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In early 2021, serial biotech entrepreneur Gary Glick introduced a mega financing spherical for his new precision oncology startup. Now he is again with some well-known traders who've teamed as much as elevate much more cash - $ 218 million - for an additional startup he based, Odyssey Therapeutics. This biotechnology is on the best way with most cancers and immunology applications already beneath improvement.
the Series A funding was led by OrbiMed Advisors and SR One Capital Management on Tuesday. OrbiMed was one of many traders in Scorpion Therapeutics, the oncology biotech firm that closed $ 162 million in Series B funding earlier this 12 months. Glick stated he began excited about Odyssey after leaving Scorpion within the spring. Talks with Carl Gordon, managing associate of OrbiMed, bought the brand new Boston-based firm transferring, which in only a few months has grown to over 90 workers engaged on seven drug applications.
"'Odyssey' involves a journey," stated Glick. "In a way, this is the highlight of my journey in 30 years in life science."
While Glick is definitely a biotech entrepreneur, he factors out that he does not have an excellent pharmaceutical background. He was a chemistry professor on the University of Michigan for 16 years earlier than beginning his first firm, Lycera, in 2006. With this and the next corporations, Glick stated his method is to not deal with one drug discovery know-how, take into consideration a medical drawback, after which determine the goal to deal with that drawback.
At Lycera, the objective was to develop oral medication to deal with autoimmune ailments. This analysis led to partnerships with Merck in drug discovery. His subsequent challenge, IFM Therapeutics, aimed to enhance the exercise of a kind of immunotherapy known as a checkpoint inhibitor. Bristol Myers Squibb acquired this analysis, however IFM Therapeutics proceeded with autoimmune medication that concentrate on two targets, the NLRP3 inflammasome and the stimulator of the interferon genes. In 2019, Novartis acquired an IFM subsidiary with a number one NLRP3 blocking program in improvement for the fatty liver illness non-alcoholic steatohepatitis.
Glick doesn't but reveal the objectives of Odyssey. But much like his earlier efforts, he stated his new startup can be aiming to deal with and overcome the restrictions of at the moment accessible medication. For one, many therapies solely profit sure sufferers or subgroups of sufferers, he stated. Another drawback is drug resistance, the place some sufferers are initially fully immune to remedy. The third drawback Glick sees is toxicity. While advances in drugs have produced highly effective new medication, toxicity prevents sufferers from getting their full advantages, he stated. Some of Odyssey’s objectives will likely be novel and others will likely be pathways which have some scientific validation that mitigates danger. Glick stated Odyssey won't pursue objectives addressed by an already permitted drug.
"We work on areas that others have recognized, but we take different approaches when we discover a gap in biology or something that others have overlooked," stated Glick.
A key distinction between Odyssey and Glick's earlier ventures is the extent of funding. The Series-A-Cash permits Odyssey to observe a number of applications (all self-cultivated) on the similar time. Glick famous that the corporate's analysis contains goal identification. As the present applications transfer into the clinic, they are going to be adopted by new applications within the pipeline that tackle new objectives. This analysis is fueled by Odyssey's dedication to knowledge - the corporate already employs 30 knowledge scientists. Artificial intelligence and machine studying may help scientists perceive the adjustments in proteins in actual time and within the context of a specific illness. That understanding helps Odyssey scientists make higher selections and develop the most effective connections for improvement, Glick stated.
Odyssey's medication will likely be primarily small molecules and, to a restricted extent, protein therapeutics. While most cancers and immunology have overlapped in Glick's earlier ventures, a minimum of it will not for Odyssey. At some level they are going to come collectively in immuno-oncology analysis, however "that's a bit in the future for us," stated Glick.
Partnerships with huge drug corporations is also potential sooner or later, although Glick stated he will not be making a deal simply to get more cash. Odyssey is effectively capitalized with Series A funding, the opposite traders of which embrace Foresite Capital, Woodline Partners, Logos Capital, HBM Healthcare Investments, Colt Ventures, Creacion Ventures, and different undisclosed funding companies. Glick stated Odyssey will enter into partnerships when it is smart to science, for instance to herald expertise that the startup does not have.
Photo by Odyssey Therapeutics
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