Odyssey Therapeutics Announces $168M Oversubscribed Series B Funding

  • Funding led by General Catalyst, with participation from all existing investors and new top-tier institutional and mutual fund investors
  • Product to Advance Odyssey’s Broad Portfolio of Precision Immunomodulators and Oncology Drugs

BOSTON, Oct. 13, 2022 /PRNewswire/ — Odyssey Therapeutics, Inc., a biotech company pioneering next-generation precision immunomodulators and oncology drugs, today announced $168 million in Series B funding. This funding, which follows Odyssey’s $218 million Series A round announced in December 2021, brings the total capital raised to $386 million. The product will enable Odyssey to advance its portfolio of precision immunomodulators and oncology drugs in support of its mission to develop innovative drugs to treat serious human diseases.

Series B was led by General Catalyst, a leading global venture capital firm and active investor in the healthcare sector. Other new investors participating in the Series B funding include funds and accounts advised by Fidelity Management & Research Company, funds and accounts advised by T. Rowe Price Associates, Inc., GreatPoint Ventures, Catalio Capital Management, Walleye Capital, Alexandria Venture Investments, The Healthcare Innovation Investment Fund LLC, an investment fund associated with SVB Securities LLC, and other institutional investors. The funding also includes participation from all Series A investors, including OrbiMed, SR One, Foresite Capital, Logos Capital, Woodline Partners LP, HBM Healthcare Investments, Colt Ventures and Creacion Ventures.

“Odyssey is pioneering next-generation therapeutics by combining a powerful drug discovery engine integrating machine learning, biology, and medicinal and structural chemistry with an exceptional leadership team of proven drug developers. We are excited to partner with General Catalyst and our world-class syndicate of investors and believe the interest in our immunology and oncology pipeline and capabilities further validates our approach to therapeutic development,” said Gary D. Glick, Ph.D. ., Founder and CEO of Odyssey Therapeutics, “We have made tremendous progress since our launch in 2021, and we appreciate the support as we advance several candidates into studies leading to IND in 2023.”

“At General Catalyst, we are committed to investing in companies that create powerful, positive and lasting change, and Odyssey’s unwavering commitment to improving the lives of patients by targeting the underlying causes of serious inflammatory disease and cancer aligns with our mission,” said Elena Viboch. , Partner at General Catalyst. “We are confident in Odyssey’s vision, proven leadership and ability to pioneer and develop next-generation therapies through its integrated platform approach, and we look forward to seeing Odyssey work towards realizing its mission to provide life-enhancing medicines to patients in need.

“I am delighted to welcome our newest Series B investors,” said Jeff Leiden, MD, Ph.D., Chairman of Odyssey’s Board of Directors. “Their investment, coupled with Odyssey’s unique combination of experienced and talented drug hunters, new technologies, and a broad and deep pipeline of novel targets, will accelerate our discovery and development of life-enhancing drugs in the need.”

Odyssey’s immunology and oncology portfolio includes eight reported programs initially focused on small molecule and protein therapeutics. Additionally, Odyssey is building a state-of-the-art discovery engine that integrates artificial intelligence and machine learning for molecular design; a chemistry platform encompassing proprietary covalent libraries targeting multiple amino acids, molecular glues and natural products; and a functional genomics platform for the discovery of new targets.

About Odyssey Therapeutics

Odyssey Therapeutics is a biotechnology company focused on the discovery, development and commercialization of the next generation of immunomodulators and oncology drugs. Comprised of an expert team of drug hunters, scientists, and industry leaders in fundamental biology, chemistry, and data science, Odyssey transforms drug discovery to accelerate and drive creation and efficient delivery of precision medicines improving the lives of patients. For more information, please visit www.odysseytx.com and follow Odyssey Therapeutics on Twitter (@Odyssey_Tx) and LinkedIn.

About General Catalyst

General Catalyst is a venture capital firm that invests in powerful, positive change that lasts – for our entrepreneurs, investors, employees, and society. We support founders with a long-term vision that challenges the status quo, partnering with them from seed to growth and beyond to build companies that stand the test of time. With offices in San Francisco, Palo Alto, New York, London and Boston, the company has helped support the growth of companies such as: Airbnb, Deliveroo, Guild, Gusto, Hubspot, Illumio, Lemonade, Livongo, Oscar, Samsara , Snap, Stripe and Warby Parker. For more: www.generalcatalyst.com.

Quote Show original content to download multimedia:https://www.prnewswire.com/news-releases/odyssey-therapeutics-announces-oversubscribed-168-million-series-b-financing-301647627.html

SOURCE Odyssey Therapeutics

Comments are closed.