Odyssey Therapeutics raises $168M for oncology medicine portfolio

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Biotech company Odyssey Therapeutics, Inc. has announced it has raised $168 million in series B financing.

Odyssey Therapeutics is working on next generation precision immunomodulators and oncology medicines.

The current round 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. 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, 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.”

Odyssey portfolio

Odyssey’s immunology and oncology portfolio encompasses eight declared programs initially focused on small molecule and protein therapeutics. In addition, Odyssey is building a 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.

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