Generate:Biomedics, a Somerville, MA-based clinical-stage biotherapeutics company, raised $273M in Series C funding.
Backers included Amgen, NVentures, MAPS Capital (Mirae Asset Group), and Pictet Alternative Advisors. Additionally, company founder, Flagship Pioneering, a wholly-owned 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.
The company intends to use the funds to further advance its pipeline, including filing multiple INDs in 2024, and initiating multiple clinical trials annually thereafter, as well as to validate its platform capabilities and establish its leadership in de novo therapeutic development.
Led by CEO Mike Nally, Generate:Biomedicines is a drug generation company pioneering a machine learning-powered generative biology platform with the ability to create new drugs on demand across a wide range of biologic modalities. The Generate Platform can increase the speed at which targets and therapeutics are identified and validated. This will improve the specificity of target engagement by generated proteins and reduce the time and cost of identifying and developing clinical candidates.
Generate:Biomedicines has a pipeline of 17 programs in preclinical and clinical development across oncology, immunology, and infectious disease.
Since the company’s Series B financing round in 2021, Generate:Biomedicines has made notable progress as a leader in the field of generative biology. Specific achievements include:
- Initiated its first-in-human trial for GB-0669, a monoclonal antibody targeting a highly conserved region of the spike protein, in SARS-CoV‑2.
- Positioned to file a Clinical Trial Application by early Q4 2023 for its anti-TSLP monoclonal antibody, in asthma, which is expected to enter clinical trials shortly thereafter.
- Entered into collaboration agreements with Amgen and The University of Texas MD Anderson Cancer Center.
- Expanded The Generate Platform into new modalities, including into bi-specifics, enzymes, T‑cell engagers, and cell therapy, as well as achieved the structural confirmation of its first de novo generated binders.
- Built a team of more than 280 employees.
FinSMEs
15/09/2023