Har­vard biotech wiz Greg Ver­dine grabs a $55M A round to build a ground­break­ing biotech

It’s hard not to en­joy talk­ing with Greg Ver­dine about the new biotech com­pa­nies he sets up. Years of teach­ing at Har­vard have honed his skill for trans­lat­ing sci­ence in­to a pithy set of sto­ries that every­one can un­der­stand and get a kick out of.

“What I am re­al­ly pas­sion­ate about is dis­cov­er­ing new types of mol­e­cules that do things that can’t be done by stan­dard small mol­e­cules and an­ti­bod­ies,” he told me in the lead-up to to­day’s for­mal launch of LifeM­ine Ther­a­peu­tics with a $55 mil­lion A round. “I want to go af­ter un­drug­gable tar­gets, get drugs that peo­ple con­sid­er now aren’t doable. The ques­tion is where you go look­ing for this.”

Greg Ver­dine

The an­swer for Ver­dine, this time, is fun­gi.

“Fun­gi have been duk­ing it out with their neigh­bors in the soil for a bil­lion years,” says Ver­dine, “steal­ing the lunch of their cowork­ers, com­pet­ing, and fend­ing off in­vaders us­ing small mol­e­cules as com­pet­i­tive sub­stances.” And it all fits very close­ly with hu­man pro­teins, giv­ing it a good shot at work­ing in hu­mans.

It helps that evo­lu­tion doesn’t obey the same rules that guide med­i­c­i­nal chemists, and now Ver­dine’s new com­pa­ny will re­ly on se­quenc­ing to fol­low this strange path in search of some rad­i­cal new break­throughs in can­cer — a field that has at­tract­ed bil­lions of dol­lars to back a new gen­er­a­tion of ther­a­pies.

To do this, he says, the team has to “grow up fun­gi in­di­vid­u­al­ly, iso­late DNA and se­quence the DNA. Take the DNA and an­a­lyze it for biosyn­thet­ic gene clus­ters; an in­struc­tion set to make a nat­ur­al prod­uct.”

Ver­dine blends mul­ti­ple roles in biotech: Pro­fes­sor, ven­ture part­ner at WuXi Health­care Ven­tures — which seed­ed this new start­up — and now a dou­ble CEO, with his dual role run­ning Fog Phar­ma made eas­i­er by hav­ing both com­pa­nies housed in the same build­ing in Cam­bridge, MA.

Over the years Ver­dine has been one of the most pro­lif­ic start­up artists in the busi­ness, a go-to fig­ure in the in­dus­try who’s helped kick a slate of biotechs in­to ex­is­tence, rang­ing from Enan­ta to Tokai, Aileron and Warp Dri­ve Bio, which he al­so helmed for a time.

Right now the team at LifeM­ine is made up of a dozen sci­en­tists and five DNA spe­cial­ists, where they are fo­cus­ing on pro­grams and tar­gets for the pipeline as they build the plat­form along the way. By mid-2019, Ver­dine ex­pects the crew to ex­pand to about 40 staffers.

It’s still ear­ly days, though.

“We’ve left our­selves 3.5 years to en­ter the clin­ic,” says Ver­dine.

That re­quires some very pa­tient mon­ey, which Ver­dine lined up from WuXi Health­care Ven­tures with a syn­di­cate that in­cludes Fore­site Cap­i­tal, Google Ven­tures (or GV, with Kr­ish­na Yesh­want join­ing the board), Arch Ven­ture Part­ners, Boyu Cap­i­tal, Blue Pool Cap­i­tal, MRL Ven­tures Fund, and Alexan­dria Ven­ture In­vest­ments.

Those blue chip VC names are mix­ing with some mon­ey out of two promi­nent Chi­nese in­vestors, aside from the transpa­cif­ic WuXi op­er­a­tion: Boyu — an in­flu­en­tial pri­vate eq­ui­ty group led by co-founder and part­ner Sean Tong — and Blue Pool.

At this stage of his life, Ver­dine is po­si­tioned at ex­act­ly the right place, and ex­act­ly the right time, for a pricey space shot in­to the biotech uni­verse. The stars have aligned — again.

Bob Bradway, Amgen CEO (Scott Eisen/Bloomberg via Getty Images)

Am­gen bel­lies back up to the M&A ta­ble for an­oth­er biotech buy­out, this time with a $2.5B deal for an an­ti­body play­er fo­cused on PS­MA

Five months after Amgen CEO Bob Bradway stepped up to the M&A table and acquired Five Prime for $1.9 billion, following up with the smaller Rodeo acquisition, he’s gone back in for another biotech buyout.

This time around, Amgen is paying $900 million cash while committing up to $1.6 billion in milestones to bag the privately held Teneobio, an antibody drug developer that has expertise in developing new bispecifics and multispecifics. In addition, Amgen cited Teneobio’s “T-cell engager platform, which expands on Amgen’s existing leadership position in bispecific T-cell engagers by providing a differentiated, but complementary, approach to Amgen’s current BiTE platform.”

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How one start­up fore­told the neu­ro­science re­nais­sance af­ter '50 years of shit­show'

In the past couple of years, something curious has happened: Pharma and VC dollars started gushing into neuroscience research.

Biogen’s controversial new Alzheimer’s drug Aduhelm has been approved on the basis of removing amyloid plaque from the brain, but the new neuro-focused pharma and biotechs have much loftier aims. Significantly curbing or even curing the most notorious disorders would prove the Holy Grail for a complex system that has tied the world’s best drug developers in knots for decades.

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Ryan Watts, Denali CEO

De­nali slips as a snap­shot of ear­ly da­ta rais­es some trou­bling ques­tions on its pi­o­neer­ing blood-brain bar­ri­er neu­ro work

Denali Therapeutics had drummed up considerable hype for their blood-brain barrier technology since launching over six years ago, hype that’s only intensified in the last 14 months following the publications of a pair of papers last spring and proof of concept data earlier this year. On Sunday, the South San Francisco-based biotech gave the biopharma world the next look at in-human data for its lead candidate in Hunter syndrome.

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Why is On­col­o­gy Drug De­vel­op­ment Re­search Late to the Dig­i­tal Bio­mark­ers Game?

During the recent Annual ASCO Meeting, thousands of cancer researchers and clinicians from across the globe joined together virtually to present and discuss the latest findings and breakthroughs in cancer research and care. There were more than 5000+ scientific abstracts presented during this event, yet only a handful involved the use of motion-tracking wearables to collect digital measures relating to activity, sleep, mobility, functional status, and/or quality of life. Although these results were a bit disappointing, they should come as no surprise to those of us in the wearable technology field.

Art Levinson (Calico)

Google-backed Cal­i­co dou­bles down on an­ti-ag­ing R&D pact with Ab­b­Vie as part­ners ante up $1B, start to de­tail drug tar­gets

Seven years after striking up a major R&D alliance, AbbVie and Google-backed anti-aging specialist Calico are doubling down on their work with a joint, $1 billion commitment to continuing their work together. And they’re also beginning to offer some details on where this project is taking them in the clinic.

According to their statement, each of the two players is putting up $500 million more to keep the labs humming.

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Andrea Pfeifer, AC Immune CEO (AC Immune)

Look­ing to repli­cate Covid-19 suc­cess in neu­ro, BioN­Tech back­ers bet on AC Im­mune and its new­ly-ac­quired Parkin­son's vac­cine

The German billionaires behind BioNTech have found a new vaccine project to back.

Through their family office Athos Service, twin brothers Thomas and Andreas Strüngmann are leading a $25 million private placement into Switzerland’s AC Immune — which concurrently announced that it’s shelling out $58.7 million worth of stock to acquire Affiris’ portfolio of therapies targeting alpha-synuclein, including a vaccine candidate, for Parkinson’s disease.

Rajiv Shukla, Constellation Alpha Holdings

Can­del gets busy IPO week mov­ing with down­sized raise as Ra­jiv Shuk­la's third SPAC goes pub­lic

Editor’s note: Interested in following biopharma’s fast-paced IPO market? You can bookmark our IPO Tracker here.

In a week that’s expected to see several biotechs price their IPOs, Candel Therapeutics got things kicked off Tuesday with a muted opener.

The company helmed by former GlaxoSmithKline vet Paul Peter Tak made its way to Nasdaq thanks to a $72 million raise, which was downsized by about 15% than originally anticipated, according to Renaissance Capital. Candel priced at $8 per share after initially seeking to launch in the $13 to $15 range.

Busi­ness­es and schools can man­date the use of Covid-19 vac­cines un­der EUAs, DOJ says

As public and private companies stare down the reality of the Delta variant, many are now requiring that their employees or students be vaccinated against Covid-19 prior to attending school or to returning or starting a new job. Claims that such mandates are illegal or cannot be used for vaccines under emergency use authorizations have now been dismissed.

Setting the record straight, the Department of Justice on Monday called the mandates legal in a new memo, even when used for people with vaccines that remain subject to EUAs.

Ugur Sahin, BioNTech CEO (Bernd von Jutrczenka/dpa via AP Images)

BioN­Tech is spear­head­ing an mR­NA vac­cine de­vel­op­ment pro­gram for malar­ia, with a tech trans­fer planned for Africa

Flush with the success of its mRNA Covid-19 vaccine, BioNTech is now gearing up for one of the biggest challenges in vaccine development — which comes without potential profit.

The German mRNA pioneer says it plans to work on a jab for malaria, then transfer the tech to the African continent, where it will work with partners on developing the manufacturing ops needed to make this and other vaccines.

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