Generate:Biomedicines Announces Close of $273M Series C Financing to Advance Its Generative AI Pipeline of Preclinical and Clinical Protein Therapeutics

• Funding will advance pipeline of 17 existing programs and approximately 10 new starts annually
• Company has raised nearly $700 million in equity financing since 2020

SOMERVILLE, Mass.--(BUSINESS WIRE)-- Generate:Biomedicines, a clinical-stage biotherapeutics company pioneering a machine-learning-powered generative biology platform, today announced that it has raised $273 million in Series C financing. This financing round attracted many new investors including Amgen; NVentures, NVIDIA’s venture capital arm; MAPS Capital (Mirae Asset Group); and Pictet Alternative Advisors. Additionally, company founder, Flagship Pioneering, and every Series B investor, including a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA); Fidelity Management & Research Company; funds and accounts advised by T. Rowe Price Associates, Inc.; ARCH Venture Partners; and March Capital, participated in the round.

“Our Series C round further propels The Generate Platform to increase significantly the precision, speed, and probability of success of novel therapeutics – positioning us to tackle even more complex targets and unmet patient needs,” said Mike Nally, Chief Executive Officer of Generate:Biomedicines. “With our first program now in the clinic and multiple programs expected to enter clinical studies over the next couple of years, we are beginning to realize the enormous potential of generative biology to save and improve the lives of patients in areas where the burden of disease is greatest.”

“We are thrilled to have the support of so many investors who believe in our ability to pioneer a new era of programmable protein-based therapeutics using generative AI,” said Jason Silvers, M.D., Chief Financial Officer of Generate:Biomedicines. “The closing of our Series C financing provides us with a multi-year cash runway and will further enhance our ability to invest aggressively in The Generate Platform, pioneer growth through new program starts, advance multiple programs through clinical trials, and opportunistically consider additional value-creating collaborations.”

Since the company’s Series B financing round in 2021, Generate:Biomedicines has made notable progress as a leader in the field of generative biology. Specific achievements include:

• Initiated its first-in-human trial for GB-0669, a monoclonal antibody targeting a highly conserved region of the spike protein, in SARS-CoV-2. Insights gleaned from these efforts enable the company to respond to future pandemics and develop more effective treatments targeting COVID variants.
• Positioned to file a Clinical Trial Application by early Q4 2023 for its anti-TSLP monoclonal antibody, in asthma, which is expected to enter clinical trials shortly thereafter.
• Entered into collaboration agreements with Amgen and The University of Texas MD Anderson Cancer Center.
• Expanded The Generate Platform into new modalities, including into bi-specifics, enzymes, T-cell engagers, and cell therapy, as well as achieved the structural confirmation of its first de novo generated binders.
• Built an exceptional and diverse team of more than 280 highly talented and motivated employees.

“Since its founding, Generate:Biomedicines has worked diligently to turn biology into a truly engineerable discipline, transforming therapeutic development from a probabilistic endeavor to a deterministic one,” said Noubar Afeyan, Ph.D., Co-founder and Chairman of the Board for Generate:Biomedicines and Founder and Chief Executive Officer of Flagship Pioneering. “The company has made significant advancements over the last five years, and I am confident this funding will enable us to realize a future where drug development is no longer a game of chance.”

Generate:Biomedicines has a robust pipeline of 17 programs in preclinical and clinical development across oncology, immunology, and infectious disease. The company will leverage Series C funding to further its pipeline, including filing multiple INDs in 2024 and initiating multiple clinical trials annually thereafter. Additionally, the company will fully validate the breadth of its platform capabilities and establish its leadership in de novo therapeutic development.

About Generative Biology
Generative biology represents a fundamental shift in therapeutic development driven by artificial intelligence (AI) and machine learning. This approach creates never-before-seen therapeutic molecules targeted to specific biological processes involved in disease that can be modulated with a wide range of protein modalities—from short peptides to complex antibodies, enzymes, and cytokines. But the promise of generative biology goes beyond existing proteins found in nature and can create novel proteins that are purpose-built to address an existing or emerging therapeutic need. As a result, generative biology promises to leave trial-and-error drug discovery methods behind to usher in a new era of programmable drug generation that’s faster, cheaper, and better tailored to specific conditions.

About Generate:Biomedicines
Generate:Biomedicines is the first drug generation company pioneering a machine learning-powered generative biology platform with the ability to create new drugs on demand across a wide range of biologic modalities. The Generate Platform – which is a continuous loop to generate, build, measure, and learn – can drastically increase the speed at which targets and therapeutics are identified and validated. This will improve the specificity of target engagement by generated proteins and reduce the time and cost of identifying and developing clinical candidates. Generate:Biomedicines is a clinical stage company that was founded by Flagship Pioneering after two years of foundational research in its Labs unit and launched in 2020. Learn more about Generate:Biomedicines by visiting https://generatebiomedicines.com/ or following the company on Twitter and LinkedIn.

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