Odyssey Therapeutics Raises $168M In Series B Funding to Pioneer Discovery

By Spencer Hulse Spencer Hulse has been verified by Muck Rack's editorial team
Published on October 13, 2022

Cancer is one of the leading causes of death worldwide, but the good news is that there are many companies looking for innovative ways to treat it and other serious issues, including Odyssey Therapeutics. The startup, which was founded in 2021, looks to pioneer solutions in precision immunomodulatory, which modifies the responses of the immune system, and oncology medications. The latest round of funding will allow it to progress even further on the path to innovative medications, which you can read more about in the press release below.

Odyssey Therapeutics, Inc., a biotechnology company pioneering next generation precision immunomodulators and oncology medicines, today announced a $168 million Series B financing. This funding, which follows Odyssey’s $218 million Series A announced in December 2021, brings the total capital raised to $386 million. The proceeds will enable Odyssey to advance its portfolio of precision immunomodulators and oncology medicines in support of its mission of developing innovative medicines to treat serious human diseases.

The Series B was led by General Catalyst, a leading global venture capital firm and active investor in the healthcare sector. Other new investors participating in the Series B financing include funds and accounts advised by Fidelity Management & Research Company, funds and accounts advised by T. Rowe Price Associates, Inc., GreatPoint Ventures, Catalio Capital Management, Walleye Capital, Alexandria Venture Investments, The Healthcare Innovation Investment Fund LLC, an investment fund associated with SVB Securities LLC, and other institutional investors. The financing also includes participation from all Series A investors including OrbiMed, SR One, Foresite Capital, Logos Capital, Woodline Partners LP, HBM Healthcare Investments, Colt Ventures and Creacion Ventures.

“Odyssey is pioneering next generation therapeutics by marrying a powerful drug discovery engine integrating machine learning, biology, and medicinal and structural chemistry with an exceptional leadership team of proven drug developers. We are pleased to partner with General Catalyst and our world-class syndicate of investors and believe the interest in our immunology and oncology pipeline and capabilities further validates our approach to therapeutic development,” said Gary D. Glick, Ph.D., Founder and Chief Executive Officer of Odyssey Therapeutics. “We have made tremendous strides since our launch in 2021, and we value the support as we advance multiple candidates into IND-enabling studies in 2023.”

“At General Catalyst, we are committed to investing in companies driving powerful, positive and enduring change, and Odyssey’s unyielding commitment to improving the lives of patients by targeting the underlying causes of serious inflammatory diseases and cancer aligns with our mission,” said Elena Viboch, Partner at General Catalyst. “We are confident in Odyssey’s vision, proven leadership and ability to pioneer and develop next generation therapeutics through their integrated platform approach, and we look forward to seeing Odyssey work toward achieving their mission of delivering life-enhancing medicines to patients in need.”

“I am delighted to welcome our new Series B investors,” said Jeff Leiden, M.D., Ph.D., Chairman of the Odyssey Board. “Their investment along with Odyssey’s unique combination of experienced and talented drug hunters, new technologies and a broad and deep pipeline of novel targets will accelerate our discovery and development of life-enhancing medicines for patients in need.”

Odyssey’s immunology and oncology portfolio encompasses eight declared programs initially focused on small molecule and protein therapeutics. In addition, Odyssey is building an industry leading discovery engine that integrates artificial intelligence and machine learning for molecular design; a chemistry platform encompassing proprietary covalent libraries targeting multiple amino acids, molecular glues and natural products; and a functional genomics platform for novel target discovery.

The original press release can be found on Odyssey Therapeutics’ website.

By Spencer Hulse Spencer Hulse has been verified by Muck Rack's editorial team

Spencer Hulse is the Editorial Director at Grit Daily. He is responsible for overseeing other editors and writers, day-to-day operations, and covering breaking news.

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