Odyssey Therapeutics – a biotechnology company pioneering next-generation precision immunomodulators and oncology medicines – recently announced the closing of a $101 million Series C financing round led by Ascenta Capital with participation from new and existing investors, including OrbiMed, SR One, General Catalyst, Foresite Capital, Woodline Partners LP, HBM Healthcare Investments, Colt Ventures, BlackMars Capital GmbH, Creacion Ventures, funds and accounts advised by Fidelity Management & Research Company, funds and accounts advised by T. Rowe Price Associates, Catalio Capital Management, Walleye Capital, Alexandria Venture Investments, Racing Beach Ventures LLC, The Healthcare Innovation Investment Fund LLC (an investment fund associated with Leerink Partners), Ab Magnitude Ventures, KB Investment, The Global BioAccess Fund, and multiple leading global investors.
This Series C funding round brings the total capital raised since founding in late 2021 to $487 million. And the proceeds will support the advancement of multiple programs into clinical studies and the continuation of investment in discovery to build a sustainable model for therapeutic innovation.
From its headquarters in Boston, Odyssey built a comprehensive drug discovery and development platform merging both computational and experimental technologies. This unique set of tools enables Odyssey to identify drug targets with the highest clinical potential in a modality-agnostic fashion. In just two years, the company has moved multiple programs forward from ideation to a portfolio of high-value product candidates.
KEY QUOTES:
“Odyssey has rapidly advanced a portfolio of immunology and oncology therapeutics with the goal of providing transformative medicines for large numbers of patients in need and several of these molecules have the potential to enter the clinic in the next 12 months. For us, success is defined as bringing safe and effective medicines to patients with serious diseases, with support from Ascenta and our other investors driving our pipeline into the future. We welcome Dr. Lorence Kim, co-founder and managing partner of Ascenta Capital, to our board to join us in achieving this mission.”
— Gary D. Glick, Ph.D., founder and CEO of Odyssey
“Odyssey’s accomplished team of scientists and executives with numerous prior successes in discovery, development and commercialization has made tremendous progress in only two years. Dr. Glick has successfully created a sustainable and capital-efficient model that primes Odyssey to be a hub for immunology and oncology therapeutic innovation, and I look forward to working with him, the board and leaders on the management team in the years ahead.”
— Lorence Kim, M.D.
“Odyssey continues to accelerate multiple pre-clinical programs in immunology and oncology. By raising additional capital from world-class investors and adding a board member with expertise in drug development and company building, we are positioning Odyssey for success over the next several years as our pipeline enters clinical development.”
— Jeff Leiden, M.D., Ph.D., Chairman of the Odyssey board
