New Atomwise offshoot X-37 raises $14.5M to shepherd AI-designed drugs
Molecule prospector Atomwise co-founded a drug research company alongside Velocity Pharmaceutical Development designed to shepherd its artificial intelligence-derived candidates through preclinical testing and into potential takeout deals with pharma industry partners.
Dubbed X-37, the new firm will maintain a flexible LLC structure that will house each development program within its own virtual subcompany. This will allow X-37 to divest individual properties in the future while maintaining its parent organization and team, the company said.
And to kick things off, X-37 is debuting with a $14.5 million series A round to fund operations and early development, starting in autoimmune diseases, cancer and anticoagulation. It began research work in 2018 and aims to have novel candidates ready to begin human testing by 2022.