Biotech company Odyssey Therapeutics, Inc. has announced a $168 million Series B financing within ten months of disclosing a $218 million Series A. The round was led by global venture capital firm General Catalyst, an active investor in the healthcare sector.
Along with Rowe Price Associates, Inc., Fidelity Management & Research Company and T, other Series B fundraising round investors were GreatPoint Ventures, Catalio Capital Management, Walleye Capital, Alexandria Venture Investments, and The Healthcare Innovation Investment Fund LLC.
With the Fresh fundraising, the biotechnology company’s total capital has reached $386 million. The money will be used to expand Odyssey’s range of cancer drugs and precise immunomodulators. It specializes in next-generation precision immunomodulators and oncology medications.
“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 a world-class syndicate of investors,” said Gary D. Glick, Ph.D., Founder and Chief Executive Officer of Odyssey Therapeutics.
The startup is on a mission to develop innovative medicines for serious human ailments
As the healthtech firm’s narrative moves forward, Glick comments, “We have made remarkable accomplishments since our launch in 2021, and we cherish the support as we push many candidates into IND-enabling tests in 2023.”
Even before Gary D. Glick disclosed the company, Odyssey Therapeutics had a wealthy syndicate backing it. The company’s $218 million raising in December 2021 completely rocked the market, and it’s continuing at the same rate in 2022.
The healthtech startup already made its aggressive growth plans known by purchasing quantum machine learning company Rahko in January and making high-profile hires, such as the selection of former Vertex CEO Jeffrey Leiden, M.D., Ph.D., as board chair and Merck veteran Darryl Patrick, Ph.D., as executive vice president of nonclinical development.
Now that preparations for human trial-enabling research are underway, Odyssey has turned to its original investors to provide funding for the project. General Catalyst led a $168 million series B financing that included investments from additional new investors, such as funds and accounts administered by Fidelity Management & Research Company and T and Rowe Price Partners.
Odyssey has eight disclosed immunology and cancer initiatives in its portfolio. The portfolio’s current emphasis is on protein and small-molecule therapies. Odyssey will advance several candidates into human trial-enabling studies the following year, indicating that it is still on track to meet its stated goal of starting clinical trials in late 2023 or early 2024.
“We are confident in Odyssey’s vision, proven leadership and ability to pioneer and develop next generation therapeutics through their integrated platform approach, and we look forward to seeing Odyssey work toward achieving their mission of delivering life-enhancing medicines to patients in need,” said Elena Viboch, Partner at General Catalyst.