The Venture Codex

Led · Series C · Dec 2019

Black Diamond Therapeutics is a Cambridge, Mass.-based precision oncology medicine company pioneering the discovery and development of small-molecule, tumor-agnostic therapies. Its proprietary Mutation-Allostery-Pharmacology (MAP) platform analyzes population-level genetic sequencing data to identify oncogenic mutations, group them into families, and support development of single small-molecule therapies that target those mutation families across tumor types. The MAP platform has generated a pipeline of orally available, potent, and selective small-molecule kinase inhibitors; the first two disclosed programs target groups of EGFR and HER2 allosteric mutants. The company intends to use the Series C proceeds to advance lead candidates against oncogenic driver mutations of the ErbB kinases and to start a combined Phase 1/2 clinical trial of BDTX-189 in the first half of 2020. It will also continue to expand earlier-stage research programs and its MAP platform. The company has raised $194 million since its founding and recently appointed Samarth (Sam) Kulkarni, Ph.D., to its board. Black Diamond Therapeutics built the MAP (mutation, allostery and pharmacology) platform to identify and drug allosteric mutant oncogenes that lie outside the ATP binding site. The platform mines a proprietary algorithm, validates oncogenicity, elucidates mechanisms of allosteric activation, and designs drugs for groups of allosteric mutations. MAP has generated a pipeline of five programs, three of which have progressed compounds through lead optimization or into IND-enabling studies; the first two disclosed programs target groups of EGFR and HER2 allosteric mutants. The company says some allosteric mutation baskets represent 2–15% of patients in a given tumor tissue or across tumor sites. To advance its pipeline, Black Diamond plans to advance two to three development candidates into the clinic in the next 24 months and to establish operations in Toronto to create a computational center of excellence for machine learning–based target discovery. Black Diamond was founded by David Epstein, Ph.D., Elizabeth Buck, Ph.D., and Versant Ventures and emerged from Versant’s Ridgeline Discovery Engine in Basel, Switzerland.

Participated · Series C · Dec 2018

Relay Therapeutics integrates unprecedented computational power with experimental approaches across structural biology, biophysics, chemistry and biology to illuminate protein mobility and design therapies. Its platform aims to modulate protein conformation to create novel therapeutics, with initial programs focused on oncology. Early discovery efforts have produced highly selective inhibitors targeting disease-causing proteins in genomically defined patient populations. The company plans to expand its discovery efforts, advance existing programs into the clinic, and bolster its platform and team using proceeds from the financing. Relay is headquartered in Cambridge, Massachusetts and was launched in 2016 with initial financing from Third Rock Ventures and an affiliate of D. E. Shaw Research. Prior to the Series C it had raised $120 million. Relay Therapeutics builds a drug-discovery platform that illuminates protein motion by combining structural biology, biophysics, computation, chemistry and biology. The company applies this platform to discover and develop a pipeline of protein motion–based therapies, with initial programs focused on oncology. Relay intends to advance its oncology candidates toward clinical trials and to deepen integration of its experimental and computational technologies. The company is privately held, headquartered in Cambridge, Massachusetts, and was launched in 2016 with financing from Third Rock Ventures and an affiliate of D. E. Shaw Research. Sanjiv Patel, MD, serves as President and Chief Executive Officer and has emphasized advancing the integrated platform and pipeline toward transformative targeted therapies for patients. Relay Therapeutics is developing an integrated drug discovery engine that centers on protein motion, applying structural biology, biophysics, computation, chemistry and biology to illuminate dynamic protein behavior. The platform aims to move drug discovery from static structural snapshots to dynamic ‘‘movies’’ of molecular machines, enabling design of medicines against targets previously challenging or inaccessible. The company’s initial programs are focused on oncology and on translating insights about protein motion into novel therapeutics. Relay was launched in 2016 and is headquartered in Cambridge, Massachusetts. Its founding team includes experts in structural biology, biophysics and biomolecular simulation, among them Matthew Jacobson, Dorothee Kern, Mark Murcko and D. E. Shaw Research representation. Financially, Relay began operations with $57 million in Series A financing to build its discovery pipeline.

Participated · Series B · Apr 2018

Poseida Therapeutics is a clinical-stage biopharmaceutical company focused on creating cell and gene therapeutics with curative potential. The company employs proprietary gene engineering platform technologies, including a non-viral piggyBac DNA Modification System, the Cas-CLOVER site-specific gene editing system, and nanoparticle- and AAV-based gene delivery technologies. Its pipeline includes both allogeneic and autologous CAR-T product candidates targeting hematological and solid tumor oncology indications, as well as liver-directed gene therapy programs for orphan genetic diseases. Led by CEO Eric Ostertag, M.D., Ph.D., Poseida is advancing a broad portfolio of product candidates across multiple indications. The company intends to use recently raised funds to continue to expand its development efforts. Poseida is a clinical-stage biotechnology company led by CEO Eric Ostertag, M.D., Ph.D., developing a wholly owned pipeline of autologous and allogeneic CAR-T product candidates and gene therapies for orphan genetic diseases. The company has assembled a suite of gene editing technologies, including the piggyBac® DNA Modification System, Cas-CLOVER™, TAL-CLOVER™ site-specific nucleases and Footprint-Free® Gene Editing. Its lead programs include autologous P-BCMA-101 (Phase 2 registrational trial enrolling, initial dosing expected H1 2019) and autologous P-PSMA-101 (IND filing anticipated H2 2019). Poseida is also developing an allogeneic CAR-T, P-BCMA-ALLO1 (IND anticipated late 2019 or early 2020), and a late-stage preclinical solid-tumor candidate, P-MUC1C-101 (IND anticipated 2020). The company plans to broadly advance its current CAR-T programs and its emerging pipeline programs. Financially, Poseida completed a substantial Series C financing to support these development plans. Poseida Therapeutics is a San Diego-based company translating gene engineering technologies into cell therapies. The company develops autologous and allogeneic CAR-T immunotherapies and gene therapies for orphan diseases. Its suite of gene engineering technologies includes the piggyBac DNA Modification System, TAL-CLOVER and Cas-CLOVER site-specific nucleases, and Footprint-Free Gene Editing (FFGE). Lead programs include P-BCMA-101 (Phase 1 for relapsed/refractory multiple myeloma), P-PSMA-101 (preclinical for prostate cancer), and P-BCMA-ALLO1 (an allogeneic "universal donor" CAR-T for multiple myeloma). Poseida is led by CEO Eric Ostertag, M.D., Ph.D. The company will use recent financing to further advance its pipeline of CAR-T and gene therapies. Poseida Therapeutics focuses on developing novel human therapeutics using its proprietary genome engineering platforms, including piggyBac, XTNT TALEN, NextGEN CRISPR nucleases, and Footprint-Free Gene Editing. The company is advancing gene therapies for orphan liver diseases and autologous CAR-T therapies for cancer, with lead candidates targeting Progressive Familial Intraheptatic Cholestasis 3 and multiple myeloma. Poseida also has an alliance with Janssen Biotech to develop allogeneic CAR-T therapies for various cancers. Management states the technologies could enable single-treatment cures and the company emphasizes utility across multiple therapeutic areas. The company is privately held and based in La Jolla, California. No operating metrics (revenue/users) are disclosed in the article.

Participated · Series D · Jan 2018

Katerra set out to remake the construction industry with a vertically integrated approach combining design, manufacturing and on-site construction. The company has raised multiple rounds from SoftBank since its 2015 launch, including an $865M financing in 2018. Katerra has struggled with project delays, cost overruns and discovered irregularities in accounting practices, and the COVID-19 pandemic slowed other projects. Management says the company is on track for revenue between $1.5 billion and $2 billion this year. The company reportedly burned through roughly $2 billion of capital prior to the latest financing. Shareholders approved a new rescue investment that aims to keep the company out of bankruptcy. Katerra operates a vertically integrated building-services platform that combines architecture, engineering, material supply, manufacturing and construction driven by a proprietary software platform that links BIM and computational design to its supply chain. The company integrates factories and jobsites to deliver just-in-time, pre-manufactured components that increase precision, productivity, and quality control. Katerra emphasizes a design approach that balances product standardization with customization to capture manufacturing efficiencies without sacrificing design freedom. It has opened a manufacturing facility in Phoenix and plans multiple additional domestic factories, including breaking ground on a mass timber factory in Spokane. The company says the new funding will support continued manufacturing expansion and increased R&D investment. Operating metrics cited in the article include more than $1.3 billion in bookings and a global team of over 1,300 people; Katerra was founded in 2015 and is based in Menlo Park, California. Katerra provides a technology platform that connects Building Information Modeling (BIM) tools and computational design to an ERP global supply chain to facilitate material ordering, manufacturing, tracking, and delivery. The solution is designed to help industry players optimize building development, design, and construction. While currently focused on multi-family housing in the U.S., the company plans to bring its global supply chain, project management, and design services to every sector of the construction industry. Founded in 2015 by Michael Marks and based in Menlo Park, CA, Katerra has a global team of more than 550 people. In April 2017 it raised $130M in Series C funding and intends to use the proceeds for R&D, factories, and other general corporate purposes. Investors backing the round were not disclosed.

Participated · Series B · Jan 2017

Avidity Biosciences develops Antibody Oligonucleotide Conjugates (AOCs), a proprietary RNA therapeutics platform that combines monoclonal antibody specificity with oligonucleotide precision. The company is advancing clinical programs for three rare muscle diseases—myotonic dystrophy type 1 (DM1), Duchenne muscular dystrophy (DMD) and facioscapulohumeral muscular dystrophy (FSHD)—and is broadening its pipeline into cardiology and immunology through internal discovery and partnerships. AOC 1001 is being evaluated in the MARINA-OLE™ study, and Avidity plans to present long-term efficacy and safety data at an investor and analyst webcast on March 4, 2024. Avidity announced an oversubscribed private placement that sold common stock and pre-funded warrants, which management expects will extend pro forma cash, cash equivalents and investments into late 2026. The company intends to use net proceeds to fund research and development of its clinical-stage candidates, other research programs, working capital and general corporate purposes. Placement agents for the offering included Leerink Partners, BofA Securities, Cantor and Chardan. Avidity Biosciences pioneers an AOC platform that combines monoclonal antibodies for targeted delivery with oligonucleotide therapeutics for potent and selective activity. The platform is designed to enable tissue-selective targeting of skeletal muscle, immune cells, and heart to create a pipeline of targeted oligonucleotide therapeutics. The company’s lead research program addresses myotonic dystrophy type I, a disease with no approved treatment options. In April 2019 Avidity entered a strategic partnership with Eli Lilly to apply AOC technology to immunology and other indications. Avidity completed a $100 million Series C financing that the company says will enable advancement of its growing proprietary portfolio of multiple programs, including its myotonic dystrophy candidate. The company is based in La Jolla, Calif., and is privately held. Avidity Biosciences is a La Jolla–based developer of biopharmaceuticals that uses monoclonal antibodies and oligonucleotide-based therapeutics. Its core approach pairs monoclonal antibodies with oligonucleotide‑based therapeutics. On April 22, 2019 the company announced a collaboration and financing deal with Lilly. Under the agreement Avidity received a $20M upfront payment and a $15M investment, totaling $35M. The funding from Lilly provides a near‑term capital infusion; the article did not disclose further public details of the collaboration or additional terms. Avidity Biosciences is developing Antibody Oligonucleotide Conjugates (AOC™) that combine monoclonal antibody tissue selectivity with oligonucleotide precision to improve delivery and target genetic drivers of disease. The company is advancing a pipeline focused on rare muscle disorders and other serious diseases, including programs aimed at Duchenne muscular dystrophy (DMD). It received an equity investment from CureDuchenne to support pre-clinical development of potential DMD therapies. Avidity has previously raised $30M in venture financing from a top-tier group of healthcare investors. The company is based in La Jolla, CA. Its leadership team includes Troy Wilson (President & CEO), Kent Hawryluk (CBO), Arthur A. Levin (EVP, R&D), Andrew J. Geall (VP, Formulations & Chemistry), John Wallen (VP, IP), and Vanessa L. Jacoby (VP, Finance). Avidity Biosciences is a privately held biotech pioneering a new class of precision medicines called Antibody-siRNA Conjugates (ASC). ASCs combine the strengths of monoclonal antibodies and siRNA-based therapeutics. The company works with partners to discover best-in-class drug candidates against important undrugged therapeutic targets. Avidity raised $16 million in a Series B financing that included $10 million in new capital and $6 million in convertible debt, bolstering its development efforts. Takeda Pharmaceuticals’ ventures group led the round, with participation from a mix of new and existing investors. Avidity is based in Palo Alto, CA.