Terremoto Biosciences – a biotechnology company developing highly targeted, small molecule medicines – recently announced the closing of a $175 million Series B financing round. This funding round includes new investors EcoR1 Capital, Novo Holdings, Cormorant Capital, and others, as well as participation from existing investors OrbiMed and Third Rock Ventures.
This funding round brings the total capital raised by the company to $250 million. And Terremoto will use the proceeds to advance its platform and support the progress of multiple in-house discovery and development programs targeting diseases of high unmet medical need.
Terremoto is utilizing the power of an expanded covalent alphabet to create highly targeted, small-molecule medicines for a broad spectrum of devastating and severe diseases. And the company is applying its unique capabilities to develop best-in-class therapies against known drug targets and first-in-class treatments against high-value, previously undrugged targets.
KEY QUOTES:
“We are pleased with the level of investor enthusiasm for our programs and platform represented by this Series B, especially in a challenging market environment for biotech companies. The proceeds from this financing will allow us to rapidly progress our programs while strengthening and broadening our capabilities.”
— Peter Thompson, M.D., co-founder and chief executive officer, Terremoto Biosciences
“Terremoto has made impressive progress in the two years since its founding, a testament to the strength and experience of this management team. We are excited to support Terremoto and its programs through the company’s next phase of growth.”
— Scott Platshon, Partner, EcoR1
