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.

The Big Phar­ma dis­card pile; Lay­offs all around while some biotechs bid farewell; New Roche CEO as­sem­bles top team; and more

Welcome back to Endpoints Weekly, your review of the week’s top biopharma headlines. Want this in your inbox every Saturday morning? Current Endpoints readers can visit their reader profile to add Endpoints Weekly. New to Endpoints? Sign up here.

With earnings seasons in full swing, we’ve listened in on all the calls so you don’t have to. But news is popping up from all corners, so make sure you check out our other updates, too.

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Sen. Ron Wyden (D-OR) (Francis Chung/E&E News/Politico via AP Images)

In­fla­tion re­bates in­com­ing: Wyden calls on CMS to move quick­ly as No­var­tis CEO pledges re­ver­sal

Senate Finance Chair Ron Wyden (D-OR) this week sent a letter to the head of the Centers for Medicare & Medicaid Services seeking an update on how and when new inflation-linked rebates will take effect for drugs that see major price spikes.

The newly signed Inflation Reduction Act requires manufacturers to pay a rebate to Medicare when they increase drug prices faster than the rate of inflation.

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Raymond Stevens, Structure Therapeutics CEO

Be­hind Fri­day's $161M IPO: A star sci­en­tist, GPCR drug dis­cov­ery and a plan to chal­lenge phar­ma in di­a­betes

What does it take to pull off a $161 million biotech IPO these days?

In Structure Therapeutics’ case, it means having a star scientist co-founder paired with the computational drug discovery company Schrödinger, $198 million in private funding from blue-chip investors, almost six years of research work on G protein-coupled receptors and a slate of oral, small-molecule drugs, with an eye on the huge and growing diabetes and weight-loss market.

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Trodelvy notch­es a win in most com­mon form of breast can­cer

Following a promise last year to go “big and fast in breast cancer,” Gilead has secured a win for Trodelvy in the most common form.

The drug was approved to treat HR-positive, HER2-negative breast cancer patients who’ve already received endocrine-based therapy and at least two other systemic therapies for metastatic cancer, Gilead announced on Friday.

Trodelvy won its first indication in metastatic triple-negative breast cancer back in 2020, and has since added urothelial cancer to the list. HR-positive HER2-negative breast cancer accounts for roughly 70% of new breast cancer cases worldwide per year, according to senior VP of oncology clinical development Bill Grossman, and many patients develop resistance to endocrine-based therapies or worsen on chemotherapy.

John Roberts, exiting Vyant Bio CEO

Neu­rode­gen­er­a­tive biotech Vyant warns of po­ten­tial wind-down

The CEO and chief scientific officer of Vyant Bio are out the door as the little-known but publicly-listed neurodegenerative biotech searches for an exit or, if all else fails, a wind-down.

The soul-searching bookends a winding journey for the biotech, which rebranded and transitioned from diagnostics company Cancer Genetics in 2021 after a merger with StemoniX. That came after a failed merger attempt with NovellusDx (now Fore Biotherapeutics) in 2018. In the last few years, units have been sold off and the stock price $VYNT has plummeted from the $30 range to penny stock territory.

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Medicago's vaccine greenhouse (Medicago via YouTube)

Cana­di­an plant-based vac­cine de­vel­op­er Med­ica­go shut­ters months af­ter lay­offs

Plant-based Covid-19 vaccine developer Medicago shut down this week with little fanfare. And its two subsidiaries, Medicago R&D and Medicago USA, are also closing their doors, according to a company news release.

The lone shareholder left standing, Japan-based Mitsubishi Chemical Group, “has determined not to make further investments in Medicago and to proceed with an orderly wind-up of its business and operations in Canada and in the United States.”

Af­ter 13 years, Ramy Mah­moud steps in­to CEO seat at Opti­nose; Ru­pert Vessey set to ex­it Bris­tol My­ers in Ju­ly

After 13 years as president and COO at Optinose, Ramy Mahmoud has stepped into a new role as its CEO. He is taking the place of Peter Miller, who stepped down earlier this week, though Miller is still staying with the company as a consultant.

In 2010, the two business partners joined Optinose to take it in a new direction, transforming it from a delivery platform to product company. They previously worked together at Johnson & Johnson, when Miller was president at Janssen and Mahmoud headed medical affairs. Miller said after he learned about Optinose, “I did what I always do, which is find people smarter than me to talk with about the idea. And the first person I called was Ramy … and I said, ‘Hey, Ramy, what do you think of this technology?’”

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Simba Gill, Evelo Biosciences CEO

Sim­ba Gill stay­ing on at Evelo to weath­er lay­offs and a PhII fail

Simba Gill will be staying put as CEO of Evelo Biosciences for now.

Gill announced last year that he would be leaving the head position at Evelo to take on the role of executive partner at Flagship Pioneering. He was aiming to stay on until a successor was selected, but there’s a new course of action in the wake of a Phase II miss and a reduced headcount.

“I want to emphasize that I remain personally committed to Evelo and staying on to lead the organization. I continue to believe that Evelo is a remarkable opportunity in terms of the science, the platform, the type of products that we’re able to produce, and most importantly, the potential of millions of patients suffering from all stages of inflammatory disease,” Gill said on a conference call.

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Laurent Audoly, former Parthenon CEO

Parthenon Ther­a­peu­tics CEO ex­its weeks af­ter co-founder leaves

Parthenon Therapeutics’ CEO and co-founder Laurent Audoly is no longer steering the ship of the cancer biotech, Endpoints News has learned.

Audoly’s departure comes just weeks after co-founder and chief business and operating officer Olga Granaturova left to take on the same posts at Normunity, another privately-held immunotherapy startup. CSO Tamas Oravecz also traded in his CSO hat for the same role at Simcere last August.

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