Generate:Biomedicines Secures $273 Million in Series C Financing

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Generate:Biomedicines, a clinical-stage biotherapeutics company specializing in generative biology powered by machine learning, has successfully raised $273 million in Series C financing. The funding round attracted numerous new investors, including Amgen; NVentures, the venture capital arm of NVIDIA; MAPS Capital; and Pictet Alternative Advisors.

Existing investors, including Flagship Pioneering, the Abu Dhabi Investment Authority, Fidelity Management & Research Company, T. Rowe Price Associates, Inc., ARCH Venture Partners, and March Capital, also participated in the round.

Generate:Biomedicines leverages generative biology, a novel approach driven by artificial intelligence (AI) and machine learning, to create therapeutic molecules tailored to specific biological processes involved in diseases. This approach can produce a wide range of protein modalities, from short peptides to complex antibodies, enzymes, and cytokines. It not only utilizes existing proteins but also creates entirely new proteins designed to address therapeutic needs.

Since its Series B financing in 2021, Generate:Biomedicines has achieved significant milestones, including initiating its first-in-human trial for GB-0669, a monoclonal antibody targeting a conserved region of the SARS-CoV-2 spike protein. It is also on track to file a Clinical Trial Application for an anti-TSLP monoclonal antibody for asthma in early Q4 2023 and has expanded into new modalities like bi-specifics, enzymes, T-cell engagers, and cell therapy.

The company has 17 programs in its pipeline for preclinical and clinical development, spanning oncology, immunology, and infectious disease. The Series C funding will support the advancement of this pipeline, with plans to file multiple Investigational New Drug applications in 2024 and initiate multiple clinical trials annually thereafter. It will also help the company validate the full capabilities of its platform and establish leadership in de novo therapeutic development.

Generative biology represents a transformative shift in therapeutic development, offering the potential for faster, more cost-effective, and highly tailored drug discovery. Generate:Biomedicines aims to harness this approach to create a future where drug development is a deterministic process rather than a probabilistic one.

The funds raised in this Series C round will enable Generate:Biomedicines to accelerate its pipeline and continue its pioneering work in generative biology.

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