US-based small molecule drug developer Exo Therapeutics closed a $78m series B round yesterday featuring pharmaceutical firm Novartis, which invested through its Novartis Venture Fund.
Nextech Invest led the round, which included 6 Dimensions Capital – the life sciences investment firm co-founded by pharmaceutical firm WuXi AppTec, as well as Samsara Biocapital, BVF Partners, Casdin Capital, Morningside, Newpath Partners and CRV.
Exo is developing a pipeline of drugs aimed at using protein binding sites known as exosites to reprogramme enzyme activity, countering maladies like inflammation, cancer and a range of other diseases.
The company claims its method could result in better therapeutic windows and fewer side effects. Proceeds from the round will be used to advance its drug candidates towards proof-of-concept as well as to expand its search of new target sites.
Novartis Venture Fund also participated in Exo’s $25m series A round in December 2020, investing alongside 6 Dimensions Capital, CRV and Newpath Partners.
Michael Bruce, Exo’s chief executive, said: “Exo was formed with the mission of developing impactful new medicines that act by targeting exosites and with this financing we are now one step closer to achieving that goal.”
