Japan-based drug developer Modulus Discovery completed a ¥2.7bn ($25.2m) series B round yesterday featuring life insurer Dai-ichi Life Insurance, drug manufacturer Essential Pharma and women’s healthcare company Medi-Future.

SBI Investment, Mizuho Capital and SMBC Venture Capital – investing on behalf of financial services firms SBI Holdings, Mizuho Bank and Sumitomo Mitsui Banking Corporation – also participated, as did UTokyo Innovation Platform and Keio Innovation Initiative, investing for University of Tokyo and Keio University, respectively.

Jafco, Fast Track Initiative and Mobile Internet Capital also contributed. The latter is backed by NTT Docomo, the mobile arm of telecoms firm NTT Group, as well as Mizuho Bank-owned Mizuho Securities and internet technology agency Internet Research Institute.

Modulus Discovery develops small molecule drugs for cancer, rare genetic diseases and chronic inflammation and immune disorders.

Its portfolio includes two cancer drugs: one which inhibits certain modulators to prevent tumours from repairing damage to their DNA, and another targeting a protein linked to tumorigenic gene expression in a variant of blood cancer as well as various solid tumours.

A third asset indicated for chronic inflammation would impede signalling molecules known to influence the inflammation response.

The capital will be used to advance Modulus’s lead programs and to expand its early-stage pipeline including work with strategic partners such as drug discovery technology developer PeptiDream.

Modulus had already obtained around $7.2m in a mid-2018 series A round led by Fast Track Initiative and including PeptiDream in addition to DBJ Capital, the venture capital unit of government-owned development institution Development Bank of Japan. It said it had now raised around $33.1m in total.

– The original version of this article appeared on our sister site, Global University Venturing.

Japan-based drug developer Modulus Discovery completed a ¥2.7bn ($25.2m) series B round yesterday featuring UTokyo Innovation Platform and Keio Innovation Initiative, investing for University of Tokyo and Keio University, respectively.
SBI Investments, Mizuho Capital and SMBC Venture Capital – investing on behalf of financial services firms SBI Holdings, Mizuho Bank and Sumitomo Mitsui Banking Corporation – also participated, as did life insurer Dai-ichi Life Insurance, drug manufacturer Essential Pharma and women’s healthcare company Medi-Future.
Jafco, Fast Track Initiative and Mobile Internet Capital also contributed. The latter is backed by NTT Docomo, the mobile arm of telecoms firm NTT Group, as well as Mizuho Bank-owned Mizuho Securities and internet technology agency Internet Research Institute.
Modulus Discovery develops small molecule drugs for cancer, rare genetic diseases and chronic inflammation and immune disorders.
Its portfolio includes two cancer drugs: one which inhibits certain modulators to prevent tumours from repairing damage to their DNA, and another targeting a protein linked to tumorigenic gene expression in a variant of blood cancer as well as various solid tumours.
A third asset indicated for chronic inflammation would impede signalling molecules known to influence the inflammation response.
The capital will be used to advance Modulus’s lead programs and to expand its early-stage pipeline including work with strategic partners such as drug discovery technology developer PeptiDream.
Modulus had already obtained around $7.2m in a mid-2018 series A round led by Fast Track Initiative and including PeptiDream in addition to DBJ Capital, the venture capital unit of government-owned development institution Development Bank of Japan. It said it had now raised around $33.1m in total.