An­dreessen drums up a $450M fund to back their vi­sion for en­gi­neer­ing bi­ol­o­gy

Im­age: Vi­jay Pande, An­dreessen Horowitz.


An­dreessen Horowitz be­lieves that AI and ma­chine learn­ing are cre­at­ing a new biotech world with a lot less guess­work in­volved. And to­day they have a fresh $450 mil­lion fund to in­vest in the emerg­ing field.

Jorge Conde

Two years ago, Stan­ford’s Vi­jay Pande took the first step with a $200 mil­lion in­au­gur­al fund. Then a few months ago Jorge Conde joined as a new part­ner in the small group, sig­nal­ing to­day’s an­nounce­ment. Conde jumped to An­dreessen from Sy­ros, where he was chief strat­e­gy of­fi­cer. And he got out just ahead of a dis­as­trous pre­sen­ta­tion a few days ago at ASH on weak re­sults for their lead drug, which tanked the stock.

The part­ners told TechCrunch that they have the same ba­sic strat­e­gy for this new fund, in­vest­ing $2 mil­lion or $3 mil­lion in promis­ing seed com­pa­nies and up­ping that to the $5 mil­lion to $10 mil­lion mark for the launch round in search of en­gi­neered prod­ucts.

In a blog post, they ex­plained their vi­sion of the new world ahead, and the in­spi­ra­tion be­hind their in­vest­ment strat­e­gy.

To hear them tell it, ma­chine learn­ing holds the key to a much more ra­tio­nal biotech world, where com­pu­ta­tion­al pow­er will be able to point pre­cise­ly to ther­a­peu­tic and re­lat­ed break­throughs. Pande has been do­ing some of the work at Stan­ford, where he’s been ex­per­i­ment­ing with us­ing da­ta points to pre­dict tox­i­col­o­gy for drugs. The in­tu­itive as­pect of drug de­vel­op­ment, based on years in the lab, he be­lieves will fade away.

From their blog:

We’ve made 12 in­vest­ments to date, span­ning ear­ly de­tec­tion of can­cer, heart dis­ease, and longevi­ty to pa­tient co­or­di­na­tion and ad­vances in food sci­ence re­mov­ing the need for pes­ti­cides while in­creas­ing shelf life. What they all share in com­mon — what we look for — is some­thing that came in to ac­cel­er­ate the in­dus­try, much like Moore’s Law did for com­put­ing… and for the a16z bio funds, that some­thing is the abil­i­ty to en­gi­neer bi­ol­o­gy. This is the point at which bio ad­vances be­yond em­piri­cism — time-con­sum­ing, in­com­plete, un­pre­dictable — and be­comes more of an en­gi­neered dis­ci­pline, al­low­ing us to plan along a roadmap, make in­cre­men­tal in­no­va­tions, and progress in a very sys­tem­at­ic way. It’s the point at which you can build a vi­able, scal­able com­pa­ny, not just a re­search project.

To be sure, they’re back­ing small steps in that di­rec­tion right now.

An­dreessen’s in­vest­ments so far span com­pa­nies like Freenome — a liq­uid biop­sy di­ag­no­sis tech — and Car­dio­gram’s app to de­tect atri­al fib­ril­la­tion us­ing the da­ta gath­ered by an Ap­ple watch. Apeel is de­vel­op­ing a nat­ur­al coat­ing to ex­tend the shelf life of food. Pa­tient­Ping keeps physi­cians up­dat­ed on all the var­i­ous points of care their pa­tients use.

That leaves a wide health­care scope for these two as the pi­o­neers in AI and ma­chine learn­ing ramp up new biotech projects.

Am­gen lays off about 300 work­ers, cit­ing 'in­dus­try head­wind­s'

Amgen has laid off about 300 employees, a company spokesperson confirmed to Endpoints News via email Sunday night.

Employees posted to LinkedIn in recent days about layoffs hitting Amgen last week. The Thousand Oaks, CA-based biopharma, which employs about 24,000 people, said the reduction “mainly” impacted US-based workers on its commercial team.

Drug developers of all sizes, including small upstarts and pharma giants, have let employees go in recent months as the biopharma market drags through a quarters-long winter doldrum.

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Bob Bradway, Amgen CEO (Stephen Lam/Reuters)

Am­gen launch­es the first US Hu­mi­ra biosim­i­lar at two dif­fer­ent list prices

The bizarre dynamics of the US prescription drug market were on full display once again this morning as Amgen announced that it would launch the first US biosimilar for Humira, the best-selling drug of all time, at two completely different list prices.

One price for Amgen’s Amjevita (adalimumab-atto) will be 55% below the current Humira list price, which is about $84,000 per year, and another at a list price 5% below the current Humira list price, but presumably (pharma companies don’t disclose rebates) with high rebates to attract PBMs and payers.

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Credit: Shutterstock

New York City in­vests $20M in­to biotech 'in­no­va­tion space' at the Brook­lyn Navy Yard

New York City is investing $20 million in biotech this year in the form of a 50,000-square-foot “innovation space” at the Brooklyn Navy Yard, complete with offices, research laboratories and events and programming space to grow biotech startups and companies.

Mayor Eric Adams said during his State of The City Address last Thursday that there will be an “emphasis” on making more opportunities for women and people of color to further diversify the industry. The City first reported the news.

Dirk Thye, Quince Therapeutics CEO

Af­ter piv­ot­ing from Alzheimer's to bone con­di­tions, biotech piv­ots again — and halves its head­count

When troubled public biotech Cortexyme bought a private startup named Novosteo and handed the keys to its executive team, the company — which changed its name to Quince Therapeutics — said it would shift its focus from an unorthodox Alzheimer’s approach to Novosteo’s bone-targeting drug platform.

Less than a year later, Quince is pivoting again.

The biotech has decided to out-license its bone-targeting drug platform and its lead drug, NOV004, and instead look for clinical-stage programs to in-license or acquire, according to a press release.

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Amit Etkin, Alto Neuroscience CEO (Alto via Vimeo)

Al­to Neu­ro­science bags $25M for four Phase II drugs

Another $25 million is flowing the way of a California biotech attempting to fix the “trial and error” system in neuroscience drug R&D.

Alto Neuroscience picked up the capital from Alpha Wave Ventures via an extension to its Series B, bringing total equity raised to $100 million since the startup’s 2019 founding. The biotech also recently signed up for a $35 million credit facility.

All that capital will help the biotech investigate four drugs through four Phase II readouts, Alto said Monday morning. That means enough money to keep the lights on into 2025, a year longer than projected under the original Series B close.

Boehringer In­gel­heim touts pre­ven­tion re­sults in rarest form of pso­ri­a­sis

Boehringer Ingelheim uncorked some positive results suggesting that Spevigo can help prevent flare-ups in patients with a severe form of psoriasis, months after the drug was approved to treat existing flares.

Spevigo, an IL-36R antibody also known as spesolimab, met its primary and a key secondary endpoint in the Phase IIb EFFISAYIL 2 trial in patients with generalized pustular psoriasis (GPP), Boehringer announced on Monday. While the company is keeping the hard numbers under wraps until later this year, it said in a news release that it anticipates sharing the results with regulators.

As­traZeneca, No­vo Nordisk and Sanofi score 340B-re­lat­ed ap­peals court win over HHS

AstraZeneca, Novo Nordisk, and Sanofi won an appeals court win on Monday, as the US Court of Appeals for the Third Circuit found that the companies cannot be forced to provide 340B-discounted drugs purchased by hospitals from an unlimited number of community and specialty pharmacies.

“Legal duties do not spring from silence,” the decision says as the court makes clear that the federal government’s interpretation of the “supposed requirement” that the 340B program compels drugmakers to supply their discounted drugs to an unlimited number of contract pharmacies is not correct, noting:

Ap­peals court toss­es J&J's con­tro­ver­sial 'Texas two-step' bank­rupt­cy case

A US appeals court has ruled against Johnson & Johnson’s use of bankruptcy to deal with mounting talc lawsuits, deciding that doing so would “create a legal blind spot.”

The Third Circuit Court of Appeals reversed a previous bankruptcy court decision on Monday, calling for the dismissal of a Chapter 11 filing by J&J’s subsidiary LTL Management.

Faced with more than 38,000 lawsuits alleging its talc-based products caused cancer, J&J spun its talc liabilities into a separate company called LTL Management back in October 2021 and filed for bankruptcy, a controversial move colloquially referred to as a “Texas two-step” bankruptcy. Claimants argued that the strategy is a misuse of the US bankruptcy code — and on Monday, a panel of judges agreed.

Chad Mirkin, Flashpoint co-founder

‘The field is at a flash­point’: New Chad Mirkin-found­ed biotech hopes to make more ef­fec­tive can­cer vac­cines

Following the success of the mRNA Covid vaccines, cancer vaccines are seeing renewed interest after years of middling results. But a group of researchers suggests that more attention needs to be paid not to what goes into those vaccines, but how the parts are put together.

In a recent paper published in Nature Biomedical Engineering, researchers led by Northwestern University’s Chad Mirkin describe how the placement of different antigens in a cancer vaccine impacts its efficacy. The paper builds on past work done by Mirkin’s lab that suggests the structure, or how the parts of a vaccine are arranged, impact a vaccine’s efficacy, not just its components.

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