Exo Therapeutics Raises $78 Million Series B Financing
- Category: More News
- Published on Tuesday, 05 October 2021 18:56
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- Oversubscribed financing led by Nextech Invest to support development of company’s ExoSightTM platform and pipeline of therapeutics that bind exosites -
- Thilo Schroeder, PhD of Nextech Invest and Kanishka Pothula of BVF Partners, L.P. join the Exo Board of Directors -
CAMBRIDGE, MA, USA I October 05, 2021 IExo Therapeutics, Inc., a small molecule drug discovery and development company with a pioneering technology to address intractable pharmaceutical targets, today announced the completion of a $78 million Series B financing. New investor, Nextech Invest, led the oversubscribed round with participation from BVF Partners, L.P., Samsara Biocapital, Morningside and Casdin Capital. Existing investors Newpath Partners, Novartis Venture Fund, CRV and 6 Dimensions Capital also participated in the financing. Proceeds will be used to advance therapeutic candidates in oncology and inflammation derived from the company’s proprietary ExoSightTM platform towards proof-of-concept and into the clinic. The proceeds will also be used to expand Exo’s pursuit of new targets with the ExoSight platform. As part of the financing, Thilo Schroeder, PhD, Partner at Nextech Invest, and Kanishka Pothula, Managing Director at BVF Partners, L.P., have joined Exo’s Board of Directors.
Exo is building a deep pipeline of drug candidates that bind exosites, distal and unique binding pockets that reprogram enzyme activity for precise and robust therapeutic effect. Focusing on exosites overcomes the common challenges of competitive binding and off-target activity that occur with active site and allosteric modulators, potentially yielding better therapeutic windows, greater selectivity and fewer side effects. Exo’s approach also creates the opportunity to discover first-in-class candidates directed at novel targets across a wide range of diseases.
“Exo is well positioned to capitalize on the tremendous opportunity that exosites represent,” said Michael Bruce, PhD, CEO of Exo Therapeutics. “With the support of our world-class investor syndicate and foundational work by professors David Liu and Alan Saghatelian, and their former student Juan Pablo Maianti, we are equipped to expand our ExoSight platform, discover new exosite targets and advance our initial programs towards the clinic. Exo was formed with the mission of developing impactful new medicines that act by targeting exosites, and with this financing we are now one step closer to achieving that goal.”
“I am thrilled to work with Exo on building a robust pipeline of exosite-targeting therapeutics,” said Schroeder. “The company’s initial work has shown compelling results on how exosites can unlock traditionally challenging targets and modulate them with precision and potency. We are particularly enthusiastic about Exo’s platform, which is poised to significantly expand the number and diversity of targets that they can pursue.”
“Exo has made rapid progress in the past year both in building an accomplished scientific team and on their four initial programs in oncology and inflammation,” said Pothula. “We are proud to support Exo during this pivotal stage of the company’s development as they prepare to advance these candidates into the clinic.”
About Exo Therapeutics
Exo Therapeutics is a small molecule drug discovery and development company with a pioneering technology to address intractable pharmaceutical targets. By leveraging the company’s ExoSightTM platform, Exo is developing a deep pipeline of potent drug candidates that bind exosites, distal and unique binding pockets that have the potential to reprogram enzyme activity for precise and robust therapeutic effect. Through this specific and selective approach to challenging targets, the company's team of world-class researchers is unlocking breakthrough therapeutics in oncology, inflammation and a broad range of other diseases. For more information, visit www.exo-therapeutics.com/.
SOURCE: Exo Therapeutics