Envisagenics Raises Series B to Fuel AI-Enabled Novel Therapeutic Pipeline and Expand Depth and Breadth of Commercial Offerings

Rhea-AI Summary

Envisagenics, a biotechnology company specializing in RNA splicing therapeutics, has completed a Series B funding round. The round included existing investors Third Kind Venture Capital, Empire State Development, and Red Cell Partners, along with new strategic investor Bristol Myers Squibb (NYSE: BMY).

The funds will be used to advance Envisagenics' pipeline of preclinical oncology assets using its AI drug discovery platform, SpliceCore®. This platform integrates machine learning and high-performance computing to identify novel splicing isoforms.

Envisagenics has collaborations with Biogen, the Lung Cancer Initiative at Johnson & Johnson, and Bristol Myers Squibb. CEO Maria Luisa Pineda stated that the funding will aid in developing immunotherapies and disease-modifying ASOs for neurodegenerative diseases. The goal is to advance their first asset into clinical trials.

Positive

• Envisagenics raised Series B funding with new investor Bristol Myers Squibb.
• Funding will support the development of novel preclinical oncology assets.
• SpliceCore AI platform integrates ML and HPC to identify new splicing isoforms.
• Established collaborations with Biogen, the Lung Cancer Initiative at Johnson & Johnson, and Bristol Myers Squibb.
• Profitable company with a strong AI/ML platform.

Negative

• Potential dilution of shareholder value due to new funding round.
• No immediate clinical assets; still in preclinical stages.
• Dependency on future successful development and commercialization of pipeline assets.

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NEW YORK, June 5, 2024 /PRNewswire/ -- Envisagenics, an AI-driven revenue generating biotechnology company focused on discovery and development of novel RNA splicing therapeutics, today announced a Series B fundraising round with participation from existing investors Third Kind Venture Capital, Empire State Development and Red Cell Partners, and new strategic investor Bristol Myers Squibb (NYSE: BMY). Bristol Myers Squibb previously entered into an oncology research collaboration with Envisagenics in 2022.

Proceeds from the Series B financing will be used to further develop Envisagenics' pipeline of novel preclinical oncology assets with the company's cloud-based AI drug discovery platform, SpliceCore^®, and to scale its commercial offerings. SpliceCore integrates machine learning (ML) algorithms with high performance computing to identify novel and disease specific alternative splicing isoforms using its proprietary database of more than 14 million RNA splicing events.

The funding follows a Series A round announced in September 2021, which enabled Envisagenics to scale and commercialize its platform. Since then, the company has established collaborations with Biogen and the Lung Cancer Initiative at Johnson & Johnson, in addition to Bristol Myers Squibb. 

"Today, as a profitable company with a strong AI/ML platform, a brilliant team, and world-class collaborations, we are focused on product and asset development to improve patients' lives," said Maria Luisa Pineda, Ph.D., Envisagenics co-founder and CEO. "Funding from this round will primarily be used to drive our developmental pipeline, including immunotherapies for multiple indications in oncology and disease-modifying ASOs for neurodegenerative diseases, with the goal of advancing our first asset into the clinic. Along with the continued support of our existing investors, we're very pleased to welcome Bristol Myers Squibb as a new investor."

About Envisagenics
Envisagenics is an AI-driven biotechnology company harnessing the therapeutic potential of RNA splicing. Over 95% of human genes undergo alternative splicing, a process generating multiple RNA isoforms from a single gene. Alternative splicing holds the key to understanding and targeting over 370 diseases, including cancer and neurodegenerative disorders. SpliceCore boasts an impressive 400-fold increase in transcriptomic search space compared to conventional tools for target identification. Leveraging our extensive map of over 14 million RNA splicing events, SpliceCore enables the discovery of disease-specific targets, paving the way for the rational design and development of immunotherapies and RNA therapeutics.

Envisagenics collaborates closely with biopharmaceutical companies and academic institutions to elevate their drug discovery capabilities and has partnered with the Lung Cancer Initiative at Johnson & Johnson, Biogen and Bristol Myers Squibb. Founded in 2014 as a spin-out from Cold Spring Harbor Laboratory, Envisagenics is a woman- and minority-led organization, with several grants from esteemed institutions like the National Institute of General Medical Sciences and the National Cancer Institute.

For more information on our groundbreaking work, connect with us on Twitter and LinkedIn or visit https://www.envisagenics.com.

Media Contact

Katie Morris, PhD
ENTENTE Network
+1-833-500-0061 x7
katiemorris@ententeinc.com

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SOURCE Envisagenics, Inc.

FAQ

What is the focus of Envisagenics' Series B funding?

The Series B funding will be used to develop Envisagenics' pipeline of preclinical oncology assets and scale its commercial offerings using its AI platform, SpliceCore.

Which investors participated in Envisagenics' Series B funding round?

Investors include Third Kind Venture Capital, Empire State Development, Red Cell Partners, and new investor Bristol Myers Squibb (NYSE: BMY).

What is SpliceCore®?

SpliceCore is Envisagenics' AI drug discovery platform that uses machine learning and high-performance computing to identify novel RNA splicing isoforms.

What are the collaborations mentioned in the Envisagenics press release?

Envisagenics has collaborations with Biogen, the Lung Cancer Initiative at Johnson & Johnson, and Bristol Myers Squibb.

How will the Series B funding impact Envisagenics' pipeline?

The funding will help advance the development of immunotherapies for oncology and disease-modifying ASOs for neurodegenerative diseases, with the goal of moving their first asset into clinical trials.