York City’s life science park.