SAN DIEGO, April 29, 2021 /PRNewswire/ -- i2020, an accelerator program backed by the San Diego-based venture company Torrey Pines Investment, has announced multiple start-up and follow-on investment rounds together with OrbiMed and a start-up investment in a European science-based venture, together with OrbiMed and BioGeneration Ventures (BGV). The proceeds of the follow-ons will be used to further support the three previously funded, oncology-focused companies - Lomond Therapeutics, Eil Therapeutics and Ness Therapeutics and the start-up proceeds will finance three new oncology-focused companies: Bala Therapeutics, Tegid Therapeutics, Padarn Therapeutics as well as an inflammation-focused company, Vyrnwy Therapeutics. The European science-based venture will be known as Brenig Therapeutics and will focus on neurology targets. With this additional financing, the partners continue establishing an oncology, inflammation and neurology Loch group of startup companies whilst building a robust innovative pipeline focused on breakthrough drug targets. The new investment from i2020, and OrbiMed brings the total funding for the 7 companies to $52 million, of which approximately half has been invested in startup and follow-on investment rounds in 2020-2021, whilst the funding for Brenig Therapeutics amounts to $8m, of which approximately half has been invested to date. The Loch platform aims to rationally design and develop novel targeted treatments for cancer, immunological and neurodegenerative diseases.
In connection with the financing, Carl Gordon and Iain Dukes from OrbiMed, Nikolay Savchuk from Torrey Pines Investment and Augustine Lawlor from Health Care Ventures have joined the Boards of Lomond, Eil, Ness, Bala, Tegid, Padarn and Vyrnwy, and together with Edward van Wezel of BGV form the Board of Directors of Brenig Therapeutics.
The Loch platform and its programs are supported by the AI and computer aided drug design of Molsoft LLC and ChemDiv Inc., San Diego, CA, and other research partners from i2020 Accelerator's global network.
OrbiMed is a leading healthcare investment firm, with over $13 billion in assets under management. OrbiMed invests globally across the healthcare industry, from start-ups to large multinational corporations, utilizing a range of private equity funds, public equity funds, and royalty/credit funds. OrbiMed maintains offices in New York City, San Francisco, Shanghai, Hong Kong, Mumbai and Herzliya. OrbiMed seeks to be a capital provider of choice, providing tailored financing solutions and extensive global team resources to help build world-class healthcare companies.
About BioGeneration Ventures (BGV)
BioGeneration Ventures (BGV) is a venture capital company, with a focus on early-stage European biotech companies. With a strong track record of significant financial returns through its investments in healthcare innovations and providing the expertise to build world-class companies, BGV manages over EUR 250 million of funds and invests in areas where true scientific innovations, unmet medical needs, and the potential to demonstrate a significant proof of concept all converge. BGV strives to work with founding teams to progress science and build successful companies and uses its experience to guide progress into clinical trials, leading to successful drug development and value realization for its investors. BGV applies its expertise in a rigorous process to select the most compelling opportunities with the best prospects for exit. The Company is based in Naarden, The Netherlands. For more information, please visit: http://www.biogenerationventures.com.
About i2020 Accelerator
i2020 Accelerator strives to accelerate early-stage drug discovery platforms towards advanced lead and clinical candidates within a two-year framework to rapidly de-risk novel science and enrich partner pipelines with first or best-in-class molecules. i2020's scientific and global resources network tailored specifically to the needs of early programs allows to accelerate development in multiple high value therapeutic areas, from immunology to inflammation and from oncology and CNS to infectious diseases and beyond. The i2020 accelerator program inaugurated by Torrey Pines Investment in 2017 is now co-creating, growing and graduating breakthrough drug discovery programs towards future medicines.
Rouslan Michtchenko, MBA
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SOURCE i2020 Accelerator