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.

A new era of treat­ment: How bio­mark­ers are chang­ing the way we think about can­cer

AJ Patel was recovering from a complicated brain surgery when his oncologist burst into the hospital room yelling, “I’ve got some really great news for you!”

For two years, Patel had been going from doctor to doctor trying to diagnose his wheezing, only to be dealt the devastating news that he had stage IV lung cancer and only six months to live. And then they found the brain tumors.

“What are you talking about?” Patel asked. He had never seen an oncologist so happy.

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ProFound Therapeutics founding team

Flag­ship's lat­est biotech could turn some of the thou­sands of new pro­teins it dis­cov­ered in­to ther­a­pies — and it has $75M to start

Flagship Pioneering, the incubator of Moderna and dozens of other biotechs, says it has landed upon tens of thousands of previously undiscovered human proteins. The VC shop wants to potentially turn them into therapeutics.

Like other drug developers that have turned proteins into therapeutics (think insulin for diabetes), Flagship’s latest creation, ProFound Therapeutics, wants to tap into this new trove of proteins as part of its mission to treat indications ranging from rare diseases to cancer to immunological diseases.

Richard Silverman, Akava Therapeutics founder and Northwestern professor

This time around, Lyri­ca's in­ven­tor is de­vel­op­ing his North­west­ern dis­cov­er­ies at his own biotech

Richard Silverman was left in the dark for the last five years of clinical development of the drug he discovered. The Northwestern University professor found out about the first approval of Lyrica, in the last few days of 2004, like most other people: in the newspaper.

What became one of Pfizer’s top-selling meds, at $5 billion in 2017 global sales before losing patent protection in 2019, started slipping out of his hands when Northwestern licensed it out to Parke-Davis, one of two biotechs that showed interest in developing the drug in the pre-email days, when the university’s two-person tech transfer team had to ship out letters to garner industry appetite.

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Peter Thompson, Terremoto Biosciences interim CEO

For­mer Prin­cip­ia team looks to shake up co­va­lent small mol­e­cules again, this time at 'earthquake' scale

Terremoto Biosciences goes back a long ways, in a sense, to about a dozen years ago when Principia Biopharma was founded by UCSF professor Jack Taunton. Peter Thompson initially helmed the biotech.

The company helped expand covalent small molecule inhibitors beyond oncology and into autoimmune disease by targeting cystine. But that amino acid is uncommon in a lot of proteins, offering fewer drug targets than, say, lysine, which is present in most proteins of interest. So, over the years, Taunton went back to the drawing board to check out that second amino acid.

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David Ricks, Eli Lilly CEO (David Paul Morris/Bloomberg via Getty Images)

Eli Lil­ly set to in­vest $2.1B in home state man­u­fac­tur­ing boost

Eli Lilly is looking to expand its footprint in its home Hoosier State by making a major investment in manufacturing.

The pharma is investing $2.1 billion in two new manufacturing sites at Indiana’s LEAP Lebanon Innovation and Research District in Boone County, northwest of Lilly’s headquarters in Indianapolis.

The two new facilities will expand Lilly’s manufacturing network for active ingredients and new therapeutic modalities, including genetic medicines, according to a press release.

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Up­dat­ed: US sees spike in Paxlovid us­age as Mer­ck­'s mol­nupi­ravir and As­traZeneca's Evusheld are slow­er off the shelf

New data from HHS show that more than 162,000 courses of Pfizer’s Covid-19 antiviral Paxlovid were administered across the US over the past week, continuing a streak of increased usage of the pill, and signaling not only rising case numbers but more awareness of how to access it.

In comparison to this week, about 670,000 courses of the Pfizer pill have been administered across the first five months since Paxlovid has been on the US market, averaging about 33,000 courses administered per week in that time.

Pfiz­er and CD­MOs ramp up Paxlovid man­u­fac­tur­ing with Kala­ma­zoo plant ex­pan­sion lead­ing the way

As the Covid-19 pandemic continues to evolve, pharma companies and manufacturers are exploring how to step up production on antivirals.

Pfizer is planning to expand its Kalamazoo-area facility to increase manufacturing capabilities for the oral Covid-19 antiviral Paxlovid, according to a report from Michigan-based news site MLive. The expansion of the facility, which serves as Pfizer’s largest manufacturing location, is expected to create hundreds of “high-skilled” STEM jobs, MLive reported. No details about the project’s cost and timeline have been released, but according to MLive, Pfizer will announce the details of the expansion at some point in early June.

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FDA spells out the rules and re­stric­tions for states seek­ing to im­port drugs from Cana­da

The FDA is offering more of an explanation of the guardrails around its program that may soon allow states to import prescription drugs in some select circumstances from Canada, but only if such imports will result in significant cost reductions for consumers.

While the agency has yet to sign off on any of the 5 state plans in the works so far, and PhRMA’s suit to block the Trump-era rule allowing such imports is stalled, the new Q&A guidance spells out the various restrictions that states will have to abide by, potentially signaling that a state approval is coming.

Simba Gill, CEO of Evelo Biosciences

While down 87% YOY, Evelo gets Flag­ship and oth­ers to in­fuse new cap­i­tal for come­back hope

Just four years after Flagship spinout Evelo Biosciences went public in an IPO worth $85 million, the biotech has seen its share price tank from $13 a share this time last year (ultimately reaching a peak of over $17) to now under $1.50. And today, it looks like Flagship still thinks the fledging biotech, in a down market, is still worth something after initial pre-IPO backing from the likes of Google’s GV, Celgene, Mayo Clinic and Alexandria Venture.

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