LifeMine Raises $175 Million, Partners with GSK

Cambridge-based LifeMine Therapeutics has raised $175 million in a Series C financing to advance the company’s proprietary, evolutionarily-derived genomic drug discovery platform, Avatar-Rx. The platform searches the fungal biosphere for novel GEMs (genetically-encoded small molecules) having a predetermined target and biological function. Downstream of GEM discovery, Avatar-Rx advances new product candidates rapidly through preclinical discovery and into clinical development. “This financing will allow us to further scale our Avatar-Rx platform and advance our lead programs targeting some of the most elusive and high value genetically validated drivers of cancer,” said Gregory Verdine, LifeMine co-founder, president and CEO.

LifeMine also announced a strategic R&D collaboration with GlaxoSmithKline (GSK). Under the terms of the collaboration, LifeMine will receive an upfront payment of $70 million that includes both cash and an equity investment by GSK in LifeMine in its Series C financing round. In addition, LifeMine is eligible to receive undisclosed discovery, development and commercial milestone payments for each collaboration product. LifeMine will be also eligible to receive royalties on net sales of any drug from the collaboration that is commercialized by GSK. LifeMine and GSK will collaborate closely on the discovery process, with each company leveraging its core capabilities and equally sharing costs to IND filing. GSK will be responsible for all development and commercialization.

“This is a transformative collaboration for LifeMine, and marks the first such agreement in genomic drug discovery from fungi, nature’s virtuoso medicinal chemists,” said Verdine. “We are thrilled to partner with GSK to expand the potential of our drug discovery engine while we continue to advance our own lead programs. We look forward to a productive partnership which we are confident will result in novel therapeutic options for patients.” (Source: LifeMine Therapeutics Website, 23 March, 2022)