The new financing will allow Odyssey Therapeutics to advance its portfolio of precision immunomodulators and oncology medicines, supporting the company’s goal to develop new medicines to treat serious human diseases
Odyssey secures $168m in financing to advance its portfolio of precision immunomodulators and oncology medicines. (Credit: Tatiana from Pixabay)
Odyssey Therapeutics has secured $168m in a Series B financing round, led by General Catalyst, with participation from all existing investors and new leading institutional investors and mutual funds.
The new financing will allow Odyssey Therapeutics to advance its portfolio of precision immunomodulators and oncology medicines, supporting the company’s goal to develop new medicines to treat serious human diseases.
The funding, which follows the company’s $218m Series A announced in December last year, brings the total capital raised to $386m.
The Series B financing round saw participation from funds and accounts advised by Fidelity Management & Research Company, funds and accounts advised by T. Rowe Price Associates, GreatPoint Ventures, Catalio Capital Management, Walleye Capital, Alexandria Venture Investments, The Healthcare Innovation Investment Fund, an investment fund associated with SVB Securities, and other institutional investors.
It also includes participation from all Series A investors, including OrbiMed, SR One, Foresite Capital, Logos Capital, Woodline Partners, HBM Healthcare Investments, Colt Ventures and Creacion Ventures.
Odyssey Therapeutics founder and CEO Gary Glick said: “Odyssey is pioneering next generation therapeutics by marrying a powerful drug discovery engine integrating machine learning, biology, and medicinal and structural chemistry with an exceptional leadership team of proven drug developers.
“We are pleased to partner with General Catalyst and our world-class syndicate of investors and believe the interest in our immunology and oncology pipeline and capabilities further validates our approach to therapeutic development.
“We have made tremendous strides since our launch in 2021, and we value the support as we advance multiple candidates into IND-enabling studies in 2023.”
Odyssey said that its immunology and oncology portfolio includes eight declared programmes initially focused on small molecule and protein therapeutics.
Furthermore, the company is developing a discovery engine that combines artificial intelligence and machine learning for molecular design; a chemistry platform featuring proprietary covalent libraries targeting multiple amino acids, molecular glues and natural products; and a functional genomics platform for novel target discovery.