Adapsyn Bioscience Inc., a Hamilton, On., Canada-based biotechnology company focused on the discovery and development of novel medicines derived from evolved small molecule natural products, completed a round of financing of undisclosed amount.
Backers included Pfizer R&D Innovate and Genesys Capital.
The company intends to use the funds for its internal drug development programs.
Founded in 2016, by Nathan Magarvey, PhD, Chief Scientific Officer, Adapsyn is developing a bioinformatics platform devoted to discovering previously unidentified natural product drug candidates by selectively isolating new agents with the potential to interrogate difficult-to-drug phenotypes. The company applies proprietary machine learning to genomic and metabolomic data from microbes to discover new natural products encoded within microbial genomes.
Adapsyn has ongoing collaborations with leading pharmaceutical companies and is actively developing an internal pipeline of therapeutic candidates.
In addition to the funding, the company has announced a research collaboration with Pfizer, Inc. Under the terms of the agreement, Adapsyn and Pfizer are working together to employ Adapsyn’s proprietary platform technologies with the goal of identifying and testing natural products from Pfizer’s collection of microbial strains. Both companies have exclusive rights to pursue select novel compounds and their derivatives identified through the collaboration. In addition to an upfront payment, should Pfizer advance any potential compounds identified through the collaboration, Adapsyn is entitled to potential preclinical, and regulatory milestone payments of up to $162m, as well as royalties on potential future sales of any product that may be derived from this collaboration. Should Adapsyn advance any potential compounds identified through the collaboration, Pfizer will be eligible for future milestone and royalty payments as well.
In conjunction with the funding,
– Dr. Margi McLoughlin, Pfizer;
– Mr. Kelly Holman, Genesys Capital;
– Dr. Andrew Haigh, the company’s Chief Operating Officer; and
– Mr. Iain Buchanan, former CEO of Novexel S.A. and NOXXON Pharma AG, as Chairperson of the Board,
will be part of Adapsyn’s Board of Directors along with Mr Magarvey.