The small molecule drug developer has raised a series B round that brought its total funding to more than $100m.
Exo Therapeutics, a US-based small molecule drug developer based on research at Harvard University and Salk Institute for Biological Studies, closed a $78m series B round yesterday led by Nextech Invest.
Pharmaceutical firm Novartis took part through its Novartis Venture Fund, investing alongside 6 Dimensions Capital – the life sciences investment firm co-founded by pharmaceutical firm WuXi AppTec – as well as Samsara Biocapital, BVF Partners, Casdin Capital, Morningside, Newpath Partners and CRV.
Exo is developing a pipeline of drugs aimed at using protein binding sites known as exosites to reprogramme enzyme activity, countering maladies like inflammation, cancer and a range of other diseases.
The spinout claims its method could result in better therapeutic windows and fewer side effects. Proceeds from the round will be used to advance its drug candidates towards proof-of-concept as well as to expand its search of new target sites.
Exo emerged from stealth with $25m in series A financing in December 2020, with the money coming from Novartis Venture Fund, 6 Dimensions Capital, CRV and Newpath Partners.
Michael Bruce, Exo’s chief executive, said: “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.”
– A version of this article first appeared on our sister site, Global Corporate Venturing.
Fernando Moncada Rivera
Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
