US-based biotechnology company Petra Pharma has raised $48m in a series A round backed by pharmaceutical firms Eli Lilly, Johnson & Johnson, Pfizer, AbbVie and WuxiPharmaTech.
Johnson & Johnson invested through its corporate venturing unit Johnson & Johnson Innovation, while Pfizer participated through its Pfizer Venture Investments vehicle.
Watson Fund,a subsidiary of technology company IBM, and Alexandria Venture Investments, the venture capital arm of life sciences real estate manager Alexandria Real Estate Equities, also invested, alongside Harris & Harris, Arch Venture Partners, Innovate NY Fund and Partnership Fund for New York City.
The backers are investment syndicate partners of life sciences investment and management firm Accelerator Corporation, which launched Petra Pharma last week.
Petra is developing small molecule inhbitors to treat cancer and other metabolic diseases. It has inked a multiyear research agreement with Weill Cornell Medicine, the medical school of Cornell University, which has taken a stake in the startup.
Thong Le, chief executive of Accelerator, said: “Following the launch of Accelerator in New York in 2014, we are delighted to now be financing our first startup life science company here in New York City.
“We believe that the scientific advancements pioneered by co-founders Lewis Cantley and Nathanael Gray, combined with an alliance with Weill Cornell Medicine in New York and our management team’s operational capabilities, provide a tremendous platform for a biotech company with significant growth potential in the city.
“This first launch is illustrative of the kind of support we expect to continue to bring to the local life sciences community in the months ahead.”