Generate:Biomedicines has secured $273m in a Series C financing round to expedite its generative artificial intelligence (AI) preclinical and clinical protein therapeutics portfolio.
The financing round has been supported by new investors including Amgen, MAPS Capital, Pictet Alternative Advisors and NVentures.
It has also received support from the company founder Flagship Pioneering and every Series B investor. These include the Abu Dhabi Investment Authority’s wholly owned subsidiary, ARCH Venture Partners, March Capital, the Fidelity Management & Research Company and T Rowe Price Associates.
The funding will enable the company to advance its pipeline of 17 existing programmes and approximately ten new starts per year.
These programmes are in preclinical and clinical development across immunology, oncology and infectious disease.
The latest funding will be used to file a number of investigational new drug (IND) applications next year and to begin multiple clinical trials annually.
It will also focus on validating the breadth of its platform capabilities and solidifying its leadership in new therapeutic development.
Generate:Biomedicines CEO Mike Nally stated: “Our Series C round further propels the Generate platform to increase significantly the precision, speed and probability of success of novel therapeutics – positioning us to tackle even more complex targets and unmet patient needs.
“With our first programme now in the clinic and multiple programmes expected to enter clinical studies over the next couple of years, we are beginning to realise the enormous potential of generative biology to save and improve the lives of patients in areas where the burden of disease is greatest.”
The company has secured $700m in equity financing since 2020.