On June 18, 2024 Iambic Therapeutics, a clinical-stage biotechnology company developing novel therapeutics using its unique AI-driven discovery platform, reported the closing of an oversubscribed $50 million extension to its Series B financing (Press release, Iambic Therapeutics, JUN 18, 2024, View Source [SID1234644435]). The Series B extension was led by new investors Mubadala Capital and Exor Ventures, with participation from Qatar Investment Authority (QIA), and existing investors Abingworth, Illumina Ventures, Nexus Venture Partners, Coatue, and Tao Capital Partners.
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The extension adds to an oversubscribed $100 million Series B that closed in October and was co-led by Ascenta Capital and Abingworth and joined by NVIDIA and others.
Proceeds from the latest financing will be used to further Iambic’s pipeline of clinical and pre-clinical programs. These include IAM1363, a highly selective, brain penetrant small molecule inhibitor of both wild-type and oncogenic HER2 mutants currently in a Phase 1/1b study, as well as a potential first-in-class selective dual CDK2/4 inhibitor designed to expand the therapeutic window and address treatment resistance in solid tumors in diseases such as breast cancer.
"We are delighted to build this strong team of investors around the company who share our conviction in the demonstrated power of the Iambic AI-driven technology platform to deliver highly differentiated drugs to the clinic," said Iambic’s Chief Executive Officer Thomas Miller, Ph.D.
Iambic’s pipeline candidates were discovered using its leading AI models for protein structure prediction and wholistic drug design. These technologies are integrated within a closed-loop, automated, high-throughput biology and chemistry experimental platform that provides new biological insights from thousands of molecular designs each week, which in turn directly inform its AI models.
"Iambic is a true innovator, both in the demonstrated accuracy and speed of its state-of-the art AI drug discovery models, and its ability to rapidly advance candidates from discovery and into human studies," said Ayman AlAbdallah, Partner at Mubadala Capital. "Iambic is a company purpose-built for AI and drug discovery and we are excited to see how their machine learning and drug hunting expertise will help deliver on the promise of AI to bring potential life-saving medicines to patients."