Odyssey Therapeutics Secures $101 Million Series C Financing to Advance Next-Generation Precision Immunology and Oncology Therapies

Dec 08, 2023 19:59 CST Updated 19:59

Odyssey Therapeutics

Developer of Immunomodulators and Oncology Drugs

Recently, Boston-based Odyssey Therapeutics, a biotechnology company developing next-generation precision immunomodulators and oncology drugs, announced the completion of a $101 million Series C financing round. The round was led by the emerging fund Ascenta Capital, with participation from new and existing investors, including OrbiMed, SR One, General Catalyst, Foresite Capital, Woodline Partners LP, HBM Healthcare Investments, Colt Ventures, BlackMars Capital GmbH, Creacion Ventures, Fidelity, T. Rowe Price Associates, Catalio Capital Management, Walleye Capital, Alexandria Venture Investments, Racing Beach Ventures LLC, The Healthcare Innovation Investment Fund LLC, as well as investment funds affiliated with Leerink Partners, Ab Magnitude Ventures, KB Investment, The Global BioAccess Fund, and several leading global investors.

This Series C financing brings the total capital raised to $487 million since its establishment in late 2021 ($218 million Series A in 2021 and $168 million Series B in 2022).New Force! Completed $386 Million Financing in Less Than a Year to Develop Next-Generation Precision Immunology and Oncology Drugs). The proceeds will support advancing multiple projects into clinical research and continue investing in discovery research to establish a sustainable therapeutic innovation model.

Odyssey Builds a Comprehensive Drug Discovery and Development Platform at Boston Headquarters, Integrating Computational and Experimental Techniques. This unique set of tools enables Odyssey to identify drug targets with the highest clinical potential in a modality-agnostic manner. Within just two years, the company has advanced multiple programs from conception to a high-value portfolio of candidate products.

Gary D. Glick, Ph.D., Founder and Chief Executive Officer of Odyssey Therapeutics, Inc., stated:"Odyssey Therapeutics is rapidly advancing its portfolio of immunology and oncology treatments with the goal of delivering transformative medicines to a large number of patients in need, with some molecules expected to enter clinical trials within the next 12 months. For us, success is defined as delivering safe and effective drugs to patients with serious diseases, with the support of Ascenta and other investors, driving us into the future. We welcome Dr. Lorence Kim, Co-Founder and Managing Partner of Ascenta Capital, to our board of directors to help us achieve this mission."

Dr. Lorence Kim brings to the Odyssey board extensive strategic, financial, and operational expertise from the biotech and pharmaceutical industries. Notably, during his tenure as Moderna's Chief Financial Officer from 2014 to 2020, he raised $4.4 billion to build the company’s technology platform, advance multiple clinical programs, and invest in mRNA infrastructure. InEntryModernaPreviously,KimDr. once served as the Co-Head of Goldman Sachs' Biotechnology Investment Banking, providing advisory services to established pharmaceutical companies and emerging biotechnology firms.

Follow the official account below to see the world!