Odyssey Therapeutics Announces $101 Million Series C Financing

This Series C financing brings the total capital raised since founding in late 2021 to $487 million.

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Tuesday, December 5, 2023
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FDA, Other Health, Finance, Pharmaceutical, Business, Oncology, General Health, Professional Services, Infectious Diseases, Genetics, Clinical Trials, Biotechnology, Science, Other Science, Research, Health, Foresite Capital, Therapy, Ideation, Patient, Investment, Goldman Sachs, Messenger, SVB Securities, OrbiMed, Drug discovery, HBM, Drug development, Pharmaceutical industry, Boston, Odyssey
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MASSACHUSETTS, UNITED STATES, NORTH AMERICA
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ODYSSEY THERAPEUTICS, ODYSSEY THERAPEUTICS, INC., ASCENTA CAPITAL
Summary
Key Points: 
  • This Series C financing brings the total capital raised since founding in late 2021 to $487 million.
  • 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.
  • This unique set of tools enables Odyssey to identify drug targets with the highest clinical potential in a modality-agnostic fashion.
  • “Odyssey continues to accelerate multiple pre-clinical programs in immunology and oncology,” said Jeff Leiden, M.D., Ph.D., Chairman of the Odyssey board.


Odyssey Therapeutics, Inc., a biotechnology company pioneering next-generation precision immunomodulators and oncology medicines, today 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, Inc., 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 financing brings the total capital raised since founding in late 2021 to $487 million. 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.

“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,” said Gary D. Glick, Ph.D., founder and CEO of Odyssey. “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.”

Dr. Kim brings a wealth of strategic, financial and operational acumen from the biotechnology and pharmaceutical sectors to Odyssey’s board. Notably, during his tenure from 2014 to 2020 as Moderna’s chief financial officer, he raised $4.4 billion to build the company’s technology platform, advance multiple clinical programs and invest in mRNA infrastructure. Prior to Moderna, Dr. Kim advised established pharmaceutical and emerging biotech companies as co-head of biotechnology investment banking at Goldman Sachs.

“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,” said Lorence Kim, M.D. “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.”

From its headquarters in Boston, Odyssey has 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.

“Odyssey continues to accelerate multiple pre-clinical programs in immunology and oncology,” said Jeff Leiden, M.D., Ph.D., Chairman of the Odyssey board. “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.”

About Odyssey Therapeutics

Odyssey Therapeutics is a biotechnology company focused on discovering, developing and commercializing the next generation of immunomodulators and oncology medicines. Composed of an expert team of drug hunters, scientists and industry leaders in foundational biology, chemistry and data sciences, Odyssey is transforming drug discovery to accelerate and drive the creation and efficient delivery of life-enhancing precision medicines to patients. For more information, please visit odysseytx.com and follow Odyssey Therapeutics on X (formerly Twitter) and LinkedIn.

About Ascenta Capital

Ascenta Capital is a biotech-focused late-stage venture fund, co-founded in 2023 by Dr. Evan Rachlin and Dr. Lorence Kim. The fund is focused on concentrated investments in companies developing portfolios of therapeutics based on innovative platform technologies. For more information about Ascenta Capital, visit ascentacap.com.

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