Country for PR: Hong Kong
Contributor: PR Newswire Asia (Hong Kong)
Wednesday, August 10 2022 - 23:00
Insilico Medicine Announces New Investment Led by Aramco-backed Prosperity7 Ventures, bringing the total Series D Financing to $95 Million
NEW YORK, Aug. 10, 2022 /PRNewswire-AsiaNet/ --


- Insilico Medicine announces a second closing of Series D round, bringing the 
total Series D financing to $95 million in the uncertain market.

- Series D2 round is led by Prosperity7, the diversified growth fund of Aramco 
Ventures, which is an investment subsidiary of Aramco, the world's leading 
integrated energy and chemicals company

Insilico Medicine, a clinical-stage end-to-end artificial intelligence 
(AI)-driven drug discovery company, announced today that it has completed a 
second closing of Series D, led by Prosperity7 Ventures, the diversified growth 
fund of Aramco Ventures, bringing the total Series D financing to $95 million. 
Other global investors with expertise in investing in the biopharmaceutical and 
life sciences sectors also participated.

The financing brought in Prosperity7 as a new investor, alongside current 
investors in the Series D round, including a large, diversified asset 
management firm on the US West Coast, B Capital Group, Warburg Pincus, BHR 
Partners, Qiming Venture Partners, Deerfield, Pavilion Capital, BOLD Capital 
Partners and WS Investment Company. Insilico's founder and CEO, Alex 
Zhavoronkov, PhD, also invested in the Series D round.

Aysar Tayeb, Executive Managing Director of Prosperity7 Ventures, said: "The 
deepening application of AI and machine learning for drug discovery has 
demonstrated a transformative positive impact on the pharmaceutical industry 
and we are delighted to embark on this partnership with Insilico Medicine, a 
frontrunner in this innovation. Backed by the breadth of Aramco's ecosystem 
across geographies and sectors, we look to support the company to scale up and 
expand its footprint globally, to drive biotechnology excellence, and to bring 
positive impact for greater wellbeing."  

The new Series D capital will support the continued advancement of Insilico's 
pipeline, including its lead program which is currently in a Phase 1 study in 
New Zealand and in China, as well as several pipeline programs in IND-enabling 
studies. The proceeds will also fund other key strategic initiatives, including 
further development of its end-to-end Pharma.AI platform, the launch of a fully 
automated, AI-driven robotic drug discovery laboratory and biological data 
factory, and the establishment of regional centers.

"In 2022 Aramco became the world's most valuable company, and we are deeply 
honored to receive the investment from their venture capital arm, Prosperity7 
which focuses on investment in 'disruptive technology'," said Alex Zhavoronkov, 
PhD, founder and CEO of Insilico Medicine. "After spending time in Saudi 
Arabia, it is clear that the country is making a giant leap in technology. We 
would love to be part of this effort and help the country realize its vision 
using the latest advances in artificial intelligence."

Through a unique dual-CEO structure, Insilico Medicine is advancing its AI 
capabilities and drug research and development simultaneously. Recently, the 
Company promoted Dr. Feng Ren, Insilico's Chief Science Officer (CSO) to the 
position of co-CEO to drive the company's drug R&D platform. In addition to 
overseeing drug discovery and development, Dr. Ren will also guide the 
Company's growing clinical development and will play a leading role in driving 
business development. During his tenure, the Company has rapidly transformed 
its pipeline into a robust portfolio of novel, innovative drug candidates, 
targeting areas with highly unmet needs. Seven programs in its internal 
pipeline have progressed to IND-enabling studies, including a novel 3CL 
protease inhibitor for COVID-19 treatment 
 and two synthetic lethality programs targeting MAT2A 
-the-treatment-of-mtap-deleted-cancers-301540618.html) and USP1 
ng-studies-for-various-oncological-disorders-301524925.html) for oncology 
indications. It also successfully completed a Phase 0 microdose study in 
Australia and entered Phase I clinical trials 
with its first internally developed program targeting fibrosis in both New 
Zealand and China.

"We have the structure in place to be as an equal parts AI and drug development 
company," said Feng Ren, PhD, Co-CEO and CSO of Insilico Medicine. "We also 
have a number of exciting initiatives in motion – including an expanding global 
presence, a robotics lab in development, and significant progress on our 
internal pipeline programs. With this latest funding round, we will be able to 
scale up our capabilities, advance our internal programs, develop our AI, and 
align with partners in the Saudi region to develop new regional technology 

Insilico has co-development and software licensing deals with a number of major 
pharmaceutical companies. Since the launch of its PandaOmics™ and Chemistry42™ 
platforms in late 2020, nine out of the top 20 pharmaceutical companies, as 
measured by 2020 revenue, have used Insilico's AI platforms. In 2022, Insilico 
signed multi-asset partnerships with Fosun Pharma and EQRX in January and 
March, respectively. Notably, Insilico achieved its first major milestone and 
nominated a preclinical candidate for the QPCTL program for cancer 
less than 40 days into the strategic collaboration with Fosun Pharma.  Business 
development continues to remain a vital part of the company's strategy to 
demonstrate and unlock the value of its Pharma.AI platform.

About Insilico Medicine

Insilico Medicine, a clinical stage end-to-end artificial intelligence 
(AI)-driven drug discovery company, is connecting biology, chemistry, and 
clinical trials analysis using next-generation AI systems. The company has 
developed AI platforms that utilize deep generative models, reinforcement 
learning, transformers, and other modern machine learning techniques to 
discover novel targets and to design novel molecular structures with desired 
properties. Insilico Medicine is delivering breakthrough solutions to discover 
and develop innovative drugs for cancer, fibrosis, immunity, central nervous 
system diseases and aging-related diseases.

For more information, visit

Source: Insilico Medicine