Juvenescence CEO Greg Bailey told me back in July that he expected he would have to raise hundreds of millions of dollars to push the pipeline of anti-aging remedies he planned to create. But he’s starting on a much more modest level.
The biotech, backed by some well recognized names including UK billionaire Jim Mellon, announced that they have put together their first seed round of $12.3 million.
That’s less than the $20 million to $50 million that Bailey had forecast 6 months ago.
Bailey himself — an early backer at Medivation who also helped Biohaven to its IPO — chipped in $1.5 million of his own money, matching an investment from Mellon. Foresite Capital, Karim Hakimzadeh, Andrew Banks, and Christian Angermaye’s Apeiron provided the rest of the cash.
The biotech has started out with a pact with the AI experts at Insilico Medicine, who are providing molecules for development.
Aside from the cellular pathways that have attracted their attention, the biotech will look to effect change in the mitochondria, the cell’s powerhouse, as well as clean up senescent cells that accumulate as the body grows older. And Bailey said earlier that he expects he’ll be working some deals to develop an advanced pipeline at a rapid pace.
From Mellon’s perspective, the seed round was just the tip of what’s coming from investors.
The scientific community’s understanding of ageing and longevity has begun to catch up to the aspirations of those who want to live ultra-long lives. People living longer and healthier lives are going to have massive implications for society as a whole and policy makers need to take note. This really is the tip of the iceberg with respect to the vast sums of money, effort and intellect that will be invested into the longevity sector in coming years.
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