OMass Therapeutics, a UK-based small molecule drug developer, is taking novel treatments for inflammatory bowel disease and adrenal conditions to clinical trials with the help of a $100m series B round co-led by internet and technology group Alphabet and pharmaceutical firm Sanofi.
Founded in 2016 and spun out of University of Oxford, OMass has developed a drug discovery platform, called OdyssION, that uses mass spectrometry and custom chemistry to precisely track targets such as complex-bound proteins, solute carriers and G-protein-coupled-receptors (GPCRs) without disrupting their activity, opening the door for a range of discovery possibilities for rare diseases.
The company’s drug portfolio includes treatments for conditions such as congenital adrenal hyperplasia and inflammatory bowel disease.
Northpond Ventures also co-led the round, which featured life sciences investment trust Syncona, Oxford Science Enterprises and University of Oxford. Alphabet and Sanofi invested through their respective corporate venturing subsidiaries GV and Sanofi Ventures.
OMass closed its series A round at $53.9m in early 2020, with Syncona leading a $35.7m extension with backing from Oxford Sciences Innovation and University of Oxford. Syncona had previously led the initial $17.9m tranche in late 2018.
OMass chief executive Ros Deegan said: “The completion of this oversubscribed round with such high-calibre investors is recognition of the significance of our OdyssION platform and its potential to support the development of an exciting portfolio of novel drug candidates.
“We have already made significant progress against highly validated but previously ‘undruggable’ targets and can now accelerate them towards clinical development while continuing to expand our pipeline.”
Image courtesy of OMass Therapeutics
