AI Biotech Star Generate Biomedicines Raises $273M in Series C Funding Led by Flagship Pioneering, NVIDIA, and Amgen

On September 14, it was announced that a $273 million Series C financing round had been completed. The new investors in this round include , etc.; in addition, the original Series B investors also participated in this round of financing.

The proceeds from the financing will be used to advance a pipeline comprising 17 existing projects and initiate approximately 10 new projects annually. Since 2020, Generate Biomedicines has raised nearly $700 million in equity financing.

Generate Biomedicines, Inc. was founded in 2018, incubated by top venture capital, and officially launched in 2020. Headquartered in Massachusetts, USA, the company focuses on creating novel proteins and has already generated over a million proteins that never existed in nature.

Generate Biomedicines has pioneered a machine learning (ML)-driven biomedical platform—Generative Biology™—which can rapidly generate antibodies, peptides, enzymes, cell therapies, and gene therapies to meet therapeutic needs. This approach enables Generate to create therapies that were previously impossible, at unprecedented speed and scale, heralding a new era of programmable drug engineering.

In January 2022, Generate Biomedicines and Amgen reached a research collaboration agreement to discover and create protein therapies for five clinical targets across multiple therapeutic areas and modalities, with a potential transaction value of $1.9 billion.

In December 2022, Generate Biomedicines announced Chroma, a new protein generation project capable of designing novel protein structures with higher precision using Chroma. To demonstrate Chroma's ability to generate protein structures according to researchers' requirements, the company's research team used the Chroma platform to create entirely new protein structures mimicking the shapes of the 26 English letters and 10 Arabic numerals (as shown in the figure below).

Image Source: Generate Biomedicines Official Website

Since the company's Series B financing round in 2021, Generate Biomedicines has made remarkable progress as one of the pioneers in the field of generative biology. Specific achievements include:

• The first human trial of GB-0669 was initiated during the COVID-19 pandemic. GB-0669 is a monoclonal antibody targeting a highly conserved region of the spike protein;

• The clinical trial application for the TSLP-targeted monoclonal antibody for asthma treatment will be submitted in the fourth quarter of 2023, with clinical trials expected to commence shortly thereafter;

• Reaching a cooperation agreement with Amgen and The University of Texas MD Anderson Cancer Center;

• Extend the proprietary generative platform to new modalities for the development of bispecific molecules, enzyme proteins, T-cell engagers, and cell therapies, and achieve the structural validation of the first de novo generated engager.

• Build a diverse team of more than 280 employees.

Generate CEO Mike Nally said, "The Series C financing further advances the Generate platform to enhance the precision, speed, and probability of success in developing new therapies, enabling us to address more complex targets and unmet patient needs. Our first program has now entered clinical trials, with multiple additional programs expected to enter clinical studies in the coming years."

References:

https://generatebiomedicines.com/news/series-c-financing-announcement

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