Odyssey Therapeutics Announces Oversubscribed $168 Million Series B Financing

-- Financing led by General Catalyst, with participation from all existing investors and new leading institutional investors and mutual funds --

-- Proceeds to advance Odyssey's broad portfolio of precision immunomodulators and oncology medicines --

BOSTON, Oct. 13, 2022 /PRNewswire/ -- Odyssey Therapeutics, Inc., a biotechnology company pioneering next generation precision immunomodulators and oncology medicines, today announced a $168 million Series B financing. This funding, which follows Odyssey's $218 million Series A announced in December 2021, brings the total capital raised to $386 million. The proceeds will enable Odyssey to advance its portfolio of precision immunomodulators and oncology medicines in support of its mission of developing innovative medicines to treat serious human diseases.

The Series B was led by General Catalyst, a leading global venture capital firm and active investor in the healthcare sector. Other new investors participating in the Series B financing include funds and accounts advised by Fidelity Management & Research Company, funds and accounts advised by T. Rowe Price Associates, Inc., GreatPoint Ventures, Catalio Capital Management, Walleye Capital, Alexandria Venture Investments, The Healthcare Innovation Investment Fund LLC, an investment fund associated with SVB Securities LLC, and other institutional investors. The financing also includes participation from all Series A investors including OrbiMed, SR One, Foresite Capital, Logos Capital, Woodline Partners LP, HBM Healthcare Investments, Colt Ventures and Creacion Ventures.

"Odyssey is pioneering next generation therapeutics by marrying a powerful drug discovery engine integrating machine learning, biology, and medicinal and structural chemistry with an exceptional leadership team of proven drug developers. We are pleased to partner with General Catalyst and our world-class syndicate of investors and believe the interest in our immunology and oncology pipeline and capabilities further validates our approach to therapeutic development," said Gary D. Glick, Ph.D., Founder and Chief Executive Officer of Odyssey Therapeutics. "We have made tremendous strides since our launch in 2021, and we value the support as we advance multiple candidates into IND-enabling studies in 2023."

"At General Catalyst, we are committed to investing in companies driving powerful, positive and enduring change, and Odyssey's unyielding commitment to improving the lives of patients by targeting the underlying causes of serious inflammatory diseases and cancer aligns with our mission," said Elena Viboch, Partner at General Catalyst. "We are confident in Odyssey's vision, proven leadership and ability to pioneer and develop next generation therapeutics through their integrated platform approach, and we look forward to seeing Odyssey work toward achieving their mission of delivering life-enhancing medicines to patients in need."

"I am delighted to welcome our new Series B investors," said Jeff Leiden, M.D., Ph.D., Chairman of the Odyssey Board. "Their investment along with Odyssey's unique combination of experienced and talented drug hunters, new technologies and a broad and deep pipeline of novel targets will accelerate our discovery and development of life-enhancing medicines for patients in need."

Odyssey's immunology and oncology portfolio encompasses eight declared programs initially focused on small molecule and protein therapeutics. In addition, Odyssey is building an industry leading discovery engine that integrates artificial intelligence and machine learning for molecular design; a chemistry platform encompassing proprietary covalent libraries targeting multiple amino acids, molecular glues and natural products; and a functional genomics platform for novel target discovery. 

Odyssey Therapeutics is a biotechnology company focused on discovering, developing and commercializing the next generation of immunomodulators and oncology medicines. Composed of an expert team of drug hunters, scientists and industry leaders in foundational biology, chemistry, and data sciences, Odyssey is transforming drug discovery to accelerate and drive the creation and efficient delivery of life-enhancing precision medicines to patients. For more information, please visit www.odysseytx.com and follow Odyssey Therapeutics on Twitter (@Odyssey_Tx) and LinkedIn.

General Catalyst is a venture capital firm that invests in powerful, positive change that endures — for our entrepreneurs, our investors, our people, and society. We support founders with a long-term view who challenge the status quo, partnering with them from seed to growth stage and beyond to build companies that withstand the test of time. With offices in San Francisco, Palo Alto, New York City, London, and Boston, the firm has helped support the growth of businesses such as: Airbnb, Deliveroo, Guild, Gusto, Hubspot, Illumio, Lemonade, Livongo, Oscar, Samsara, Snap, Stripe, and Warby Parker. For more: www.generalcatalyst.com.

SOURCE Odyssey Therapeutics