|[June 24, 2014]
Numerate Closes New Round of Financing
SAN BRUNO, Calif. --(Business Wire)--
Inc., a biotechnology company that is applying novel
machine-learning algorithms at cloud scale to transform small molecule
drug discovery, today announced that it has completed an $8 million
financing round co-led by Atlas Venture and Lilly Ventures, with
participation from existing investors. Concurrent with the financing,
Bruce Booth, Ph.D, Partner at Atlas
Venture, and Steve Hall, Ph.D., Venture Partner at Lilly
Ventures, have joined the Numerate Board of Directors.
"We are pleased to have the support of Atlas Venture and Lilly
Ventures," said Guido Lanza, president and chief executive officer of
Numerate. "Their investment recognizes the success of our novel drug
design platform in solving key problems of small molecule drug discovery
and will enable us to advance our lead programs in metabolic,
cardiovascular and neurodegenerative diseases. In metabolic disease, we
are targeting the free fatty acid receptors to address diabetes, obesity
and related co-morbidites, while in cardiovascular disease we are
targeting the Ryanodine receptor 2 to discover improved drugs for heart
failure and arrhythmia."
According to Bruce Booth, "Numerate has created an innovative platform
for designing novel drug leads against targets previously addressed
poorly by computer-aided drug design."
"We are excited about the progress Numerate is making in its lead
programs, which address major conditions that lack effective treatments
today," added Steve Hall.
Numerate is focused on making the drug design process more data-driven,
efficient and predictable. Unlike structure-based approaches that rely
on crystal structure data, Numerate's drug design platform uses all
relevant data (SAR, patents, phenotypic data, etc.) to design novel
compounds in an iterative fashion. This platform is ideally suited to
emerging targets where there is little known data or where traditional
methods have been unable to generate lead compounds that meet all the
criteria for a drug candidate.
Numerate is a privately held biotechnology company that applies novel
machine-learning algorithms, at cloud scale, to overcome major
challenges in small molecule drug discovery. Numerate's drug design
platform combines advances in computer science and statistics with
traditional medicinal chemistry approaches to address, in parallel, the
factors that determine the success and failure of a drug candidate.
Numerate is using this proprietary platform to develop a pipeline of
drug programs in the cardiovascular, metabolic and neurodegenerative
disease areas, focused on targets not typically addressed by
computer-aided drug discovery. For more information, visit www.numerate.com.
About Atlas Venture
Atlas Venture is an early-stage venture capital firm that invests in
technology and life sciences businesses. Since inception, its partners
have helped build more than 400 companies. Atlas is currently investing
from its ninth fund and manages approximately $2B in committed capital.
For more information, visit www.atlasventure.com.
About Lilly Ventures
Lilly Ventures, one of the venture capital funds associated with Eli
Lilly and Company, manages $200 million in committed capital, investing
in start-up biopharmaceutical and medical technology companies in early
through expansion-stage investments. The primary goal of Lilly Ventures
is to facilitate the success of companies with innovative technologies
by providing both financial and intellectual resources to accelerate the
management teams' paths to success. For more information, visit www.lillyventures.com.
[ Back To TMCnet.com's Homepage ]